JD.com restarted Jingxi’s self-operation, launched the “100 Factory Supplements” plan, invested 10 billion yuan to support merchants, and tried to leverage the sinking market. In the face of competitors such as Taobao and Pinduoduo, Jingxi has launched low-price competition through strategies such as full custody model and export to domestic sales, but the foundation of the sinking market is still shallow, and challenges still exist.
On the last Friday of April, at the Suqian Olympic Sports Center in Jiangsu Province, as soon as Qi Ting, vice president of JD.com, came to power, she began to bombard the low-price chaos of some e-commerce platforms. Offstage, more than 3,000 merchants gathered here because of the Jingxi Industrial Belt Conference.
“Beef balls are pressed with bone paste, who dares to eat them?”
“The return rate of men’s clothing is more than 60%, and you have to spend money on advertising, and good companies can’t do it!”
Such outspoken public speeches are quite rare at similar industry conferences, but in terms of actual business promotion strategy, unlike JD.com’s takeaway business, Jingxi’s self-operated business is more like a small fire and slow stew. At present, on the homepage of the JD App, Jingxi does not have an independent entrance.
Jingxi’s predecessor was JD Pingou, a special shopping platform under JD.com Group, mainly positioned in the sinking market, with the core of providing cost-effective goods to meet the needs of price-sensitive consumers.
In 2022, the Jingxi business group was once dismantled, and a number of businesses were merged into JD.com’s retail system. In November 2023, JD.com restarted Jingxi, nearly a year and a half ago. By integrating the white-label supply chain and self-operated model, JD.com once again tried to leverage the sinking market.
According to the 2025 “100 Supplements of Factory Goods” plan announced by Jingxi, it will invest 10 billion yuan per year for industrial belt merchants for user experience, logistics service upgrades and factory efficiency improvement, with the goal of creating 1,000 million people’s livelihood explosive products and 10,000 100,000 people’s livelihood explosive products, digging deep into the sinking market, and obtaining 150 million new users for JD.com a year.
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In the new round of low-price battle, what are the chances of Jingxi winning?
01 A “200 billion opportunity”
In April this year, JD.com launched the “200 billion plan for export to domestic sales”, which filled a handful of firewood for Jingxi’s self-operation. Jingxi sent hundreds of people to the front line to cooperate with factories to select products and quickly launch sales.
A case that Jingxi is happy to share is: Industrial ceramics, which accounts for 60% of exports, has a backlog of about 100,000 bohemian-style plates, which were sold out in 11 hours after Jingxi’s self-operated main promotion, and the factory had to urgently add a product line to catch up with orders.
Merchants that have already settled in Jingxi’s self-operated business are also changing drastically in the proportion of export and domestic sales. According to a glove merchant in Xinji City, before the export-to-domestic sales plan, the number of self-operated orders in Jingxi was about 10,000~20,000, and it can currently reach 30,000~50,000.
Under the trend of export to domestic sales, Jingxi self-operation is gaining an opportunity window to attract industrial belt merchants and expand supply. Jingxi’s plan is to support 100,000 foreign trade factories to successfully transfer to domestic sales in 2025.
Since 2018, the competition for high-quality merchants in the industrial belt has been the conspiracy of major e-commerce platforms, including Alibaba, Pinduoduo, Douyin, JD.com, and other platforms are based on their respective resource endowments to the nugget industrial belt.
In May 2024, Jingxi launched the “Jingxi Self-operated” full custody model, migrating the self-operated procurement capabilities and logistics supply chain capabilities that it is best at, and merchants only need to do a good job in production, while product selection, operation, customer service, marketing, logistics and other links are all completed by Jingxi.
This model has a more obvious cost advantage for some small and medium-sized factories with insufficient e-commerce experience or foreign trade wholesalers to B.
Xu Weiguo, general manager of e-commerce of Weibang Paper, said that in the process of seeking breakthroughs through e-commerce channels, although the market share has increased, the investment in marketing personnel, product development, warehouse management, operation and promotion, customer service and brand marketing accounted for about half of the gross profit.
