Introduction to China's e-commerce platform Series 2 | 京东商城篇

一、中国互联网电商行业发展现状

Development status of China's Internet e-commerce industry

    中国互联网电商行业发展迅猛，已经在短期内取得了巨大的成功。根据中国电子商务研究中心的数据显示，2023年中国保持全球最大电商市场地位，市场规模预计将达2.2万亿美元，占全球电商总销售额的近一半。这一数字表明，中国电商市场已经成为全球最大的电子商务市场。

    中国电商市场的成功主要得益于几个因素。首先是互联网的普及率，随着手机智能化和互联网技术的成熟，越来越多的中国消费者开始使用互联网购物，根据中国工业和信息化部的统计数据，2023年中国移动互联网用户总规模达到12.27亿，全年维持2%的稳定增速，这为电商行业提供了巨大的潜力和市场。

    其次，中国电商行业积极采取新技术和新模式。移动支付是中国电商行业的一大亮点，随着支付宝和微信支付等第三方支付平台的兴起，推动了中国消费者线上支付的普及。此外，中国电商还探索了新的销售模式，如直播电商，通过直播形式进行产品展示和销售，取得了巨大的成功，这些新技术和新模式的应用进一步推动了中国电商市场的快速发展。

二、电商平台京东商城、京东国际介绍

Introduction of  Jingdong Mall、Jingdong International

（1）平台背景：

Background

     京东是中国最大的综合电商平台之一，京东于2004年成立，起初是一家线上书店，后来逐渐发展成为全品类、全渠道的电商平台，现拥有庞大的用户群体和丰富的商品资源。作为全球知名的电商平台，京东为商家提供了良好的销售渠道和广阔的市场空间。

    京东国际平台是京东正式推出的进出口商品一站式消费平台。区别于此前进口商品分布在各个品类和海囤全球的场景，京东国际将京东平台上的进口商品全部涵盖。此前，京东全球购业务进行了组织升级。该业务将牵头京东的整体跨境进口业务，联动京东平台资源，为海外品牌进入中国提供一站式服务。

    JD is one of the largest comprehensive e-commerce platforms in China. Founded in 2004, Jingdong was initially an online bookstore, and then gradually developed into a full-category and all-channel e-commerce platform. Now it has a huge user base and rich commodity resources. As a world-renowned e-commerce platform, Jingdong provides good sales channels and broad market space for merchants.

    JD International Platform is a one-stop consumption platform for import and export commodities officially launched by Jingdong. Different from the previous imported goods distributed in various categories and the global sea storage scene, Jingdong International will cover all imported goods on the Jingdong platform. Previously, JD's global shopping business was upgraded. The business will lead JD's overall cross-border import business, linkage JD platform resources, and provide one-stop services for overseas brands to enter China.

（2）平台规模：

Platform scale

    京东集团：供应链壁垒深厚的新型实体企业

    京东国际

    拓展海外市场:积极布局海外市场，通过在当地建立电商平台、战略合作等方式，逐步实现全球化布局。

目前，京东已经在印度尼西亚、泰国、越南、俄罗斯、美国、英国、德国、日本、韩国等国家和地区开展了业务。

    建设海外仓:为了更好地满足海外消费者的购物需求，京东在全球各地建设了海外仓。海外仓的设立不仅可以提高物流速度，降低物流成本，还可以提高商品的稳定性和质量。

    提供本地化服务:京东在海外市场提供本地化的客户服务、支付方式、物流配送等，以满足当地消费者的购物习惯和需求。

  JD Group: a new type of entity with deep supply chain barriers

    Positioning "Technology and service enterprise based on supply chain". Jingdong's revenue in 2021 is nearly one trillion yuan, and it is China's largest self-operated e-commerce platform. Self-run logistics and procurement capabilities to build strong supply chain barriers, in the increasingly fierce industry competition, economic downward pressure, still achieve a steady growth rate higher than the industry. In the context of long-term consumption upgrading, with fast and good service, we expect that JD users and ARPU still have room to improve, and then drive the steady growth of GMV, revenue and profit.

JD International

Expand overseas markets: actively layout overseas markets, through the establishment of local e-commerce platforms, strategic cooperation and other ways, gradually realize the global layout.

At present, JD has already carried out business in Indonesia, Thailand, Vietnam, Russia, the United States, the United Kingdom, Germany, Japan, South Korea and other countries and regions.

Building overseas warehouses: In order to better meet the shopping needs of overseas consumers, JD has built overseas warehouses around the world. The establishment of overseas warehouses can not only improve the speed of logistics, reduce logistics costs, but also improve the stability and quality of goods.

