Meituan-Dianping

Meituan-Dianping
Type of business Private company
Founded May 2010 (2010-05)
Headquarters Beijing, China
No. of locations 1000+
Area served China
Founder(s) Wang Xing
Industry Internet company
Services voucher selling
Revenue US$6.42 billion
Employees 19,000
Website http://www.meituan.com/
Alexa rank Decrease 2,002 (As of 14 August 2018)[1]
Launched 29 March 2009 (2009-03-29)
Current status Active

Meituan-Dianping (Chinese: 美团网; pinyin: Mĕituánwǎng) is a Chinese group buying website for locally found consumer products and retail services. The company is headquartered in Beijing and was founded in 2010 by Wang Xing. The Meituan.com offers deals of the day by selling vouchers on local services and entertainment. As of May 2014 the company has 5000 employees.[2]

In 2015, Meituan merged with Dianping, a Chinese group buying site to become "Meituan-Dianping".[3]

Meituan-Dianping is the world's largest online and On-demand delivery platform, reaching up to 10 million daily orders and deliveries, doubling from 5 million in six months, October 2016 to March 2017.[4] It has over 180 million monthly active users and 600 million registered users as of June 2016.[5][6] The website for this service is waimai.meituan.com.

In 2017, Meituan-Dianping announced that it will be creating a ride-hailing service (similar to Didi Chuxing) of its own.[7] In April 2018, the company acquired China's largest bicycle-sharing system, Mobike for US$2.7 billion.[8][9]

Company

Meituan.com is a group-discount website which sells vouchers from merchants for deals, subject to a minimum number of buyers who demand a discount, from which Meituan generates commissions.[2] Meituan.com generates most of its revenue from mobile application services. The company has partnering agreements with over 400,000 Chinese local businesses. Meituan accounts for the largest market share by revenue, followed by Lashou, 55tuan and 58tuan [2][10]

History

Piloted in Shanghai and Beijing, the Metiuan had rapidly expanded to second-tier and third-tier cities, totalling 200 million users in 2015. The Meituan.com became a dominating company in China after a rapid consolidation of the deal-of-the-day companies. Earlier estimates show that there were 2000 voucher selling companies in the mid 2000s and due to intense competition in the industry only a few have emerged as dominant players.[11] In 2014 it accounted for 60% of the market share of deal-of-the-day group-buying websites in China. The company received initial funding of $12 million from Sequoia Capital. In May 2014, global growth equity firm General Atlantic led a $300 million series C funding round with two other investors.[12][13][14][15] On 8 October 2015, Meituan and Dianping, a Chinese group buying site, became one company.[16] On 19 January 2016, Meituan Dianping announced that it has raised more than $3.3 billion.[17] On September 20, 2018 Meituan Dianping debuted on the Hong Kong stock exchange at an IPO price of HK$69 per share.[18]

Meituan networking marketing

Meituan is a Chinese O2O (online-to-offline) local life service platform, connecting over 240 million consumers and five million local merchants via a comprehensive array of e-commerce services and products.[19] It has 600 million users and almost 4.5 million business partners that cover nearly all China. About 35 million people use the service everyday. Meituan offers a one-stop “travel life” service platform for users in order to achieve coverage of full consumption in different places. Therefore, now there are 70 million users of hotel and travel business in total.[20]

Management and administration

The company is headquartered in Beijing and was founded in 2010 by Xing Wang.[21] Mr. Wang is amongst the founders of Friendster, Xiaonei and Lashou.[11] Prior to starting Meituan.com, Mr. Wang has founded companies based on business models of the existing American internet companies, namely Facebook, Twitter and alike.[11]

References

  1. ↑ "Meituan.com Site Info". Alexa Internet. Retrieved 14 August 2018.
  2. 1 2 3 Chen, Lulu Yilun (12 May 2014). "Alibaba-Backed Buying Site Meituan Considering U.S. IPO". Bloomberg News. Retrieved 21 February 2015.
  3. ↑ Browning, Jonathan; Chen, Lulu Yilun (7 October 2015). "China's Meituan Agrees to $15 Billion Dianping Merger". Bloomberg.com. Retrieved 21 July 2018. (Subscription required (help)).
  4. ↑ "Meituan-Dianping Becomes the First Worldwide On-Demand Delivery Platform to Process More Than 10 Million Orders and Deliveries Per Day".
  5. ↑ "One Year After The Merger, Meituan-Dianping Is Still Confused About Its Future-钛媒体官方网站". www.tmtpost.com.
  6. ↑ "eMarketer Retail". eMarketer Retail.
  7. ↑ "Meituan adds ride-hailing feature to take on Didi". TechNode. 15 February 2017.
  8. ↑ "Meituan Acquires Mobike, One of the World's Largest Bike-Sharing Companies – Pandaily". Pandaily. 4 April 2018. Retrieved 27 May 2018.
  9. ↑ Chong, Zoey (3 April 2018). "This bike sharing company just got bought for $2.7 billion". CNET. Retrieved 4 April 2018.
  10. ↑ Lim, Jason (28 December 2011). "Meituan to End 2011 as China's No.1 Group Buying Site". 'Tech Node'. Tech Node. Retrieved 22 March 2015.
  11. 1 2 3 Epstein, Gady (11 April 2011). "The Cloner". 'The Forbes'. The Forbes. Retrieved 22 March 2015.
  12. ↑ Liu, Yi, and Juliana Sutanto. "Buyers' purchasing time and herd behavior on deal-of-the-day group buying websites." Electronic Markets 22.2 (2012): 83–93
  13. ↑ ChinaRetailNews.com Editor (7 January 2015). "Meituan.com Chinese Group Buying Platform Reached CNY46 Billion For 2014". ChinaRetailNews.com. Retrieved 19 February 2015.
  14. ↑ Shu, Catherine. "Meituan, China's Leading Group Deals Site, Raises $700M At $7B Valuation". TechCrunch. Retrieved 4 November 2015.
  15. ↑ Xiang, Nina. "General Atlantic Leads $300M Series C For China's Meituan.Com". Retrieved 4 November 2015.
  16. ↑ "Meituan and Dianping, China's Top Group Deals Sites, Merge In Multi-Billion Dollar Deal". Retrieved 19 January 2016.
  17. ↑ "Chinese online group Meituan Dianping raises $3.3bn". Retrieved 19 January 2016.
  18. ↑ Pham, Sherisse. "China's app for everything Meituan Dianping jumps in IPO". CNNMoney. Retrieved 2018-09-27.
  19. ↑ Meituan-Dianping. "Meituan-Dianping Taps into B&B Market With the Launch of Its Hazelnut B&B App". www.prnewswire.com. Retrieved 10 May 2017.
  20. ↑ "Meituan-Dianping Hotel & Travel Business Group – ITB China". www.itb-china.com. Retrieved 10 May 2017.
  21. ↑ Su, Wiki (15 January 2015). "Meituan.com Receives $700M Series D Financing". China Money Network. Retrieved 19 February 2015.
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