The tens of billions of subsidies war begins: who is cheaper between JD.com and Pinduoduo? Take you to contrast

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Jingdong's 10 billion subsidy was fully launched today.

According to reports, Jingdong's tens of billions of subsidies are directly subsidized by Jingdong and a large number of brands and merchants for real money. Not only is it unprecedented, but it also covers the entire category of goods.

As early as last month, there were rumors that JD.com was about to launch "tens of billions of subsidies", and some goods would achieve the lowest price on the entire network. Several people close to JD.com said that JD.com's goal is to compare prices across the network, including Pinduoduo, Douyin, Kuaishou, Taobao, etc.

In fact, the low-price sales strategy of "tens of billions of subsidies" was first stirred up by Pinduoduo.

So Jingdong's tens of billions of subsidies this time compared with Pinduoduo, who has more preferential treatment?

JD.com VS Pinduoduo

Let's start by comparing the prices of several commodities.

iPhone 14 (A2884) 256GB starlight color, the daily price marked on JD.com is 6299 yuan, and the subsidized price is 5759 yuan. On Pinduoduo, the price of the same mobile phone after subsidy is 5959 yuan. In addition, use Toto Pay to get another 50 yuan discount.

iPhone 14 Pro (A2892) 256GB deep space black, the daily price marked on JD.com is 8099 yuan, subsidized price 7559 yuan. On Pinduoduo, the price of the same mobile phone after subsidy is 7789 yuan. With Duoduo payment, you can also get another 50 yuan discount.

Redmi K50 Mirage Color 12GB+256GB, the daily price is marked on JD.com 2399 yuan, and the subsidized price is 2099 yuan. The same mobile phone on Pinduoduo, the price after subsidy is 2049 yuan.

iQOO Neo7 12GB+256GB geometric black, the daily price marked on JD.com is 2999 yuan, and the subsidized price is 2548 yuan. The same mobile phone on Pinduoduo, the price after subsidies is the same as Jingdong, which is also 2548 yuan.

iPad 10th generation 10.9-inch silver WLAN version 64G, the daily price marked on JD.com is 3639 yuan, subsidized price 3169 yuan. On Pinduoduo, the price of the same product after subsidies is 3168 yuan.

Huawei MatePad Pro 10.8-inch screen night stop gray WIFI version 8GB + 128GB, the daily price on JD.com is 3499 yuan, and the subsidized price is 2649 yuan. On Pinduoduo, the price of the same product after subsidies is 2549 yuan.

Feitian Moutai 43 degrees 500ml * 6 bottles of the whole box, the daily price marked on Jingdong is 7149 yuan, and the subsidized price is 6249 yuan. The price of the same product on Pinduoduo after subsidies is 6209 yuan.

Feitian Moutai 53 degrees 1L*1 bottle, the daily price marked on Jingdong is 5899 yuan, and the subsidized price is 5050 yuan. The price of the same product on Pinduoduo after subsidy is 5030 yuan.

Hisense TV 65-inch 65E5G, the daily price marked on Jingdong is 2999 yuan, and the subsidized price is 2550 yuan. On Pinduoduo, the price of the same product after subsidy is 2331 yuan.

Xiaomi air conditioner 1.5 horses gilt model, the daily price marked on JD.com is 2299 yuan, the subsidized price is 2200 yuan. The same product on Pinduoduo, the price after subsidy is 2099 yuan.

Hisense's 1.5-horsepower air conditioner hang-up KFR-35GW/EF19A3, the daily price marked on Jingdong is 2199 yuan, and the subsidized price is 1998 yuan. On Pinduoduo, the subsidized price of the same product is 1784 yuan.

Jindian pure milk 250ml*16 boxes/carton/carton*2 boxes, the subsidized price in Jingdong is 105.8 yuan. The subsidized price of the same product in Pinduoduo is 99 yuan.

Friefons amino acid facial cleanser 100g, the daily price marked on Jingdong is 135 yuan, and the subsidized price is 67 yuan. On Pinduoduo, the price of the same product after subsidy is 67.1 yuan.

The key to the skin CPB long tube barrier cream 37ml international version, the daily price marked on Jingdong is 319 yuan, and the subsidized price is 249 yuan. On Pinduoduo, the price of the same product after subsidy is 245 yuan.

The stores that JD.com participated in the tens of billions of subsidies this time include JD.com's self-operated stores, official flagship stores, and some channel stores.

From the price point of view, although the price of some goods subsidized by JD.com this time is lower than that of Pinduoduo, it has not achieved that all subsidized goods are the lowest prices on the entire network.

In addition, from the perspective of the number of goods participating in tens of billions of subsidies, the number of goods on JD.com is much lower than that of Pinduoduo.

In the Jingdong 10 billion subsidy zone, the product categories include selection, mobile phone communication, computer digital, household appliances, Chinese and foreign famous wine, fresh food, beauty and skin care, home decoration, personal care and cleaning, maternal and child toys, medical health, and life services, a total of 12 categories.

