According to the latest data from Measurable AI, a Hong Kong company that tracks business revenue, by December last year, the software "KeeTa" launched by Meituan in Hong Kong, China, had accounted for about 37% of the local food delivery market.。Meituan's score easily surpassed Deliveroo (20%) and is currently second only to Delivery Hero's Foodpanda (42%).。

However, from the perspective of the overall distribution market, as of December last year, KeeTa's market share was only 21%, ranking third.。25% for Deliveroo and 54% for Foodpanda。This difference comes from pickup and grocery orders, which KeeTa does not provide.。These services account for more than a third of the total orders of its two competitors.。

KeeTa is the "Hong Kong version" launched by Meituan at the end of May last year.。Meituan applies its "fortune book" in mainland China - subsidy exchange market to KeeTa.。In order to attract new users, KeeTa launched a HK $1 billion subsidy incentive scheme at the beginning of its landing in Hong Kong, and new users can get HK $300 coupons for full reduction and shipping costs.。Not only that, KeeTa also provides customers with free on-time insurance services.。

Over the past period, KeeTa has expanded rapidly, taking five months to complete territory-wide coverage and completing tasks ahead of schedule.。With subsidies and quality services, KeeTa became the "second-in-command" in the food delivery market seven months after landing in Hong Kong.。

In terms of downloads, on January 5, KeeTa announced that a total of more than 1.3 million users have downloaded and registered their apps so far, adding more than 10,000 downloads per day in the Hong Kong market and increasing user activity by more than 50% in December last year.。

In terms of merchants, data show that since KeeTa entered the Hong Kong market, the number of merchants has maintained a steady and high growth rate, with merchants growing at an average rate of more than 30% for several months, and the platform has now had nearly 10,000 merchants in total.。

In terms of delivery, KeeTa has launched a "just-in-time" service in Hong Kong, with a punctuality rate of over 98% and an average delivery time of about 29 minutes, slightly higher than Foodpanda and Deliveroo.。

In terms of average order value, Charlie Shen, co-founder of Measurable AI, said that the average order value of KeeTa is still low relative to competitors.。As of December last year, the average price of takeaway orders on Keeta was only HK $102, compared to HK $168 per order for Foodpanda and HK $185 per order for Deliveroo.。

However, the low average value of orders is related to the services they provide。KeeTa offers users a great value package that allows them to order meals from HK $60, including delivery fees。While a low average value of orders may backlog profit margins, it can also help Keeta tap the low-priced food delivery market to achieve economies of scale。

KeeTa said that after the completion of the territory-wide coverage of the company into the normal operation, it is expected that more than 30% of the order volume growth rate will continue, the future for a long time to maintain stable high-speed growth.。

In addition, KeeTa said that it will continue to subsidize shipping costs for a long time, hoping to provide more cheap and high-quality takeaways for Hong Kong people through the no-member free shipping model.。

KeeTa is not expected to have a significant impact on Meituan's overall revenue given the small size of the Hong Kong market, said Kai Wang, senior equity analyst at Morningstar Asia.。At the same time, he expects that the subsidy strategy adopted by Meituan may cause some losses to it in the short term and may not be sustainable.。

Wang said: "Given that competition is quite fierce, once the subsidy is removed, customers may switch platforms if they can get food delivery services at cheaper prices elsewhere.。He believes that because Meituan will initially suffer a lot of cash consumption in other markets due to large subsidies.。Therefore, Meituan needs to solve other problems in other departments before expanding internationally.。

In recent years, "going to sea" has been put on the agenda by more and more companies, and Meituan is no exception.。The move into Hong Kong is believed to be Meituan's first pilot city before expanding into overseas markets such as Southeast Asia.。In addition to its takeaway business in Hong Kong, Meituan was also revealed in November last year that it was considering acquiring Delivery Hero's Foodpanda business in Southeast Asia to diversify its business geographically.。