Providing localized services: JD provides localized customer service, payment methods, logistics and distribution in overseas markets to meet the shopping habits and needs of local consumers.

（3）平台类目：

Category   

供应链能力驱动，全面推进各项实体业务

京东零售是京东集团目前的收入和利润核心，占京东集团总收入比重始终超过 90%。京东零售由商品自营业务、平台电商业务和全渠道业务组成，目前主要围绕京东商城展开。依据京东财报，2021 年，京东零售业务收入为 8663.03 亿元，同比增长 24.83%，其中自营 业务是京东零售的主要收入来源，占比达到 94.15%。

京东物流在仓配领域处于领先地位。京东自建物流始于 2007 年，2017 年物流板块开 始对外服务，2021 年外部收入占比超过 50%。京东物流提供仓配、快递快运、大件等服务， 其中仓配是核心。2019-2021 年，京东物流收入分别为 418.37/556.2/710.54 亿元，毛利率分 别为 6.9%/8.6%/5.5%。

京东健康以医药及健康产品供应链为核心，致力于建设一个完整全面的“互联网+医 疗健康”产业生态。2019 年 至 2021 年 ， 京 东 健 康 收 入 分 别 为 108.42/193.83/306.82 亿元，毛利率分别为 25.9%/25.4%/23.5%。京东健康用户增速快，2021 年京东健康年度活跃用户数达到 1.23 亿，同比增长 37.31%，日均问诊量超过 19 万次。

京东科技定位京东对外提供技术服务的核心业务抓手。2017- 2019 年，京东数科的营业收入分别为 90.70/136.16/182.03 亿元，年均复合增长率达到 41.67%。京东数科的主营业务分为金融机构数字化解决方案（信贷、信用卡、保险和资 管）、商户与企业数字化解决方案（信用消费服务“京东白条”、收单及会员管理、票据平 台）、政府及其他客户数字化解决方案（智能城市操作系统、市域治理现代化平台）。

    Platform category: Supply chain capability driven, comprehensively promote the entity business

  JD Retail is the core of Jingdong Group's current revenue and profit, accounting for more than 90% of the total revenue of Jingdong Group. Jingdong Retail consists of commodity self-management business, platform e-commerce business and omni-channel business, currently mainly around JD Mall. According to Jingdong's financial report, in 2021, JD's retail business revenue was 866.303 billion yuan, an increase of 24.83%, of which self-operated business is the main source of revenue of Jingdong retail, accounting for 94.15%.

   JD Logistics is a leader in the field of warehouse allocation. Jd's self-established logistics began in 2007, the logistics sector began to provide external services in 2017, and the external revenue accounted for more than 50% in 2021. Jingdong Logistics provides warehouse allocation, express delivery, large goods and other services, of which warehouse allocation is the core. From 2019 to 2021, the revenue of Jingdong Logistics is 418.37/556.0/71.054 billion yuan, and the gross profit margin is 6.9%, 8.6% and 5.5%, respectively.

    Jingdong Health takes medicine and health products supply chain as the core, and is committed to building a complete and comprehensive "Internet + medical health" industrial ecology. From 2019 to 2021, the revenue of JD Health was 108.42/193.83/30.682 billion yuan, and the gross profit margin was 25.9%, 25.4%, 23.5%, respectively. JD Health users are growing rapidly. In 2021, the annual active users of Jingdong Health reached 123 million, an increase of 37.31% over the same period last year, and the average daily consultation volume exceeded 190,000 times.

    Jingdong Technology positioning JD external technical services to provide the core business grasp. From 2017 to 2019, Jingdong Digital's operating income was 90.70/136.16/18.203 billion yuan, with a compound annual growth rate of 41.67%. JD Digital's main business is divided into digital solutions for financial institutions (credit, credit card, insurance and asset management), digital solutions for merchants and enterprises (credit consumption service "Jingdong Baitiao", receipt and member management, bill platform), and digital solutions for government and other customers (smart city operating system, city governance modernization platform).

（4）平台亮点：

Advantage

京东商城核心竞争力：物流+自营采购+供应链对外服务构建强供应链壁垒

    强化定位“供应链公司”，自营业务壁垒深厚：稳定高效的供应链能力是京东发展的根本支撑和驱动引擎。在规模以及资本开支的持 续积累下，2020 年，京东集团正式升级定位为“以供应链为基础的技术与服务企业”。作为 供应链公司，自营物流能力、自营采购能力以及供应链对外服务能力共同构成了京东的业 务壁垒。京东深度参与到采销、仓储、物流等环节，为消费者提供从品质到时效的多重保 障，为消费者打造更优质的购物体验，使得其他综合电商难以在短时间内复制京东的模式。

