Meituan may not be a household name outside of China, but it is a global force that is changing how consumers book and pay for services. The company has built a platform to offer more than 200 different services, ranging from food delivery to movie tickets.
Meituan is based in Beijing and was founded in 2010 by Wang Xing. Its business model revolves around discounted and localized products and services. Its service revenue has grown by a compound annual growth rate of 45% over the last five years to reach $US62.4 billion in the third quarter, according to Bloomberg estimates.
The company has a strong portfolio of brands that include Maoyan, an online movie ticketing service and Meituan Shouyin, which sells PoS (point of sale) systems with Meituan’s software pre-installed. Meituan has also diversified into e-commerce and branded consumer electronics, and has a significant presence in the film industry.
While the company is a big player in the Chinese market, it has been exploring a strategy to expand internationally as it faces slowing domestic growth and is likely to face antitrust scrutiny from government regulators. The company is in talks to hire a head of international sales and is studying an expansion into the Hong Kong market, said people familiar with the matter.
This will allow Meituan to access a larger audience in countries where it is not yet established. The company’s plans are still in the planning stages and may change, these people said.
With a strong product portfolio and deep pockets, Meituan is well-positioned to take advantage of any market opportunities that come its way. The company has developed a strong reputation for customer service and a culture of innovation that has helped it grow from a Groupon-like clone into the world’s fourth-valuable startup in less than a decade.
One key reason for Meituan’s success is that it has built a strong brand and an active social media community of millions of followers. These factors can help the company stand out in a crowded marketplace, but Meituan also needs to make sure that it is communicating effectively with its target audience and maintaining a positive reputation.
In addition, Meituan has been investing in a strong social responsibility program to improve its community and to create a more inclusive culture. This includes hiring and training rider groups that work to fight crime, fires and put out other emergencies as well as a social service that offers free rides to poorer areas of the city.
Another reason for Meituan’s success has been its ability to deliver on its promise of a fast and convenient experience for users. This has helped it become the number one mobile phone app in China and a major player in the country’s tech scene.
Meituan also has a strong social responsibility program that promotes a positive impact on the environment. For example, the company is a partner in the solar energy project Solar Valley in Chengdu, which helps to power rural homes and businesses.