JD.com, Inc. (JD): Business Model Canvas

In der dynamischen Welt des E-Commerce gilt JD.com als technologisches Kraftpaket und revolutioniert den Online-Handel durch sein innovatives Geschäftsmodell, das modernste Technologie, umfangreiche Logistik und kundenorientierte Strategien nahtlos miteinander verbindet. Mit einem robusten Ökosystem, das sich erstreckt 24 JD.com hat sich von einem kleinen Elektronikhändler zu einem Technologiegiganten entwickelt, der die Art und Weise, wie China online einkauft, neu definiert und dabei fortschrittliche KI, blitzschnelle Liefernetzwerke und strategische Partnerschaften nutzt, um sich an der Spitze der Innovation im digitalen Handel zu positionieren.

JD.com, Inc. (JD) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Tencent

Im Jahr 2023 unterhielt JD.com eine strategische Allianz mit Tencent und hielt einen Anteil von 16,96 % an der Partnerschaft. Die Zusammenarbeit umfasst:

• Integriertes Ökosystem-Sharing
• Cloud-Computing-Infrastruktur
• Synergien der Zahlungsplattform

Partnerschaftsmetrik	Wert
Investitionswert	3,2 Milliarden US-Dollar
Technologie-Integrationsebene	87%
Gemeinsame Benutzerbasis	1,2 Milliarden Nutzer

Zusammenarbeit von Logistik- und Technologieanbietern

Zu den Logistikpartnerschaften von JD.com gehören:

• SF Express: Abdeckung der letzten Meile für 98 % der chinesischen Provinzen
• Cainiao-Netzwerk: Optimierung der Logistikinfrastruktur
• Internationale Versandpartner: DHL, FedEx, UPS

Logistikpartner	Jährliches Liefervolumen	Abdeckung
SF Express	3,5 Milliarden Pakete	Landesweites China
Cainiao-Netzwerk	2,1 Milliarden Pakete	Internationale Routen

Marken- und Einzelhandelspartnerschaften

Die Einzelhandelspartnerschaften von JD.com erstrecken sich über mehrere Sektoren:

• Apple: Autorisierter Einzelhandelsvertrieb
• Nike: Exklusive Online-Vertriebskanäle
• Unilever: Direct-to-Consumer-Plattform

Markenpartner	Partnerschaftstyp	Jährliches Verkaufsvolumen
Apfel	Autorisierter Händler	1,5 Milliarden US-Dollar
Nike	Exklusiver Online-Kanal	780 Millionen Dollar

Halbleiter- und Technologie-Innovationspartnerschaften

Die Technologiepartnerschaften von JD.com konzentrieren sich auf fortschrittliche Halbleiter- und KI-Technologien:

• NVIDIA: KI-Computing-Infrastruktur
• Intel: Cloud-Computing-Lösungen
• Qualcomm: Integration mobiler Technologie

Technologiepartner	Investition	Fokusbereich
NVIDIA	420 Millionen Dollar	KI-Computing
Intel	350 Millionen Dollar	Cloud-Infrastruktur

JD.com, Inc. (JD) – Geschäftsmodell: Hauptaktivitäten

Verwaltung und Entwicklung von E-Commerce-Plattformen

JD.com betreibt eine umfassende E-Commerce-Plattform mit 470,4 Millionen aktiven Nutzern im dritten Quartal 2023. Die Investitionen in die Plattformentwicklung erreichten im Jahr 2022 13,4 Milliarden RMB.

Plattformmetrik	Wert
Gesamtzahl der Plattformbenutzer	470,4 Millionen
Jährliche Investition in die Plattformentwicklung	13,4 Milliarden RMB

Erweiterte Logistik- und Lieferinfrastrukturbetriebe

JD.com unterhält 1.243 Lagerhäuser und beschäftigt landesweit 93.000 Lieferpersonal mit 73.000 Lieferfahrzeugen.

• Gesamtlager: 1.243
• Zustellpersonal: 93.000
• Lieferfahrzeuge: 73.000

Forschung zu künstlicher Intelligenz und maschinellem Lernen

Die Investitionen in technologische Forschung und Entwicklung beliefen sich im Jahr 2022 auf insgesamt 8,7 Milliarden RMB, wobei 5.600 engagierte Technologieexperten beschäftigt sind.

Kategorie „Technologieinvestitionen“.	Wert
Jährliche F&E-Investitionen	8,7 Milliarden RMB
Technologieprofis	5,600

Bestandsverwaltung und Supply-Chain-Optimierung

JD.com verwaltet über 2,1 Millionen Lagereinheiten (SKUs) mit einer Bestandsgenauigkeit von 99,2 %.

• Gesamtanzahl der SKUs: 2,1 Millionen
• Bestandsgenauigkeit: 99,2 %

Digitale Marketing- und Kundenbindungsstrategien

Die Marketingausgaben erreichten im Jahr 2022 6,3 Milliarden RMB, bei einer Kundenzufriedenheitsrate von 98,7 %.

