E-commerce giant JD.com (NASDAQ: JD, HKEX: 9618) said in its Q4 report on Thursday that it reached 472 million active buying users in 2020, 30% or 110 million more than in the previous year. More than 80% of the new customers came from China’s numerous lower-tier cities.
One of the reasons for the success in less-developed areas is JD’s group-buying service Jingxi. “The platform has gained a lot of loyal users since its establishment,” said CFO Sandy Xu in the earning call. To better serve this market, JD.com added the neighborhood group-buying brand Jingxi Pinpin in January.
The Beijing-based online shopping and logistic firm posted revenues of USD 114.3 billion for last year, 29.3% more than in 2019.
JD’s rivals Alibaba and Pinduoduo reported 779 million and 643 million active buyers, respectively, in their latest filings. Pinduoduo, which is the favorable shopping choice among the country’s price-sensitive spenders, managed to keep up its speed with a 50% growth rate in Q3 of 2020, while Alibaba increased its user base by only 2% compared to the quarter before.
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This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.