The instant retail "subsidy war" among the giants suddenly escalated in early July and quickly evolved into a "order volume race" that affects the future market structure. Market rumors say that Taobao Flash Sale will set July 5 as the "order rush day" and aim to reach a peak of 90 million to 100 million orders. Unexpectedly, late at night on July 5, Meituan Waimai suddenly "strikes" and takes the lead in announcing that its instant retail daily order volume has exceeded 120 million orders. The tit-for-tat move is far from a simple numerical competition, but a key competition for the future entry dominance in the "instant retail + e-commerce + service" consumer melee between Meituan, Alibaba (Taobao Flash Sale) and even JD.com. The subsidy war has an impact on all parties. Chen Liteng, a digital life analyst at the E-Commerce Research Center of the China Internet Network Information Center, said that for consumers, they can enjoy ultra-low-priced goods in the short term and high-frequency consumption scenarios will be activated, but they may form price dependence in the long term. Once the subsidy ebbs, the order volume may drop sharply, and even waste may be caused by excessive consumption induced by low prices. For the platform, the order volume will surge in the short term, but it will have to bear huge subsidy costs and the risk of system collapse. For merchants, small and medium-sized merchants are forced to bear higher costs in the subsidy cycle, while chain brands seize market share by relying on their financial advantages. The industry ecology is gradually tilted towards "head-to-head" competition, and the survival pressure on small and medium-sized merchants is increasing.