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JD.com

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Not to be confused with JD Sports.

JD.com, Inc. (京东)
Formerly360Buy
Company typePublic
IndustryE-commerce
Artificial intelligence
Robotics
Autonomous car
Founded6 June 1998; 26 years ago (1998-06-06)
FounderLiu Qiangdong
HeadquartersBeijing, China
Area served
Global
ServicesOnline shopping
RevenueIncrease US$152.8 billion, 2023[1]
Increase CN¥26.025 billion (US$3.665 billion, 2023)[2]
Increase CN¥23.257 billion (US$3.275 billion, 2023)[2]
Total assetsIncrease CN¥628.958 billion (US$88.586 billion, 2023)[2]
Total equityIncrease CN¥628,958 billion (US$88.586 billion, 2023)[2][3]
OwnerLiu Qiangdong (15.8%)[4]
Tencent (2.3%)
Number of employees
620,000 (2024)[5]
Websitecorporate.jd.com

JD.com, Inc., also known as JINGDONG (Chinese: 京东; pinyin: Jīngdōng), formerly called 360buy,[6] is a Chinese e-commerce company headquartered in Beijing. With revenues more than US152.8 billion in 2023, JD.com is China’s largest retailer by revenue, and ranks 47 on Fortune Global 500. It is one of the two massive B2C online retailers in China by transaction volume and revenue, and is a major competitor to Alibaba-run Tmall.[7] JD.com’s portfolio spans across retail, technology, logistics, health care, industrials, property management, private label, insurance, and international business.[1][8]

The company was founded by Liu Qiangdong on 18 June 1998, and its retail platform went online in 2004. It started as an online magneto-optical store, but soon diversified, selling electronics, mobile phones, computers, and similar items. The company changed its domain name to 360buy.com in June 2007 and then to JD.com in 2013. The latter purchase is understood to have cost $5,000,000.[9] At the same time, JD.com announced its new logo and mascot. It is partly owned by Tencent, which has a 15% stake in the company.[10]

JD.com has invested in high tech and AI delivery through drones,[11] autonomous technology and robots, and possesses the largest drone delivery system, infrastructure and capability in the world. It has recently started testing robotic delivery services and building drone delivery airports, as well as operating driverless delivery by unveiling its first autonomous truck.[12][13][14][15][16][17][18][19]

History

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Early years

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The company was founded in 1998 as Jingdong.[20]

In 2004, the company's B2C site went online as jdlaser.com.[21] The company began using the domain name 360buy.com,[21] and the name was changed to Jingdong Mall in 2007.[22]

Since 2009, JD.com has set up a customer service center in Suqian, cumulatively investing over 30 billion RMB to build its self-operated customer service center. As a result, the company now operates the industry's largest customer service team.[23][24][25]

On 10 December 2010, JD's founder Liu Qiangdong announced through his Weibo account that every book sold on JD.com would be priced at 20 percent cheaper than its competitors.[26][27] On December 14, 2010, Dangdang also began to offer discounts to customers and stated that the company would invest 40 million Chinese yuan to give discounts to customers. As a result, JD.com launched the second promotion to sell books at a lower price than Dangdang[28] and announced that it would give coupons instead of reducing prices to protect the benefits of publishers.[29] In November 2011, JD.com provided its customers with a 10 percent discount on books, while Dangdang sent promotional messages to its users.[30] The sudden increase of orders not only caused network errors but also postponed transits of books.[31]

JD.com started the e-book selling business online on 20 February 2012, and provided customers with more than 80,000 electronic books.[32] On 17 April 2013, most of the e-books on Dangdang's website were free for users to download.[33] Consequently, Dangdang launched its flagship store on JD.com in 2023.[34]

In 2013, the company's domain name was changed to JD.com.[6][9]

Listing

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In 2014, JD.com’s Nasdaq IPO raised $18 billion USD, valuing the company at approximately $26 billion and making it the largest Chinese company to be listed only in the United States.[35]

In 2015, JD.com launched its Russian site aimed to expand its business globally.[citation needed] Walmart sold its Chinese e-Commerce business Yihaodian to JD.com in 2016 in exchange for a 5.9% equity stake valued at $1.5 billion.[36] In October, Walmart filed 13G, revealing it nearly doubled its stake in JD.com to 10.9%[37]