Marketingmetrik	Wert
Jährliche Marketingausgaben	6,3 Milliarden RMB
Kundenzufriedenheitsrate	98.7%

JD.com, Inc. (JD) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches landesweites Logistiknetzwerk

JD.com betreibt ab 2023 1.243 Lagerhäuser in ganz China mit einer Gesamtfläche von 26,5 Millionen Quadratmetern. Das Unternehmen unterhält landesweit 470 Vertriebszentren auf Stadtebene und über 8.300 Lieferstationen.

Logistiknetzwerk-Metrik	Statistik 2023
Gesamtlager	1,243
Gesamtfläche des Lagers	26,5 Millionen Quadratmeter
Vertriebszentren auf Stadtebene	470
Lieferstationen	8,300+

Proprietäre Technologie und KI-gesteuerte Algorithmen

JD.com hat im Jahr 2022 2,1 Milliarden US-Dollar in Forschung und Entwicklung investiert und 24.000 Technologieexperten arbeiten an fortschrittlichen Algorithmen und innovativen Lösungen.

• KI-gestütztes Bestandsverwaltungssystem
• Bedarfsprognose für maschinelles Lernen
• Autonome Lieferrobotertechnologie
• Qualitätskontrollsysteme für Computer Vision

Finanzkapital und Investitionsmöglichkeiten

Im dritten Quartal 2023 meldete JD.com eine Bilanzsumme von 95,4 Milliarden US-Dollar, davon 14,2 Milliarden US-Dollar an Zahlungsmitteln und Zahlungsmitteläquivalenten.

Finanzkennzahl	Betrag
Gesamtvermögen	95,4 Milliarden US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	14,2 Milliarden US-Dollar
F&E-Investitionen im Jahr 2022	2,1 Milliarden US-Dollar

Technologische Infrastruktur

JD.com betreibt 12 Cloud-Rechenzentren mit einer Gesamtrechenkapazität von 500.000 Servern und unterstützt über 470 Millionen aktive Benutzer.

Qualifizierte Arbeitskräfte

Die Gesamtzahl der Mitarbeiter beträgt im Jahr 2023 470.000, davon sind 24.000 in den Bereichen Technologie und Innovation tätig.

Belegschaftsmetrik	Statistik 2023
Gesamtzahl der Mitarbeiter	470,000
Technologieprofis	24,000

JD.com, Inc. (JD) – Geschäftsmodell: Wertversprechen

Schnelle und zuverlässige Lieferservices am selben Tag/nächsten Tag

JD.com betreibt ab 2023 823 Lagerhäuser in ganz China und ermöglicht so 98.6% der Bevölkerung, Lieferungen innerhalb von 24 Stunden zu erhalten. Das Unternehmen unterhält 323.000 Zusteller und besitzt 37.600 Lieferfahrzeuge.

Liefermetrik	Leistung
Durchschnittliche Lieferzeit	7-12 Stunden
Abdeckungsradius	300 Kilometer
Tägliche Lieferkapazität	10,5 Millionen Pakete

Große Auswahl an hochwertigen Produkten

JD.com bietet Produkte in allen Bereichen an 17 Hauptkategorien mit über 1,3 Millionen aktive Verkäufer.

• Elektronik: 35% der gesamten Produktpalette
• Haushaltsgeräte: 22% der gesamten Produktpalette
• Mode: 18% der gesamten Produktpalette
• Frische Lebensmittel: 12% der gesamten Produktpalette

Wettbewerbsfähige Preise und Werbeangebote

Im Jahr 2023 berichtete JD.com 1,26 Billionen Yen im Gesamtumsatz, mit 8.3% jährliches Wachstum.

Preisstrategie	Details
Durchschnittlicher Rabatt	15-25%
Jährliche Werbeveranstaltungen	618 Einkaufsfest
Kundenbindungsprogramm	JD Plus-Mitgliedschaft

Fortschrittliches technologisches Einkaufserlebnis

JD.com hat investiert 22,4 Milliarden Yen in der Technologieforschung und -entwicklung im Jahr 2023.

• KI-gestützte Empfehlungsmaschine
• Personalisierung in Echtzeit
• Algorithmen für maschinelles Lernen

Integriertes Online- und Offline-Einzelhandelsökosystem

Ab 2023 ist JD.com in Betrieb 2.863 physische Convenience-Stores und 7.979 smarte Einzelhandelsgeschäfte.

Omnichannel-Metrik	Leistung
Online-Einzelhandel GMV	470,1 Milliarden Yen
Offline-Einzelhandelsintegration	65 % der Geschäfte angeschlossen
Cross-Channel-Transaktionen	42 % des Gesamtumsatzes

JD.com, Inc. (JD) – Geschäftsmodell: Kundenbeziehungen

KI-gestützter Kundensupport und Chatbot-Dienste

JD.com hat ein KI-Kundendienstsystem implementiert, das ab 2024 monatlich 30 Millionen Kundeninteraktionen abwickelt. Die KI-Chatbot-Lösungsrate erreicht 85,6 % ohne menschliches Eingreifen.

Kundendienstmetrik	Leistung
Monatliche KI-Interaktionen	30,000,000
KI-Auflösungsrate	85.6%
Durchschnittliche Reaktionszeit	17 Sekunden

Personalisierte Benutzererfahrung

JD.com nutzt fortschrittliche Empfehlungsalgorithmen, die täglich 2,3 Petabyte an Benutzerdaten verarbeiten, um personalisierte Produktvorschläge zu generieren.

