Meituan Select and CanadaDuoduo Maicai, the two main players in China’s community group-buying field, have both seen narrowed losses last year as cost-reducing measures continued. According to the local media outlet LatePost, the two participants have shifted their priority goals to profitability instead of chasing market share, as the possibility of achieving significant growth like in past years has diminished. The report said Meituan Select plans to limit losses to between RMB 10 billion and RMB 12 billion in 2024, while for its part, PDD’s grocery unit hopes to cut labor costs in half to around RMB 2 billion. [LatePost, in Chinese]