Among them, the mobile communication category has the largest number of goods, with nearly 400 items.

There are more than 100 kinds of products in the beauty, skincare and home improvement categories. There are only a few dozen items in other categories.

The 10 billion subsidy page of Pinduoduo is classified into select, mobile phone, computer, major appliances, food, digital, men's wear, outdoor, overseas shopping, office, shoes, women's clothing, underwear, beauty, department stores, sports, medicine, small household appliances, mother and baby, baggage, beauty, culture, automobile, fresh food, and newly listed, a total of 25 categories.

The number of goods in each category is much more than that of JD.com.

For a long time, "tens of billions of subsidies" has been the label of Pinduoduo.

Now that JD.com has also joined the subsidy war, it seems that it feels the pressure from Pinduoduo.

Who is more profitable?

According to JD.com's financial report for the third quarter of 2022, JD.com's revenue in the third quarter of 2022 was RMB243.5 billion, an increase of 11.4% over the third quarter of 2021.

Among them, commodity revenue was 197.027 billion yuan, an increase of 5.9% over the same period in 2021; Service revenue was RMB46,508 million, an increase of 42.2% over the same period in 2021.

JD.com's operating profit in the third quarter of 2022 was RMB8.7 billion, compared to RMB2.6 billion in the same period last year; Non-GAAP operating income was RMB9.9 billion, compared to RMB4.6 billion for the third quarter of 2021; Net income attributable to common shareholders was RMB6.0 billion, compared to a net loss of RMB2.8 billion in the same period last year; Non-GAAP net income attributable to common shareholders was RMB10.0 billion, compared to RMB5.0 billion for the same period last year.

In the third quarter of 2022, JD.com's operating costs increased by 10.5% from RMB187.6 billion in the third quarter of 2021 to RMB207.3 billion in the third quarter of 2022. Marketing expenses were RMB7.6 billion, compared to RMB7.8 billion in the same period last year.

JD.com's annual active users increased by 6.5% from 552.2 million for the twelve months ended September 30, 2021 to 588.3 million for the twelve months ended September 30, 2022.

Pinduoduo's financial report for the third quarter of 2022 shows that in the third quarter of 2022, Pinduoduo achieved revenue of 35.504 billion yuan, a year-on-year increase of 65%; The quarterly operating profit was 10,436.6 million yuan, a year-on-year increase of 388%; Non-GAAP net profit attributable to owners was RMB12,447 million, up 295% year-on-year.

Pinduoduo said that the increase in revenue was mainly due to the increase in revenue from online marketing services and transaction services, but was offset by a decrease in revenue from commodity sales.

Its online marketing services and other revenue in the third quarter was RMB28,425.6 million, a year-on-year increase of 58%; Transaction services revenue was RMB7,023.3 million, up 102% year-on-year; Merchandise sales revenue was RMB56.4 million, down 31% year-on-year.

Pinduoduo's total operating expenses in the third quarter of 2022 were RMB17,653.6 million, an increase of 38% from RMB12,807.8 million in the same quarter of 2021.

Among them, selling and marketing expenses were RMB14,048.8 million, an increase of 40% from RMB10,050.6 million in the same quarter of 2021, mainly due to higher expenditure on promotion and advertising activities.

From the data point of view, in the third quarter of 2022, Pinduoduo's net profit exceeded that of JD.com.

In the third quarter of 2022, JD.com's investment in marketing decreased slightly compared to the same period of the previous year, but commodity revenue and active users increased.

In the third quarter of 2022, Pinduoduo's spending on promotion and advertising activities increased by 40% compared with the same period of the previous year. However, the sales of goods have decreased by more than 30%.

JD is going to be serious?

In fact, after Pinduoduo proposed the "10 billion subsidy" in 2019, JD.com also launched a similar time-limited subsidy activity.

It's just that the usage rate of Jingxi and Jingdong special version apps at that time was too low, so the effect was not good.

This time, open the Jingdong App, and you can see the "Ten Billion Subsidy" channel in a prominent position on the home page.

Although Pinduoduo is an old player of "tens of billions of subsidies", he has many years of experience. Although consumers still have some concerns about the quality of goods on the platform, they have gradually established trust mechanisms such as "can return goods immediately".

Jingdong's product quality trust is higher, and in warehousing, logistics, distribution and other aspects, Jingdong also has more advantages.

It is reported that at the end of last year, Liu Qiangdong clearly proposed at an internal meeting that "low price is the most important weapon for JD.com's success in the past, and it will be the only basic weapon in the future." ”

At present, the number and categories of products launched by JD.com's tens of billions of subsidies are far less than Pinduoduo.

But JD.com's entry seems to mean that Pinduoduo needs to pay more costs if it wants to maintain the low-price advantage of tens of billions of subsidies.