Thus far, the Uber Presto team has implemented the Alluxio SDK cache in three production clusters spanning over 1500 nodes. This achievement is a major milestone in the collaboration between Alluxio and Uber. Meituan’s latest filing says that it is currently focused on “expanding our customer base, satisfying unmet customer needs and enhancing our network, rather than prioritizing monetization now.” A spokesperson said that the company has no comment on the pricing of its shares and the investments from Li and Lau.In October 2022, Uber’s Presto team shared in a blog post using the Alluxio SDK cache to boost Presto query performance and cost efficiency. To grow the market further and get more people to use its app, Meituan has been subsidizing meal purchases so that consumers have greater incentives to go order online. According to data from the National Bureau of Statistics, the food-delivery market only accounts for less than 10% of China’s total dining market. Scope For The Food Delivery Market In ChinaĪside from fending off heavy competition, Meituan also has to spend to attract new users. The ride-sharing giant DiDi Chuxing is also expanding its food-delivery service known as DiDi Foodie, which is now available in four Chinese cities since its beta-launch in April. Alibaba’s food-delivery unit – Ele.me has set aside hundreds of millions of dollars for cheaper meal access. Meituan’s competitors are going all out to lure consumers away with steep discounts in what has effectively become a race to the bottom. Meituan’s major source of income is from the food delivery business that accounted for 62% of its revenues in 2017. Meituan stated that it has no plans to expand car-hailing beyond its two piloting cities – Shanghai and Nanjing – after venturing into the field to take on DiDi Chuxing last December. Ofo has also scaled back by closing down most of its international operations. Mobike is downsizing its fleets to “avoid an oversupply” as the bike-sharing market falters, Meituan’s chief financial officer – Chen Shaohui said during the earning call. Over the past few years, Mobike and Ofo were burning through large sums of investor money in a bid to win users from subsidized rider, but both have shown signs of slowing down their ride games. It also managed to face off Alibaba-backed Ofo. In April, Meituan tried to break into the bike-sharing fray that was initially dominated by DiDi Chuxing prior to the passenger murders. Why Did Meituan Decide To Ditch Bike Sharing & Ride hailing? It combines a range of services with similarities to Groupon, Yelp and UberEats through the 4.7 million merchants that have joined the platform, which in turn allows Meituan to earn its revenue through commissions and delivery fees. Meituan currently has about 340 million active users who are able to use the platform to order meals, book hotel rooms and arrange various forms of transport. The app successfully managed to raise $4.2 billion earlier this year through its initial public offering in Hong Kong. Meituan Dianping aka China’s Ubereats is its largest on-demand food delivery firm that also offered bike sharing and ride hailing services initially. China’s Ubereats Version, Meituan Dianping Will No Longer Provide Bike Sharing And Ride Hailing Services
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