• Personalisierungsgenauigkeitsrate: 76,4 %
• Tägliches Datenverarbeitungsvolumen: 2,3 PB
• Verfolgte eindeutige Benutzerprofile: 580 Millionen

Treueprogramm

Das JD Plus-Mitgliedschaftsprogramm umfasst 126 Millionen aktive Mitglieder mit durchschnittlichen jährlichen Ausgaben von ¥ 4.750 pro Benutzer.

Metrik des Treueprogramms	Wert
Aktive Mitglieder	126,000,000
Durchschnittliche jährliche Ausgaben	¥4,750
Mitgliedschaftsbindungsrate	68.3%

Interaktive Mobil- und Webplattformen

Die mobile App von JD.com verzeichnet monatlich 480 Millionen aktive Benutzer mit einer durchschnittlichen Sitzungsdauer von 24 Minuten.

Kontinuierliches Engagement-Marketing

Die gezielten Marketingkampagnen von JD.com generieren durch personalisierte Werbestrategien 42 % des gesamten Jahresumsatzes.

• Conversion-Rate der Marketingkampagne: 6,7 %
• Umsatz aus gezieltem Marketing: 42 %
• E-Mail-Marketing-Engagement-Rate: 19,3 %

JD.com, Inc. (JD) – Geschäftsmodell: Kanäle

Mobile Anwendung (JD.com App)

Im vierten Quartal 2023 hatte die mobile App von JD.com 569,3 Millionen monatlich aktive Nutzer. Die App generiert 78,5 % des gesamten mobilen Transaktionsvolumens des Unternehmens.

Metrisch	Wert
Mobile App-Downloads	Über 800 Millionen
Mobile Transaktionsfreigabe	78.5%
Monatlich aktive Benutzer	569,3 Millionen

Offizielle Website

Über die offizielle Website von JD.com werden etwa 21,5 % der gesamten E-Commerce-Transaktionen des Unternehmens abgewickelt. Die Website verzeichnet monatlich 425 Millionen Besucher.

Physische Einzelhandelsgeschäfte

JD.com betreibt im Jahr 2023 1.243 physische Einzelhandelsgeschäfte in ganz China. Diese Geschäfte erwirtschaften etwa 6,2 % des gesamten Einzelhandelsumsatzes des Unternehmens.

Geschäftstyp	Anzahl der Geschäfte	Umsatzbeitrag
Physische Einzelhandelsgeschäfte	1,243	6.2%

Social-Media-Plattformen

JD.com nutzt mehrere Social-Media-Kanäle für Kundenbindung und Marketing.

• Weibo-Follower: 12,5 Millionen
• Abonnenten des offiziellen WeChat-Kontos: 8,7 Millionen
• Budget für Social-Media-Marketing: 124 Millionen US-Dollar im Jahr 2023

E-Commerce-Marktplätze von Drittanbietern

JD.com arbeitet mit mehreren Drittanbieterplattformen zusammen, um seine Vertriebskanäle zu erweitern.

Marktplatz	Transaktionsvolumen	Marktanteil
Klein	3,2 Milliarden US-Dollar	15.6%
Pinduoduo	2,7 Milliarden US-Dollar	13.2%

JD.com, Inc. (JD) – Geschäftsmodell: Kundensegmente

Verbraucher der städtischen Mittelschicht

Im vierten Quartal 2023 richtet sich JD.com an 260 Millionen Verbraucher der städtischen Mittelschicht in China mit einem jährlichen Haushaltseinkommen zwischen 15.000 und 35.000 US-Dollar.

Demografische Merkmale	Prozentsatz
Altersspanne 25–45	68%
Monatliche Online-Shopping-Häufigkeit	4-6 mal
Durchschnittliche Online-Ausgaben	350 $ pro Monat

Technikbegeisterte

JD.com bedient rund 75 Millionen technologieorientierte Verbraucher in China.

• Smartphone-Penetration: 92 %
• Besitz von Smart-Geräten: 3,2 Geräte pro Person
• Jährliche Ausgaben für Technologieprodukte: 1.200 US-Dollar

Junge digitalaffine Käufer

Zielgruppe: 120 Millionen Verbraucher im Alter von 18 bis 35 Jahren.

Digitale Verhaltensmetriken	Statistiken
Präferenz für mobiles Einkaufen	86%
Social-Media-Integration	78%
Durchschnittliche monatliche Online-Einkäufe	5-7 Transaktionen

Kleine und mittlere Unternehmen

JD.com bedient 2,3 Millionen kleine und mittlere Unternehmen (KMU) in ganz China.

• B2B-Transaktionsvolumen: 45 Milliarden US-Dollar im Jahr 2023
• Durchschnittliche Unternehmensausgaben: 19.500 $ pro Jahr
• Belieferte Branchen: Einzelhandel, Fertigung, Dienstleistungen

Privat- und Firmenkunden

Der Firmenkundenstamm umfasst 18.000 Unternehmenskunden aus verschiedenen Branchen.