    仓配一体化物流模式成就京东快速稳定的履约效率：自营仓配型物流模式使京东“快”于平台型电商。仓配模式通过需求预测将货物提前放置离消费者更近的仓中、减少搬运次数从而提高配送速度。京东的物流壁垒不仅体现为速度快，亦体现为稳定性。物流配送的稳定性往往体 现在极端事件发生时。极端时期，消费者对物流时效要求有所降低，更需要“物流能 送到”，极端事件所能影响到的履约链路有限。

    人工和数字化技术共同塑造京东自营采购能力：京东与制造商的长期合作增强了采购能力，且只有京东能够通过配置大量采购人员来 保证自营商品的高品质。基于多年采购经验，一方面京东能够持续提高向制造商采购商品 的比重， 甚至成为其授权经销商；另一方面，京东能够获得更有利的采购条款并获取稀缺商品。

Platform highlights: Core competitiveness: logistics + self-operated procurement + supply chain external services to build a strong supply chain barrier

    Strengthen the positioning of "supply chain companies" and deep barriers to self-run business: stable and efficient supply chain capabilities are the fundamental support and driving engine for JD's development. Under the continuous accumulation of scale and capital expenditure, in 2020, JD Group has officially upgraded its position as a "supply-chain-based technology and service enterprise". As a supply chain company, self-operated logistics capability, self-operated purchasing capability and supply chain external service capability together constitute the business barriers of JD. JD is deeply involved in the procurement, warehousing, logistics and other links, providing consumers with multiple guarantees from quality to timeliness, creating a better shopping experience for consumers, making it difficult for other integrated e-commerce to copy JD's model in a short time.

    Warehouse allocation integrated logistics mode achieves fast and stable performance efficiency of JD: self-warehouse allocation logistics mode makes JD "fast" in platform e-commerce. The warehouse allocation model uses demand prediction to place goods closer to consumers in the warehouse in advance, reducing the number of handling times and improving the speed of distribution. JD's logistics barriers are not only reflected in speed, but also reflected in stability. The stability of logistics distribution often depends on the occurrence of extreme events. In extreme periods, consumers' requirements for logistics timeliness are reduced, and more "logistics can be delivered" is needed, and the performance links that can be affected by extreme events are limited.

    Human and digital technologies jointly shape JD's self-owned purchasing capabilities: JD's long-term cooperation with manufacturers has enhanced its purchasing capabilities, and only JD can ensure the high quality of its self-owned products by deploying a large number of purchasing personnel. Based on years of purchasing experience, on the one hand, JD can continue to increase the proportion of goods purchased from manufacturers, and even become their authorized dealers; Jd.com, on the other hand, is able to obtain more favorable purchasing terms and access scarce goods.

JD International

Price advantage: The price of goods in Jingdong's international stores is more favorable than that in the domestic market, and consumers can buy more affordable overseas goods through cross-border e-commerce platforms.

Quality assurance: Jingdong International stores mainly sell goods from well-known brands around the world, and the quality is guaranteed, and consumers can rest assured that they can buy.

Convenient shopping: Jingdong International store supports a variety of payment methods, and the shopping process is simple and convenient, and consumers can buy overseas goods anytime and anywhere.

Fast delivery: JD International stores cooperate with a number of logistics companies around the world to provide fast overseas delivery services, so that consumers can receive their desired goods as soon as possible.

（5）平台潜力巨大：

Great potential (Case)

    Well-known 3C digital brand Anke with JD out of overseas, so that more people realize that made in China, in the third quarter of this year, the company achieved 106 million yuan in domestic income, although there is still a big gap compared with overseas income, but compared with the same period last year there is a 297.36% surge.

    带电品类与京东自营仓配模式高度适配，是京东自营的绝对优势品类。京东以 3C 数 码产品起家，后延伸至家电商品，带电品类长期以来始终为京东自营核心品类。家电 3C 品类标准化程度高的特点，与京东自营下的物流体系和智能仓储管理系统相匹配。家电品 类具有高货值、大尺寸、需要装配安装等特点，京东强大而广泛的大件配送网络及优质的 最后一公里配送服务，仓配一体端到端供应链解决方案（从工厂揽件延伸至送货上门、组 装及安装服务以及售后服务）极大提升了消费者的购物体验。与此同时，京东还提供重货 上楼、逆向物流、维修及退货等增值服务，更好的满足了客户对带电品类高标准的需求。2021 年，家电 3C 品类收入占京东自营收入的 60%，收入增速达到 22.86%。

