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Meituan Deepdive
- 1. Meituan The Chinese SuperApp with a $55B valuation
- 2. Company summary Core businesses& timelines Management principles Motto & core values Product deepdive Homescreen layout & product learnings Content:
- 3. Meituan DianPing *acquired Meituan waimaiMobike *acquired Paotui Ella supermarket Hazelnut Meituan Dache The Ultimate Super App: from discoverability → transaction 8 Business verticals: 52B Annual GTV in USD 310M Annual transacting users 18.8 txns Annual avg txns/ user 4.4M Mex Annual active merchants
- 4. The Ultimate SuperApp: from discoverability → transaction Equivalent to: 52B Annual GTV in USD 310M Annual transacting users 18.8 txns Annual avg txns/ user 4.4M Mex Annual active merchants
- 5. 2003 Restaurants 2010 Local Deals 2012 Movie 2013 Food delivery, Hotel 2014 Attraction Tickets 2015 Airtickets, train tickets 2016 ERP, Payments, Supply chain solutions 2017 Car-hailing, Grocery store 2018 Grocery delivery, Bike-sharing Transition from lifestyle services → utility services Expand product offering on an annual basis Expansion of service categories
- 6. Meituan’s management principles Companymotto: Eat better, Live better Outward-facing core values: Be user- centric, Collaborate to achieve win-win Inward-facing core values: Users 1st , Merchants 2nd , Employees 3rd , Meituan 4th , CEO 5th
- 7. Company motto: Eat better,Live better Outward-facing core values: Be user- centric, Collaborate to achieve win-win Inward-facing core values: Users 1st , Merchants 2nd , Employees 3rd , Meituan 4th , CEO 5th Meituan’s management principles
- 8. “Eat better, Livebetter” Meituan’s core product is food - Hypergrowth of food delivery in 3 years - Food accounts for 90% of feed - Minimal spend on consumer promos - Highest number of user touchpoints *Refer to appendix (slide 28) for financial breakdown % of revenue from food delivery: Source: Meituan IPO documents
- 9. Company motto: Eat better,Live better Outward-facing core values: Be user- centric, Collaborate to achieve win-win Inward-facing core values: Users 1st , Merchants 2nd , Employees 3rd , Meituan 4th , CEO 5th Meituan’s management principles
- 10. “Collaborate to achievewin-win” Scale fast through partnerships Meituan → Agoda: Chinese inventory Agoda → Meituan: Global inventory Meituan services embedded in WeChat & QQ apps (Accounts for 10% of transactions) Exclusive movie ticketing channel with Maoyan (Investor) (Investor) (Investee)
- 11. Company motto: Eat better,Live better Outward-facing core values: Be user- centric, Collaborate to achieve win-win Inward-facing core values: Users 1st , Merchants 2nd , Employees 3rd , Meituan 4th , CEO 5th Meituan’s management principles
- 12. “Users 1st , Merchants2nd ” Customer-first mentality 1. Pioneer of the Guaranteed Non-conditional Refund Immediate full refund for all fraudulent transactions from stolen cards 2. Made compensation on behalf of partner’s mistake Reimbursed 12K users $50 after DairyQueen defaulted on a $29 voucher CEO Wang Xing: “Having users guarantee merchants, but having merchants don’t guarantee users”
- 13. Product Deepdive Homepage, pop-ups,floating widgets, tabs
- 14. 1.Tools 2.Banners 3.Tiles 4.Curations 5.Feed 6.Tabs 6 segments toMeituan’s page structure Homepage
- 15. Weather Location Prefilled search bar Quickaccess (QR scanner & payment, Mobike, FaPiao) Expandable banner (Ads, promos) Primary & secondary tiles Text badges (Dynamic text) Curated lists Homepage
- 16. New users: - Redpackets to incentivise 1st purchase - Mobile number (For OTP & sms notifications) Existing users: - Reminder to enable notifications Welcome pop-ups Different CTAs for new & existing users
- 17. Red packets CurationsFilters Avenue for variable/ad hoc content Floating Widgets Floating widgets prompting users to explore new content
- 18. Bottom Navigation tab Userswith immediate purpose → location-based (Different category names but recycle content) Users without purpose → entertainment (food articles, merchant feature, videos, fashion) Browsing history, favourites, top-up Catering for different user needs Users with advanced purpose → Making plans
- 19. Top 5 productlearnings & benefits: 1. Repackage the same content 2. Tiles facilitate cross-selling 3. Standardised page 4. Accessibility of content 5. Refreshed homepage Minimise content creation Increase time spent Improve tracking Drive discoverability Sustain user interest
- 20. 1. Repackage contentto minimise content creation Replicated into curated list & feed Replicated into a weekend to-do list Homepage Curations are algorithmically driven by Meituan, that can be easily filtered
