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Daily Sales of Group Buying Site Meituan Surpass 100 Million Yuan
Screenshot of Wang’s Weibo
The daily sales of group purchasing site Meituan hit more than 100 million yuan ($16.52 million), according to a Weibo post by Wang Xing, CEO of the company as well as a serial entrepreneur who gave birth to Renren.
Meituan only took half a year to double this figure after announcing 50 million yuan milestone in June, 2013.
According to an insider, the company’s monthly sales for last December amounted to more than 2.1 billion yuan, while its annual sales chalked up to 16 billion yuan, turning to profitable for the whole year for the first time (via Tech Sina).
Wang previously claimed that Meituan has had a 50% market share of Chinese group buying sector. According to statistics released by Meituan, the company’s sales from film ticket group buying businesses account for around 10% of total domestic box office revenue, while its sales for hotel reservation business account for 70% of the group buying industry.
[Update] Meituan also launched online food ordering service to lay out in O2O sector. Although foods ordered on the platform are currently delivered by either merchant themselves or third-party delivery teams, Meituan planned to construct homegrown delivery team in the future, according to Wang Huiwen, vice president of the company (source in Chinese).
Screenshot of Meituan Waimai