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新零售研究框架之電商系列:阿里巴巴-生態賦能業務穩健發展
格隆匯 12-04 13:37

機構:招商證券

摘要

 電商時代實現了全面的消費數字化。電商時代上半場( C2C )注重流量跑馬圈地、下半 場(B2C)注重品牌升級,但在單維度驅動都減弱情況下,電商巨頭根據自身資源稟賦開 啟下半場戰役。一方面下沉市場增量確定,另一方面B端業務爭奪戰開啟,我們認為在後 電商時代,阿里巴巴在獲客拉新、產品結構、數字化運營等層面均具較強優勢,雖目前 面臨來自其他互聯網巨頭的多維度競爭,但基於自身生態體系後續仍可演繹強者恆強。

 從B2B到生態圈,不斷完善零售/電商行業基礎設施,以零售業務為核心,實現跨越式發 展,打造阿里生態圈。整體來看阿里巴巴受益於國內互聯網紅利實現跨越式發展,並且 打造以圍繞電商主業的生態圈。但隨標品驅動的高毛利增長時代逐漸觸頂,零售公司整 體進入低毛利時代比拼,且更考驗公司運營及優化能力。阿里巴巴近兩年控費效果顯著 ,在主業增長仍然保持相對穩健情況下,各項業務虧損逐漸收窄。 

 核心主業為其他業務輸出現金流,各賽道背靠生態逐漸走出差異化供給,生態協同性增 強。具體來看,天貓/淘寶龍頭地位顯著;菜鳥佈局智慧物流;跨境B2C平台Lazada和速 賣通在物流、支付、技術、商户等方面優勢領先;本地生活餓了麼持續探索協同發展; 螞蟻金服脱穎而出,持續賦能生態系統;阿里雲龍頭領跑、強勁增長,通過to G打造差 異化供給並逐漸向B滲透;文娛板塊重新定位優酷價值觀打造差異化內容,探索B端變現 方式。 

 阿里巴巴有何改變?1)人:打通生態體系內用户,實現以支付寶為基礎的非淘系用户的 轉化;2)貨:品牌產品、OEM加工的產品、農業產品、進口產品(考拉)、長尾產品五 大貨品滿足下沉用户需求,通過聚划算,有好貨布局;3)打造全面內容化的綜合生活平 台,將淘寶轉化為一個“消磨時間”的綜合性生活類平台。通過動態的、內容化的消費 者場景,重新聯合人貨場。總之,阿里巴巴通過全品類、全人羣、全場景的覆蓋充分創 造及滿足消費分級需求;並且在貨幣化率遭遇瓶頸以及競爭對手衝擊下,實現從“流量 變現”到“平台賣貨”的底層邏輯的切換,爭取為商家賣出更多的貨變相降低渠道費。

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