Travel & Tourism Industry release:
The Company continues to invest in AI technology and innovation to strengthen its new generation service platform to help people eat better and live better
Its full suite of intelligent business management and financial solutions envisioned to be an indispensable tool for brick-and-mortar merchants and empower them to succeed
BEIJING, Feb. 28, 2018 /PRNewswire/ — Meituan-Dianping, China’s largest e-commerce platform of local services, announced strong operating performance and key financial milestones in 2017. The Company witnessed high growth and diversification in its services and products that enhance customers’ daily lives while empowering local merchants to advance their business performance. The Company ended the year solidifying its leadership and is well positioned to continue its positive momentum.
Key Business Highlights
- Total revenue more than doubled from 2016 to US$5.4 billion, gross merchandise volume (GMV) increased to US$57.0 billion, and peak online daily orders increased to 27 million, reflecting robust growth across core Business Groups.
- Annual active buyers reached 320 million and annual active merchants exceeded 4 million, evidencing that Meituan-Dianping is increasingly meeting customers’ daily needs and empowering merchants to enhance their business performance.
- The Company continued to be the global leader in on-demand delivery with record breaking 18 million daily orders.
- Annual hotel room nights exceeded 200 million, cementing the Company’s leadership position in China’s online travel service industry; and a global partnership with Club Med was established providing customers with a one-stop vacation booking service through the newly launched flagship store and seamless sharing of data.
- In October 2017, Meituan-Dianping closed its Series C financing round, raising US$4.1 billion for future investment in its core Business Groups and new business development, which makes the company one of the highest valued start-ups in the world.
- The Company launched the Black Pearl Restaurant Guide, an authority on dining experiences from a Chinese perspective to further showcase its expertise and dominant position in the dining sector.
- The Company also recently invested in two leading technology companies overseas – GO-JEK, the largest on-demand mobile platform in Indonesia, and Swiggy, India’s leading food ordering and delivery platform.
Mr. Xing Wang, CEO of Meituan-Dianping, stated, “By all accounts, 2017 was an outstanding year for Meituan-Dianping and we can say with confidence that we now operate as the clear forerunner in the service e-commerce space. We have fully built out a powerful new generation ecosystem that covers our customers’ dining and lifestyle scenarios throughout the day under a unified platform via our mobile applications. This is clearly evident in all of our most important business metrics which achieved significant year on year increases. While maintaining our leadership position in China, we will continue to look for opportunities in overseas markets and introduce our successful business model to the world.”
Built Out a Unique and Comprehensive Ecosystem to Meet Customers’ Evolving Needs and Empower Merchants
Meituan-Dianping is effectively anticipating and meeting a diverse set of needs for China’s enormous customer group. The Company has been creating the next generation operation and supply chain management system that continuously increases service industry efficiencies and drives significantly higher SaaS-based ERP product adoption and penetration. It has also invested in technology allowing it to facilitate offline transactions with intelligent payment services, providing more convenient payment choices and reducing processing time per order.
Invested in AI-Based and Data-Driven Technology
By investing heavily in technology and innovation, the new generation platform is effectively utilizing the amount of data available (over 7PB of unduplicated data captured daily). With more than 6,000 engineers and cutting edge AI technology, Meituan-Dianping has created its proprietary Real-Time Logistic Dispatch System that dispatches orders to more than 500,000 riders and enables them to complete a delivery within 28 minutes.
Mr. Xing Wang concluded, “Our growth momentum is expected to continue into 2018 and beyond as most of our diversified businesses are in early stages of growth and there are significant expansion opportunities that will help the ecosystem realize its immense potential. We will therefore continue to invest strategically and look forward to continuing to build out our platform and offerings, fully leveraging AI-based and data-driven technology for the benefit of our customers and merchant partners, as a result, helping people eat better and live better.”
Meituan-Dianping is China’s largest e-commerce platform of local services serving more than 320 million annual active buyers and more than 4 million annual active local merchants across 2,800 cities in China.
With its “We Help People Eat Better and Live Better” mission, the Company offers a one-stop platform that enhances customers’ daily lives through location-based service solutions in more than 250 categories.
By leveraging AI technology and innovation within its platform strategy, Meituan-Dianping is empowering local businesses to improve their business performance, and transforming the whole service industry into a digital ecosystem.
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