In February 2017, Walmart increased investment in JD.com to 289.1 million shares, or 12.1%.[38] In April, JD.com participated in the Salone del Mobile, featuring the installation Matrix, at the Università Statale of Milan.[39] JD.com invested $397 million into Farfetch, a marketplace for luxury brands, in June as part of a new strategic partnership.[40] JD.com and Walmart launch the first annual JD-Walmart 8 August shopping festival in July.[41] JD.com also committed to further develop China's parcel delivery efficiency, investing US$101 million to subsidize merchants on JD.com for warehousing and distribution costs, for the upcoming 2017 Singles' Day.[42] In November, JD.com achieved a sales record of US$19.1 billion.[43]

In 2017, JD.com established an anti-corruption coalition with other Chinese internet companies which aims to blacklist individuals engaged in illicit behavior from seeking employment elsewhere in the internet sector.[44]

JD.com opened its first chain of high-tech supermarkets 7Fresh[45] in January 2018.[46] That same month, JD.com invested in Vietnam's online retail service tiki.vn for $50 million.[47] In February, JD.com invested in France & the Uk,[48] and also released its spin-off JD Finance, raising $2.1 billion in a capital raise.[49]

JD.com acquired Jade Palace Hotel in Beijing for US$400M in 2019.[50] The company also partnered with Jiangsu Xinning Modern Logistics to automate its logistic services.[51] In November, JD.com removed all items related to Houston Rockets in response to the organization's general manager posting a tweet about Hong Kong.[52]

In April 2020, the company confidentially filed for a second listing in Hong Kong[53] and began trading on the Hong Kong Stock Exchange for HK$239 in June 2020.[54] In August, the company reported net profits of $2.3 billion for the Q2 of 2020, and it reached a customer base of 417 million users.[55] JD.com also announced that would be investing $830 million in its JD Health unit provided by private equity firm Hillhouse Capital.[55]

In December 2020, JD Health’s $3.5 billion IPO was Hong Kong’s largest initial public offering of the year.[56]

Recent years

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In late 2022, JD upgraded its “Housing Guarantee Fund” for employees with an investment of RMB 10 billion. Since 2023, 77% of the fund’s applicants have been frontline workers; JD.com provides support to frontline employees, including social insurance, education, and housing funds.[57]

In July 2023, JD.com unveiled its ChatRhino (言犀 in Chinese) large language model (LLM), tailored to serve various industries. By combining 70% generalized data with 30% native intelligent supply chain data, it offers targeted solutions for real industry challenges across sectors such as retail, logistics, finance, health, and city.[58]

In October 2023, JD.com began a 4-hour delivery service in Hong Kong.[59]

In September 2024, JD.com launched its global sales business in the United States, Japan, Singapore, and Malaysia.[60]

Collaborations and former partnerships

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Joy & Heron - animated promotional video by JD.com released under CC license

Tencent acquired a 15% stake in JD.com in 2014 by paying cash and handing over its e-commerce businesses Paipai & QQ Wanggou plus a stake in Yixun to JD.com, to build a stronger competitor to Alibaba Group Holding Ltd.[61] In 2015, JD.com and Tencent announced the launch of the "Jingteng Plan"[62](Chinese: 京腾计划), a portmanteau of the two companies' names, which will provide merchants with a complete solution[buzzword] to establish a brand and promote marketing effectiveness by linking JD.com consumption data with Tencent social data.[63] JD.com provides online shopping and claims "authentic low price and quality assurance" and "customer first".[64][65]

In light of the increasing number of mobile consumers in China, in 2017, Jingdong invested $397 million in Farfetch, which provided luxury e-commerce service based on the headquarters in London. The deal focussed on Farfetch's respect for intellectual property which has been contrasted with Alibaba's reputation.[66] The Jingdong and Farfetch partnership aims to increase their market share in China.[66]

Metcash partnered with JD.Com in May 2018 to sell groceries in China.[67]

On 4 September 2018, JD.com signed a strategic agreement with Ruyi, a leading textile and fashion giant who owns global fashion brands including Aquascutum, CERRUTI1881, Sandro and Maje.[68] As stated in the press release, JD would deploy its smart logistics, supply chain solutions[buzzword], big data-enabled inventory management and membership systems for Ruyi's subsidiary brands.[69] Based on this partnership, JD and Ruyi will jointly establish fashion and lifestyle concept stores in core cities, such as Shanghai and Beijing.[68]

In October 2020, Ping An Bank partnered with JDD to launch a joint credit card.[70]

In January 2022, JD.com partnered with Shopify to begin selling Shopify's brands via its cross-border e-commerce site in China.[71]

See also

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References

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[edit]
  • Official website
  • Business data for JD.com:
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