- 21. Distribute traffic in4 ways Convenience of multiple entry points for Pax 95% Screen Utilisation Maximising real estate on the homescreen 2. Quick access to every vertical from the 1st screen ① ② ③ ④ * Screen Utilisation defined by number of CTAs Homepage
- 22. 3. Tiles facilitatecross-selling and reiterations Opening P1 P2 Leisure tile
- 23. 4. Standardised pagelayout & CTAs (1/3) Homepage Food Standardisation Easier for tracking & users to build habits 95% Screen Utilisation Maximising mobile app’s real estate
- 24. Standardised tabs atthe top & bottom of each page For Meituan: Navigation bars are the main avenues for distributing traffic, with double-digit CTRs * might be unique to China 4. Standardised page layout & CTAs (2/3)
- 25. Standardised CTAs throughoutthe user journey when browsing different categories Internally: Easier for data analyst to implement instrumentation Externally: Easier to inculcate user habits Hotel Movies 4. Standardised page layout & CTAs (3/3)
- 26. 5. Refreshed contenton homepage Autoscroll banners Badges refreshes on diff tiles with diff text Moving widgets Updated curations High-usage apps requires elements of engagement and unpredictability Examples: FB → autoplay videos Taobao → flash deals
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- 28. Segment: Type: Growth of Fooddelivery - Majority of revenue (62%) - Fastest growing segment 5% → 62% in 3 years Product first, monetize later 85% of revenue from commissions Ads are secondary Revenue source: 2015 2016 2017
- 29. 1. Improving supply& service of delivery 1. Minimal promos Focusing on food delivery
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- 32. Meituan → Groupon Leadingonline marketplace for services Dian Ping → Yelp Leading online destination for discovering lifestyle services 2010: Meituan founded 2015: Meituan-Dianping merger 2018: Files HK IPO
- 33. How did Meituanwin DianPing? Mei Tuan - Focused on tier 2 - tier 4 cities - Group buying was a sustainable business (better cash flow) Dian Ping - Focused on tier 1 cities - Lack substantial revenue stream - Main value was only UGC Offensively for Meituan: Acquire tier 1 cities & complementary business Defensively for Dian Ping: Would not win a coupon war
- 34. - 5.8B transactions,GMV 357B - 310M users, 4.4M active mex - 2nd largest hotel reservation platform (dom) - 97M tixs travel & leisure ticketing service - Transaction per user increased from: 10.4 (2015) → 12.9 (2016) → 18.8 (2017) - Top 10% of users made ave 98 transactions - 531k daily active delivery riders - Ave delivery time 30 mins Top line figures (As of 2017) Platform Users Drivers
- 35. Basic plan - Freelisting - Delivery infrastructure - Payment systems - Cloud based ERP “Food delivery - demand is natural, build supply first” Advanced plan - Targeted online marketing; keyword search, banners, text/graphical links - Sell ad space & recommendations - Supply chain and financing solutions How Meituan supported merchants:
- 36. How Meituan builtfood delivery: ➢ Quantity of merchants first, quality later ➢ Acquire big players eg. KFC, Macs ➢ Optimised allocation system ➢ Delivery insurance (90% unclaimed) - MT pays but delivery team has KPIs ➢ Spring festival initiative: incentive to come back early + refer a friend and earn ○ Acquired new riders, and fulfilled demand while Baidu lost
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- 38. 2) Groupon voucherseg. Set meal/entrance ticket/beauty packages 3) Movie tickets 1) Food recommendation articles (by writers eg. BJ foodie group) Akin to Wechat subscription account (follow, comment, like, share) Food is the most common use case - 90% of feed Feed
- 39. Flash sale Map viewof merchants Tiles: Meal vouchers Restaurant reservations Reiterated delivery tile Different cuisines ... Paid banners & MT promos Filter by: cuisines, location, MRT station, ratings Food tile
- 40. Key merchant info Featuredon curation/leaderboard Coupon purchase Recommended food (by Users) Autoscroll tabs: Reviews, merchant full details *All info accessible within 1st page Share and favourites Food tile
- 41. Delivery location *Importance CTA banner Tiles: Supermarket,flowers, medicine, lunch/dinner/supper * tile placement changes Curated food Delivery tile
- 42. Delivery tile: Requires 2clicks and 1 scroll away to view feed Focused on curated lists (eg. Leaderboards, wednesday specials, school reopen season) The Paradox of Choice Make decisions for users (Food/POI)
- 43. Recommended for you,food, movies, medical, finances…. >20 categories >100 sub-categories Categories