不只是解散北京分公司，近段时间内，唯品会还关停了对外曝光过的第二个出海项目“章鱼掌柜”（第一个是 2015 年战略投资的东南亚电商 Ensogo，2016 年关停闪购和电商平台业务）。“章鱼掌柜”是一个基于微信生态、以海外华人为目标用户的电商项目，采用了中国特有的社交分佣电商玩法，但从创建至关停只半年时间不到。
一边是经营不善未能交出满意答卷，一边腾讯还在不计成本砸钱，唯品会一头扎进了矛盾旋涡。根据美国证券交易委员会（SEC）公布的文件，腾讯从 2 月 27 日至 3 月 6 日增持唯品会股票，在公开市场共买入 5821858 股 ADS，每 ADS 加权平均价为 7.46 美元，总价为4,341 万美元。腾讯持股比例增至 8.7%。
从 2012 年上市到最高点，唯品会的股票曾一度上涨 60 多倍，被业界称为“妖股”。但从 2018 年开始，唯品会不可避免地走向下坡路，究竟唯品会的问题出在了哪？
智氪研究认为，无法实现自生增长的活跃用户、低效但高昂的物流投入、不断涌现的强劲对手以及供应量不足的尾单是造成唯品会陷入困境的四大原因。
活跃用户增长放缓无法自我造血
财报数据显示，在过去一年间，唯品会营收增长进一步放缓。截至 2018 年第四季度，其总营收同比增速下降至8%，低于上季度增速 16%，首次落入个位数增长区间。
究其原因，客单价的下
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降和用户增长困境是唯品会面临的两大问题。