    近年来日用百货品类逐渐成为京东自营优势品类。确立“全品类扩张”战略定位后， 京东积极把握品类线上化的窗口期，品类结构逐步拓展至图书、家居、快消品等，缓解了 京东 SKU 数量较少的问题。京东超市一站式的购物体验成功占领用户心智，京东物流的高 履约效率满足消费者对超市品类时效性的需求，帮助京东日用百货商品收入持续攀升。近 年来，随着京东全渠道场景布局、即时零售模式推进，京东日用百货品类的购买渠道和配 送效率得到进一步补充，消费者购物体验得到优化，为京东日百提供增长动力。

    JD's revenue performance has been stable for a long time, with unique advantages in live categories and strong growth in daily merchandise categories. From 2017 to 2021, Jingdong's net income has always maintained rapid growth, increasing by 27.59% to 951.592 billion yuan in 2021. In 2016, Jingdong's self-operated commodity income accounted for 76% of live items and 24% of daily merchandise, and the proportion of daily merchandise increased to 40% in 2021.

    The live category is highly suitable for Jingdong's own warehouse allocation model, which is the absolute advantage of Jingdong's own category. JD started with 3C digital products and then extended to home appliances, and the live category has long been the core category of Jingdong. The characteristics of the high degree of standardization of the 3C category of household appliances match the logistics system and intelligent warehouse management system under JD's own operation. The appliance category has the characteristics of high value, large size, and need to be assembled and installed, Jingdong's powerful and extensive large delivery network and high-quality last-mile delivery service, warehouse assembly and end-to-end supply chain solutions (from factory parts to home delivery, assembly and installation services and after-sales services) greatly enhance the shopping experience of consumers. At the same time, JD also provides value-added services such as heavy goods upstairs, reverse logistics, maintenance and returns, which better meet customers' demand for high standards of live products. In 2021, the household appliances 3C category income accounted for 60% of JD's self-operated income, and the revenue growth rate reached 22.86%.

    In recent years, the daily necessities category has gradually become Jingdong's own advantage category. After establishing the strategic positioning of "full category expansion", Jingdong actively grasped the window period of category online, and gradually expanded the category structure to books, home furnishing, FMCG, etc., which alleviated the problem of a small number of SKUs of JD. The one-stop shopping experience of Jingdong Supermarket has successfully captured the minds of users, and the high performance efficiency of JD logistics meets consumers' demand for the timeliness of supermarket categories, which helps Jingdong's daily merchandise revenue continue to rise. In recent years, with the promotion of JD's omni-channel scene layout and instant retail model, the purchase channels and distribution efficiency of JD's daily merchandise categories have been further supplemented, and the consumer shopping experience has been optimized, providing growth impetus for Jingdong Ribai.

（6）平台最新趋向：

The latest trends of the platform

    预计，京东未来在零售业务的重心将是“扬长缩短”，发挥自身履约“快好”的 优势，改善自身 SKU 不够“多”的缺陷。首先，积极推进京东全品类化，在维持带电品类 以及日用百货品类现有市占的同时，持续拓展包括服装品类、个护美妆品类在内的细分品 类。其次，通过全渠道布局提升履约效率，持续优化消费者对京东“快”的购物体验和用户 心智。

    不断加速全球化进程，更好地服务海外消费者；深化数字化转型，提升供应链效率和运营效果。持续推动技术创新，掌握未来电商发展的制高点。提升用户体验，不断满足消费者个性化的需求和购物习惯。

京东国际：将打造有助于全球贸易的跨境数智化供应链网络

    It is expected that the focus of Jingdong's future retail business will be to "improve and shorten", give play to the advantages of "fast and good" performance, and improve the shortcomings of its SKU. First of all, actively promote the full category of JD, while maintaining the current market share of live category and daily merchandise category, continue to expand the subcategories including clothing category, personal care beauty category. Secondly, through the omni-channel layout to improve the performance efficiency, continue to optimize consumers' "fast" shopping experience and user mind.

    Accelerating the process of globalization to better serve overseas consumers; Deepen digital transformation to improve supply chain efficiency and operational effectiveness. Continue to promote technological innovation and grasp the commanding heights of future e-commerce development. Improve the user experience and continuously meet the personalized needs and shopping habits of consumers.

JD International: will build a cross-border digital intelligent supply chain network that will help global trade

As a one-stop consumption platform for import and export commodities under Jingdong, JD International will continue to play the unique value of JD, while promoting the healthy and stable growth of import and export trade, and cooperate with government departments at all levels, foreign agencies, brand partners and other parties to use technology and supply chain capabilities to build a cross-border digital intelligent supply chain network with China as the core and connecting the world. And will continue to launch the first mobile deep fast inspection service, physical anti-counterfeiting full link upgrade, open direct mail goods identification services for cross-border consumers three major upgrades.

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