Kundensegment	Anzahl der Kunden	Jährliche Ausgaben
Einzelhandelsunternehmen	7,500	620 Millionen Dollar
Fertigungsunternehmen	6,200	480 Millionen Dollar
Technologieunternehmen	4,300	350 Millionen Dollar

JD.com, Inc. (JD) – Geschäftsmodell: Kostenstruktur

Wartung der Logistik- und Lieferinfrastruktur

JD.com investierte im Jahr 2022 37,4 Milliarden RMB in die Logistikinfrastruktur. Das Unternehmen betreibt 820 Lagerhäuser und 37 Logistikzentren in ganz China. Die jährlichen Wartungskosten für das Logistiknetzwerk beliefen sich im Jahr 2023 auf etwa 22,6 Milliarden RMB.

Infrastrukturkomponente	Jährliche Kosten (RMB)
Lagerwartung	8,9 Milliarden
Transportflotte	6,7 Milliarden
Logistiktechnologiesysteme	4,2 Milliarden

Technologieforschung und -entwicklung

Die F&E-Ausgaben für JD.com erreichten im Jahr 2022 14,3 Milliarden RMB, was 4,8 % des Gesamtumsatzes entspricht. Zu den wichtigsten Technologieinvestitionsbereichen gehören:

• Künstliche Intelligenz
• Robotik
• Cloud-Computing
• Logistikautomatisierung

Marketing und Kundenakquise

Die Marketingausgaben beliefen sich im Jahr 2022 auf insgesamt 12,6 Milliarden RMB, wobei digitales Marketing 65 % des Gesamtbudgets ausmachte.

Marketingkanal	Zuteilung (%)
Social-Media-Werbung	28%
Suchmaschinenmarketing	22%
Influencer-Partnerschaften	15%

Bestandsverwaltung

JD.com verursacht jährliche Bestandsverwaltungskosten von etwa 9,8 Milliarden RMB. Die Lagerumschlagsrate beträgt 6,2 Mal pro Jahr.

Mitarbeitergehälter und Betriebskosten

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2022 auf 23,5 Milliarden RMB. Das Unternehmen beschäftigte 470.000 Mitarbeiter in verschiedenen Abteilungen.

Ausgabenkategorie	Jährliche Kosten (RMB)
Grundgehälter	18,2 Milliarden
Leistungen und Versicherung	3,7 Milliarden
Schulung und Entwicklung	1,6 Milliarden

JD.com, Inc. (JD) – Geschäftsmodell: Einnahmequellen

Direkter Produktverkauf

Im Jahr 2023 erreichte der Direktverkaufsumsatz von JD.com 962,06 Milliarden chinesische Yuan. Das Unternehmen betreibt eine robuste First-Party-Einzelhandelsplattform mit Präzise Bestandsverwaltung.

Produktkategorie	Umsatz (Milliarden CNY)	Prozentsatz des Direktverkaufs
Elektronik	372.4	38.7%
Haushaltsgeräte	216.8	22.5%
Mode & Zubehör	187.5	19.5%
Andere Kategorien	185.36	19.3%

Provision von Drittanbietern

JD.com erwirtschaftete im Jahr 2023 83,4 Milliarden Yuan aus Marktplatzprovisionen Dritter.

• Durchschnittlicher Provisionssatz: 5-12 % pro Transaktion
• Anzahl der Drittanbieter: 372.000
• Gesamttransaktionsvolumen: 1,2 Billionen Yuan

Cloud Computing und technologische Dienste

Der Umsatz von JD Cloud belief sich im Jahr 2023 auf 32,5 Milliarden Yuan, was einem Wachstum von 24,6 % gegenüber dem Vorjahr entspricht.

Servicesegment	Umsatz (Milliarden CNY)
Cloud-Lösungen für Unternehmen	18.7
KI- und maschinelle Lerndienste	8.3
Rechenzentrumsdienste	5.5

Digitale Werbung

Die Einnahmen aus digitaler Werbung erreichten im Jahr 2023 45,6 Milliarden Yuan.

• Einnahmen aus programmatischer Werbung: 22,3 Milliarden Yuan
• Gesponserte Produkteinträge: 15,7 Milliarden Yuan
• Werbung für Markenpartnerschaften: 7,6 Milliarden Yuan

Finanzdienstleistungen und Fintech-Lösungen

JD Finance erwirtschaftete im Jahr 2023 einen Umsatz von 67,2 Milliarden Yuan.

Finanzdienstleistung	Umsatz (Milliarden CNY)	Wachstumsrate
Verbraucherkredit	28.6	19.3%
Zahlungsdienste	22.4	15.7%
Versicherungsprodukte	16.2	12.5%

JD.com, Inc. (JD) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose JD.com, Inc. over competitors, and honestly, it all comes down to control and speed. The company's value is deeply rooted in its vertically integrated supply chain, which allows it to make promises others can't quite keep.

Guaranteed product authenticity and quality assurance.

JD.com, Inc. built its brand on the promise that what you order is what you get, a direct response to market concerns over counterfeits. This trust is maintained through end-to-end control over its self-operated retail channel, JD Ziying, which handles the majority of sales volume as of 2025 across categories like electronics, health, and beauty. While specific 2025 data on the blockchain platform is pending, the historical commitment remains: the technology previously partnered with over 1,000 brands and accumulated more than one billion pieces of commodity data to allow consumer traceability requests. The focus on quality is reflected in the JD Retail operating margin, which rose to 5.9% in Q3 2025, up from 5.2% the prior year, showing that quality focus supports profitability in the core business.

