After years of development, how will time and other factors contribute to the failures and outcomes of EGUO in 2000 and Eleme in 2009, as representatives of O2O e-commerce? This study examines this question from two aspects. The main findings of this study : from a macro perspective, the economic background of a country is the external conditions for a business that can directly or indirectly influence the success or failure of business operations; the social factors influence general public’s purchasing needs and preference and are the most comprehensive factors that affects the success or failure of business operations; the technological environment of the Internet is the most important technological factor for the success of O2O e-commerce. From a micro perspective, EGUO failed because the macro environment was too poor, which led to high operating costs and eventually led to bankruptcy; Eleme's success was rooted in the development of the times and society, and its business model was built on a deep technological foundation and a large consumer base, which led to Eleme's final success.