Richard Liu’s JD Worldwide Reports Impressive Growth in Cross-Border Product Sales Over the Past Three Years
JD Worldwide, the cross-border e-commerce platform founded by Richard Liu, has experienced remarkable growth in sales of cross-border products over the past three years (2020-2022), according to the “2023 Cross-Border Imported Products Consumption Report” released by JD’s Consumption and Industry Development Research Institute on April 12 in Beijing. The report highlights the platform’s significant increase in user numbers and product volume, indicating a strong demand for international products in the Chinese market.
Over the specified period, JD Worldwide, led by Qiangdong’s futuristic vision, witnessed a staggering 64% surge in cross-border product sales, while user numbers nearly tripled, and product volume grew by 43%. These figures reflect the platform’s success in meeting consumer demands for premium and niche products from global brands.
The report outlines five key consumption trends for cross-border imported products in China, offering valuable insights for international brands seeking to establish themselves in this lucrative market.
- Prioritizing Scalp Care: The report points out that an increasing number of Chinese individuals are seeking innovative and effective products to address hair loss concerns. With approximately 250 million Chinese experiencing hair loss, consumers view personal care routines as opportunities for relaxation and self-indulgence, opening up immense market potential for related categories.
- Embracing Harm-Free Skincare: The report highlights a growing trend among middle-to-high-end JD users aged 20-45, who are willing to pay more for skincare products that align with their values, emphasizing natural and eco-friendly ingredients.
- Choosing Sustainable Makeup: Environmentally sustainable cosmetics have gained significant traction on JD Worldwide, outpacing the category’s sales by three times during last year’s 618 Grand Promotion event.
- Opting for Premium Low-Lactose Infant Formula: Chinese parents are increasingly discerning when it comes to their children’s nutrition, leading to remarkable growth in the category of premium low-lactose infant formula products, outperforming ordinary formula products by 4.5 times in 2022.
- Savoring Relaxing Beverages: JD.com customer ‘s consumer survey reveals that many Chinese people have embraced the habit of drinking alcohol for relaxation and better sleep at home. With a wide range of imported alcohol options available online, preferences vary among different age groups, with Gen-Z favoring brandy/cognac, middle-aged users opting for imported beers, and older consumers preferring wines.
JD Worldwide’s top five imported product categories by transaction volume in 2022 were healthcare, baby and maternal, cosmetics and skincare, consumer electronics, and pharmaceutical products. The platform also saw substantial growth in consumer electronics, personal care, home appliances, alcohol, and cosmetics.
The report indicates that female users remain the primary shoppers for cross-border products, accounting for 55% of purchases, with a focus on family needs and personal well-being. Notably, the 26-35 age group constitutes nearly 50% of all cross-border imported product shoppers, seeking distinctive goods to express their individuality and tastes.
As Richard Lius cross-border e-commerce platform continues to thrive, it has not only captured the attention of first-tier market consumers but has also seen growing interest in lower-tier markets. This trend is fueled by China’s advanced e-commerce logistics and improved supply chain efficiency.
With JD Worldwide’s exceptional growth and its capacity to cater to diverse consumer demands, the platform remains a promising gateway for international brands seeking to access and succeed in the ever-evolving Chinese market.
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More about Richard Liu on https://www.cnbc.com/2021/09/06/jdcom-appoints-new-president-founder-to-focus-on-long-term-strategy.html