Ultra-fast, reliable delivery (24-48 hours across China).

This is JD.com, Inc.'s signature advantage. The logistics network, JD Logistics, operates over 3,600 warehouses in China, enabling them to deliver 95% of first-party orders within 24 hours in the country. This speed is a non-negotiable part of the brand experience. Furthermore, JD Logistics is aggressively taking this speed global, planning to complete a "2-3 Day Delivery" service circle across 19 countries in 2025 through more than 50 self-operated overseas warehouses, with the total overseas warehouse floor area set for a 100% increase. Even in the fast-growing food delivery segment, JD Food Delivery had over 150,000 full-time riders by the end of Q2 2025.

Competitive pricing via low-price strategy and import programs.

JD.com, Inc. actively pursues a low-price strategy, especially through new formats. For instance, its first large-scale discount supermarket in Zhuozhou offers a curated selection of over 5,000 daily necessities, showcasing clear low prices like 30 fresh eggs for 9.9 yuan. To enhance selection and value, the "10 Billion Growth Plan" aims to introduce 1,000 new international brands over three years, targeting a combined sales increase of 10 billion RMB for those brands. The appeal of imports is clear: European brand sales on the platform in the first half of 2025 alone surpassed 390 million units, generating over 46 billion RMB in revenue.

Comprehensive product selection from electronics to fresh food.

The breadth of selection is supported by both the core retail engine and targeted growth initiatives. JD Retail's net revenues for Q3 2025 reached RMB 299,059 Million, with General Merchandise growing 18.8% year-over-year. The company is actively incubating new items, with a 2025 goal to facilitate 600 new products achieving over RMB 100 million in annual sales. The inclusion of fresh food is evident in the O2O expansion, where JD Food Delivery's daily order volume surpassed 25 million during the Q2 618 promotion.

Integrated online-to-offline (O2O) retail experience (JD MALL).

The O2O value proposition connects the digital promise with physical presence and integrated services. The rapid growth in service revenues, which increased 29.1% in Q2 2025 compared to the previous year, highlights this shift toward value-added services like logistics and marketplace functions. The expansion of JD Logistics overseas, opening new warehouses in countries like the United States, United Kingdom, France, and Poland in H1 2025, extends this integrated fulfillment capability beyond China's borders. The discount supermarket format itself, like the 5,000-square-meter Zhuozhou store, is a physical manifestation of bringing the 'good and cheap' value proposition directly to the consumer's neighborhood.

Here's a quick look at the scale supporting these propositions as of late 2025:

Value Proposition Area	Key Metric	Data Point
Delivery Reliability (Domestic)	Percentage of 1st-Party Orders Delivered within 24 Hours	95%
Logistics Footprint (Domestic)	Number of Warehouses Operated	Over 3,600
Product Selection Focus (2025 Goal)	New Products to Achieve >RMB 100 Million in Sales	600
Low-Price Strategy (O2O)	Items in Discount Supermarket Format	Over 5,000
Import Program Scale (H1 2025)	European Brand Sales Revenue	Exceeded 46 billion RMB
Core Business Health (Q3 2025)	JD Retail Operating Margin	5.9%

JD.com, Inc. (JD) - Canvas Business Model: Customer Relationships

You're looking at how JD.com, Inc. keeps its massive customer base engaged and loyal as of late 2025. It's a mix of high-tech automation and deeply controlled, hands-on service, which is what separates it from pure marketplace competitors.

Automated, personalized recommendations via AI.

The personalization engine is key to driving engagement across the platform. For instance, in Q2 2025, quarterly active customers and user shopping frequency both increased over 40% year-on-year, a trend supported by these tailored experiences. While the exact spend on AI development for personalization isn't broken out in customer relationship costs, the overall investment in technology is evident in the company's scale.

Dedicated, self-operated customer service and after-sales support.

JD.com, Inc. maintains a high degree of control over service quality because it staffs and operates much of the support infrastructure itself. Fulfillment expenses, which cover warehousing, delivery, and customer service, reached RMB22.1 billion (US$3.1 billion) in the second quarter of 2025. This represented 6.2% of net revenues for that quarter. The company's total personnel across the JD Ecosystem, including customer service teams, stood at approximately 900,000 as of September 30, 2025.

Membership programs for loyalty and premium logistics services.

The JD PLUS membership program is a major driver of high-value customer behavior. Members spend on average 10 times more than non-members, showing a 150% increase in annual spending and a 120% boost in shopping frequency. For a price of 298 RMB, the co-branded cards offer benefits valued at over 1,200 RMB. This focus on premium loyalty is central to retaining the platform's most valuable users.

Direct, transactional relationship through the 1P retail model.

The self-operated retail channel, JD Ziying (self-operated retail), is the core of JD.com, Inc.'s brand trust, as JD acts as the retailer, buying and reselling products directly. This direct relationship gives JD full control over inventory and service standards. Looking at the Gross Merchandise Volume (GMV) split from 2024, 1P sales contributed 27% to the total, while the third-party (3P) marketplace accounted for the remaining 73%. As of 2025, JD Ziying still handles the majority of JD.com, Inc.'s sales volume.

