民生证券此前指出，行业竞争格局为压制电商平台估值的主要因素。拼多多、抖音电商快速发展阶段淘天市占率持续承压，其在主流电商平台中的市占率从2020年的60.3%，下降至2023年的40.1%。市场此前普遍认为，电商行业不再追求低价竞争，行业竞争格局呈现出趋稳趋势。Alibaba-W (09988) fell more than 4% in early trading. As of press release, it was down 3.5% to HK$80, with a turnover of HK$5.208 billion.
The Zhitong Finance App learned that Alibaba-W (09988) fell more than 4% in early trading. As of press release, it was down 3.5% to HK$80, with a turnover of HK$5.208 billion.
On the news, the WeChat store launched a grayscale test for the “send gifts” function. According to reports, WeChat stores are an important new member of Tencent's e-commerce layout. After the upgrade was announced in August 2024, the third quarter of 2024 was included in Tencent's financial report for the first time. Tianfeng Securities said that it is optimistic that the gift delivery function of WeChat's small stores will significantly speed up the entry of merchants and the development of user spending habits. The optimistic situation may be expected to repeat the story of WeChat red envelopes driving changes in the payment market pattern. After late December, key holidays are concentrated, and WeChat e-commerce is expected to usher in major catalysis.
Minsheng Securities previously pointed out that the competitive landscape of the industry is the main factor suppressing the valuation of e-commerce platforms. During the rapid development phase of Pinduoduo and Douyin e-commerce, Taotian's market share continued to be under pressure. Its market share in mainstream e-commerce platforms fell from 60.3% in 2020 to 40.1% in 2023. Previously, the market generally believed that the e-commerce industry no longer pursues low price competition, and the industry competition pattern is showing a steady trend.