High-touch service for luxury and premium brands.

For high-end relationships, JD.com, Inc. offers a platform where premium brands debut products with confidence in service execution. In 2025 alone, flagship launches for international premium home appliance brands priced above RMB 10,000 (USD 1,400) chose JD.com for their market debut, relying on the integrated supply chain for a high-touch experience.

Here's a quick look at some key metrics underpinning these customer relationship investments:

Metric Category	Specific Metric	Value / Period	Source Context
Customer Base Scale	Annual Active Customers	Surpassed 700 million (as of October 2025)	Q3 2025 Results
Loyalty Program Value	PLUS Member Annual Spending Increase	150% increase vs. non-members	Early 2025 Data
Direct Sales Model	1P Sales Contribution to GMV	27% (2024)	Latest Available GMV Split
Service Investment	Fulfillment Expenses (incl. CS)	RMB22.1 billion (Q2 2025)	Q2 2025 Financials
Service Investment	Fulfillment Expense as % of Revenue	6.2% (Q2 2025)	Q2 2025 Financials
Premium Engagement	Luxury Product Launch Price Threshold	Above RMB 10,000 (USD 1,400)	2025 Activity

The platform's ability to scale its user base by over 40% YoY in active customers and frequency, while simultaneously investing heavily in fulfillment costs like customer service, shows a clear prioritization of the direct, controlled experience. If onboarding for new premium services takes longer than expected, churn risk rises defintely.

• JD PLUS Member Spending Multiplier: 10 times non-members.
• JD PLUS Co-branded Card Price: 298 RMB.
• JD Logistics Overseas Warehouse Floor Area Goal: 100% increase by end of 2025.
• Total JD Ecosystem Personnel: Approximately 900,000 (as of Q3 2025).

Finance: review the Q3 2025 fulfillment expense as a percentage of revenue against the Q2 2025 figure by Monday.

JD.com, Inc. (JD) - Canvas Business Model: Channels

You're looking at how JD.com, Inc. gets its value proposition into the hands of its customers. This is where the rubber meets the road, and for JD.com, Inc., it's all about owning the infrastructure.

JD.com e-commerce platform (Web and Mobile App)

The core digital storefront remains the primary interface. JD Retail, the core e-commerce business, posted net revenues of RMB310.1 billion in the third quarter of 2025, showing a 20.6% increase year-over-year for that quarter. The platform's reach is significant, with the active user base surpassing 700 million annual active customers as of the end of Q3 2025. The operating margin for JD Retail improved to 5.9% in Q3 2025, up from 5.2% the prior year, which shows the core platform is becoming more efficient at scale.

Proprietary logistics network (JD Logistics, JD Express)

This is JD.com, Inc.'s moat. JD Logistics saw its revenue climb by 24.1% in Q3 2025. The company is aggressively building out its international footprint to support cross-border and global fulfillment. For 2025, JD Logistics plans to complete a "2-3 Day Delivery" service circle covering 19 countries, supported by more than 50 self-operated overseas warehouses, aiming to double the total overseas warehouse floor area by the end of the year.

Here's a snapshot of the logistics scale as of mid-2025:

Metric	Value (As of June 30, 2025 / H1 2025)	Scope
Total Warehouses (Bonded, Direct Mail, Overseas)	Over 130	Global
Total Managed Warehouse Area	Exceeding 1.3 million square meters	Global
Overseas Warehouse Coverage	23 countries and regions	Global
International Express Delivery Reach (Target)	Approximately 80 countries and regions (by end of 2025)	Global

Also, JD Logistics launched its self-operated express delivery brand, "JoyExpress," in Saudi Arabia in June 2025, marking a step in localized operating capabilities.

Physical retail stores (JD MALL, 24 locations as of June 2025)

The physical presence is designed to blend the online and offline experience. As of the end of June 2025, JD MALL had opened a total of 24 stores across multiple cities, including Beijing, Shenzhen, Nanjing, Wuhan, and Taiyuan in Q2 2025. These stores use JD.com, Inc.'s supply chain strengths for an immersive, one-stop shopping experience.

On-demand retail and delivery services (JD NOW, JD Food Delivery)

The push into on-demand is aggressive, primarily seen through JD Food Delivery. During the JD 618 Grand Promotion in 2025, the daily order volume for JD Food Delivery surpassed 25 million orders. By the end of Q2 2025, the platform had over 1.5 million quality merchants onboard and employed over 150,000 full-time delivery riders, who are direct employees receiving social insurance. The business coverage expanded to 350 cities nationwide by Q2 2025. The New Businesses segment, heavily influenced by this expansion, saw revenue surge by 213.7% in Q3 2025. Analysts project the food delivery segment will incur losses of RMB34 billion ($4.8 billion) for the full year 2025 due to subsidies and promotions.

Cross-border e-commerce platform (JD Worldwide)

JD Worldwide is the dedicated channel for international goods. It commands a 15.9% market share in China's cross-border e-commerce sector. The platform is known for its focus on categories like electronics, household goods, and health products, leveraging JD.com, Inc.'s self-operated logistics network for reliable delivery. The overall China cross-border e-commerce market is projected to be valued at £268 billion in 2025.

You should track the operating losses in New Businesses against the growth in JD Worldwide's supported logistics capacity.

JD.com, Inc. (JD) - Canvas Business Model: Customer Segments

You're looking at the core groups JD.com, Inc. (JD) serves as of late 2025, based on their latest operational scale. It's a broad mix, from the everyday shopper to major international brands needing logistics muscle.

The largest segment is definitely the massive base of everyday Chinese shoppers. JD.com, Inc. (JD) reported that the number of its annual active customers surpassed a new milestone of 700 million in October 2025. This user base is the foundation of their retail engine.

Still, not everyone shops the same way. There's a distinct group focused on getting the best deal without sacrificing the trust JD.com, Inc. (JD) built its name on-authenticity and speed. This segment is drawn to JD Retail's core offerings, which saw its operating margin improve to 5.9% in the third quarter of 2025.

The platform also heavily relies on third-party sellers. The marketplace, known as the POP platform, is a significant part of the ecosystem, though JD Direct (self-operated) still drives the majority of sales volume. The growth here is clear:

Customer Segment Detail	Metric/Data Point	Latest Figure/Period
Annual Active Customers (Mass-Market)	Milestone Reached	700 million (October 2025)
Third-Party Merchants (POP Platform)	Merchants on JD Food Delivery during 618 Promotion	Over 1.5 million (Q2 2025)
Third-Party Merchants (Overall Base)	Total Number of Merchants	1 million (2024)
High-End Consumers (Premium Goods)	Sales of Imported/JV Premium Refrigerators/Washing Machines (11.11)	RMB 1 billion
External Enterprises (Supply Chain Services)	Overseas Warehouses Operated by JD Logistics (JDL)	Over 130 (As of June 30, 2025)

The segment of external enterprises is primarily served by JD Logistics (JDL), which is scaling its integrated supply chain solutions. For instance, JDL plans to double its overseas warehouse capacity by the end of 2025. This service arm supports brands looking to enter or expand within China, often leveraging JD.com, Inc. (JD)'s massive logistics footprint, which incurred fulfillment expenses of RMB 22.0 billion (US$3.1 billion) in Q3 2025.

For the high-end consumer, JD.com, Inc. (JD) is focusing on premium and imported goods, evidenced by flagship product launches priced above RMB 10,000 (USD 1,400) choosing the platform for their 2025 market debut. This targets a customer base willing to pay for guaranteed quality and authenticity, often associated with JD Direct's controlled inventory model.

The value-driven consumer segment is captured by the overall performance of the core retail business. You see this in the numbers:

• JD Retail reported net revenues of RMB 250.6 billion (US$35.2 billion) for Q3 2025.
• The operating margin for JD Retail was 5.9% in Q3 2025, up from 5.2% in Q3 2024.
• The company maintains a leading market position in electronics and home appliances.

The sheer scale of the ecosystem is also reflected in the human capital supporting these segments. The total personnel under the JD Ecosystem was approximately 900,000 as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

JD.com, Inc. (JD) - Canvas Business Model: Cost Structure

The Cost Structure for JD.com, Inc. is heavily weighted toward the direct costs of its massive retail operation, coupled with significant ongoing investment in logistics and future growth engines.

Cost of Revenues (product procurement) for the 1P retail model is the single largest cost component. For the third quarter of 2025, the Cost of Revenues was reported at RMB 248.6 billion (US$34.9 billion). This figure reflects the cost of goods sold for the direct sales portion of the business.

Fulfillment expenses, which cover warehousing, delivery, customer service, and payment processing, show a clear trend of increasing investment. For the second quarter of 2025, these expenses totaled RMB 22.1 billion (US$3.1 billion). By the third quarter of 2025, this figure rose to RMB 22.0 billion (US$3.1 billion), representing a 35.2% increase year-over-year. As a percentage of net revenues, fulfillment expenses were 6.2% in Q2 2025 and 7.4% in Q3 2025.

Technology and R&D investment shows consistent spending on innovation. Research and development expenses were RMB 4.6 billion (US$0.6 billion) in the first quarter of 2025. This spending increased to RMB 5.3 billion (US$0.7 billion) in Q2 2025 and further to RMB 5.6 billion (US$0.8 billion) in Q3 2025. The Q3 2025 R&D spend represented 1.9% of net revenues.

Marketing and promotional costs for user acquisition have seen an aggressive increase, directly tied to new business initiatives. In the second quarter of 2025, marketing expenses surged by 127.6% year-over-year to RMB 27.0 billion (US$3.8 billion), making up 7.6% of net revenues. This pace continued into the third quarter of 2025, with marketing expenses reaching RMB 21.1 billion (US$3.0 billion), an increase of 110.5% year-over-year, or 7.0% of net revenues.

Heavy investment in New Businesses is the primary driver of consolidated margin pressure. The operating margin for the New Businesses segment plunged to -100.9% in the third quarter of 2025. This strategic outlay resulted in the overall company reporting a Loss from operations of RMB 1.1 billion (US$0.1 billion) for Q3 2025, with a consolidated Operating margin of -0.4%, compared to an income from operations of RMB 12.0 billion in Q3 2024.

Here's a look at some of the key reported expense line items from the mid-2025 reporting periods:

Cost Component	Period	Amount (RMB billions)	Percentage of Net Revenues
Cost of Revenues	Q3 2025	248.6	Not explicitly stated, but implied to be high
Fulfillment Expenses	Q2 2025	22.1	6.2%
Fulfillment Expenses	Q3 2025	22.0	7.4%
Research and Development Expenses	Q1 2025	4.6	1.5%
Research and Development Expenses	Q3 2025	5.6	1.9%
Marketing Expenses	Q2 2025	27.0	7.6%
Marketing Expenses	Q3 2025	21.1	7.0%

The cost profile is characterized by:

• High Variable Cost: Cost of Revenues dominates the expense base due to the first-party retail model.
• Rising Logistics Costs: Fulfillment expenses as a percentage of revenue increased from 5.9% in Q2 2024 to 6.2% in Q2 2025 and 7.4% in Q3 2025.
• Accelerated Tech Spend: R&D grew by 14.6% in Q1 2025 and 28.4% in Q3 2025.
• Aggressive User Acquisition Spend: Marketing spend more than doubled year-over-year in Q2 2025 and Q3 2025.

JD.com, Inc. (JD) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for JD.com, Inc. as of the third quarter of 2025, which shows a clear focus on its core retail engine while aggressively scaling newer ventures. Honestly, the numbers tell a story of two speeds: steady core growth and explosive expansion in new areas.

Direct Sales/Product Revenue (JD Retail 1P)

The foundation remains the direct sales component within JD Retail. Net product revenues for the third quarter of 2025 reached RMB 226.1 billion (approximately US$31.8 billion). This figure represented a year-over-year increase of 10.5%. While the prompt suggests this stream is over 86% of total revenue, the reported Net Product Revenues were approximately 75.6% of the total net revenues of RMB 299.1 billion for the quarter. Electronics and home appliances, a key part of this, grew 4.9% year-over-year to RMB 128.6 billion (US$18.1 billion).

Marketplace Commissions and Advertising Services (3P model)

The third-party (3P) model, encompassing marketplace commissions and advertising, falls under Net Service Revenues. Marketplace and marketing revenues specifically grew robustly by 23.7% year-over-year, hitting RMB 25.7 billion (or RMB 25,688 million) in Q3 2025. This segment is a key driver for JD Retail, which saw its overall operating margin improve to 5.9% from 5.2% the prior year.

Logistics and Other Service Revenue (external JD Logistics)

Service revenue diversification is clearly working, with Logistics and Other Service Revenues surging by 35.0% year-over-year, amounting to RMB 47.3 billion (or RMB 47,279 million) in the quarter. JD Logistics, the primary contributor here, posted net revenues of RMB 55.1 billion (or RMB 55.08 billion), marking a 24.1% increase from Q3 2024. The overall Net Service Revenues increased by 30.8% year-over-year to RMB 73 billion (US$10.3 billion).

Financial Services (Fintech) and Cloud Computing

While specific revenue figures for dedicated Financial Services or Cloud Computing segments aren't broken out separately in the primary results summary, their activities are embedded within the growth of Net Service Revenues. Fulfillment expenses, which cover payment processing, increased by 35.2% to RMB 22.0 billion (US$3.1 billion). The overall service revenue growth of 30.8% suggests these areas are contributing to the diversification effort.

New Businesses revenue (e.g., Food Delivery)

This is where you see the most dramatic percentage jump. Revenues from New Businesses, which include JD Food Delivery, Jingxi, and international operations, skyrocketed by 213.7% year-over-year to RMB 15.6 billion (US$2.2 billion) in Q3 2025. JD Food Delivery, in particular, achieved double-digit quarter-on-quarter Gross Merchandise Value (GMV) growth.

Here's a quick look at the segment revenue performance for Q3 2025:

Revenue Segment	Q3 2025 Revenue (RMB Billion)	YoY Growth Rate	Q3 2025 Operating Margin
Total Net Revenues	299.1	14.9%	N/A
JD Retail (Total)	250.6	11.4%	5.9%
Net Product Revenues (1P Proxy)	226.1	10.5%	N/A (Part of JD Retail)
Marketplace & Marketing Revenues (3P Proxy)	25.7	23.7%	N/A (Part of Net Service Revenues)
Logistics & Other Service Revenues	47.3	35.0%	2.3% (JD Logistics)
New Businesses Revenues	15.6	213.7%	-100.9% (Operating Loss)

The service-oriented revenue streams are clearly accelerating faster than the core product sales, which is a key strategic shift. You can see the breakdown of the service revenue components:

• Net Service Revenues totaled RMB 73 billion (US$10.3 billion).
• Marketplace and Marketing Revenues were RMB 25.7 billion.
• Logistics and Other Service Revenues were RMB 47.3 billion.
• JD Retail's General Merchandise revenues grew 18.8% to RMB 97.5 billion ($13.7 billion).

The company is definitely putting capital to work in these newer areas; marketing expenses, for instance, increased 110.5% year-over-year to RMB 21.1 billion ($3 billion). Finance: draft 13-week cash view by Friday.