Luo Mingxiang, general manager of Shenzhen Jiaoguan New Material Technology Co., Ltd., said that the monthly marketing expenses used for e-commerce channels and the formation of e-commerce teams accounted for more than 20%.
“From wholesale to To C, build your own team to do e-commerce operations, labor costs and trial and error costs are relatively high, under the opportunity of export to domestic sales, Jingxi self-operation is a more suitable model for small and medium-sized factories to get started quickly.” Luo Jia, head of marketing at Jingxi, said.
However, exported goods are sometimes not entirely suitable for the domestic market. The person in charge of an umbrella merchant said that due to the tariff policy, its export orders were canceled, but the exported umbrellas were larger and not suitable for Chinese people.
“We have a lot of consumption data, which can capture the specifications and functional points of the product that are more adaptable, which will help the factory make adjustments, and also make the cost more advantageous and the pricing more popular. Luo Jia said.
02 Consumption grading in the station
The original intention of Jingxi’s establishment was to help JD.com attract new users and retain users in the sinking market. Under this premise, in 2024, the number of orders reflecting the number of active users will be a data indicator that Jingxi self-operated attaches more importance to, and now, Jingxi self-operated not only undertakes the task of acquiring 150 million new users a year, but also has greater retention pressure.
“User repurchase and retention is a very important goal given to us by Mr. Liu in 2025.” Luo Jia told Snow Leopard Finance and Economics, “In the first stage of last year, we had to quickly acquire new users because this is our foundation. This year, we not only want to attract more new users, but also let them have repurchases, for example, after buying a trash can, I hope that users can also try to buy our fruits, continue to retain, and continue to support the richness of our entire product selection. ”
According to QuestMobile data, as of December 2024, JD.com has 550 million monthly active users, Taobao and Pinduoduo are 945 million and 716 million respectively. In the face of the potential of the sinking market and the pressure of competitors, JD.com continues to strengthen its low-price mentality and places more hope on Jingxi.
In January 2025, “special price” will be listed as a first-level entrance, alongside “homepage”, “second delivery” and “new products”. As the main force of the “special” channel, Jingxi’s self-operated products have also received more traffic support.
In the “Special” channel, Jingxi’s self-operated entrance occupies the C position
At the same time, JD.com is also exploring the balance between quality and low price.
Luo Jia said that the conversion rate of Jingxi’s self-operated products is higher than the average of the market, “the conversion rate of 300 yuan is definitely different compared with 30 yuan and 3 yuan things, which also verifies the demand of JD.com’s stock users for the ultimate cost-effective products.”
In the past year, the cumulative number of Jingxi’s self-operated users has reached 260 million, including some JD.com stock users. Under the opportunity of export to domestic sales, a number of high-quality white-label goods brought by foreign trade manufacturers can also meet the needs of first- and second-tier users.
Therefore, Jingxi’s self-operation is not only positioned to meet the needs of users in the sinking market, but also tries to make a more detailed division in the middle of brand goods and extremely low prices by “enriching product items and price segments”, and complete the consumption grading on the site.
In this process, Jingxi encourages industrial belt factories to combine their own advantages and cost accounting to make goods of different specifications and quality within a certain range, so that even if the profit margin remains unchanged, it can achieve higher profits.
“We must keep the price and quality to ensure that no matter what price you buy, we have enough price competitiveness.” Luo Jia also revealed that Jingxi’s self-operated rights and interests for JD PLUS members are also “under consideration” to stimulate the repurchase of this part of core users.
03 Head-on war with Taobao and Pinduoduo
Jingxi is self-operated and currently has more than one million cooperative merchants, covering 244 industrial belts across the country. The number of orders exceeded 10 million on Double 11 in 2024, and the scale is expected to increase fivefold this year.
At the 2025 Jingxi Industrial Belt Development Conference, Jingxi announced that it would increase its support and launch three support plans: factory and goods subsidy, foreign trade bailout, and the rise of individual stores.
Among them, the annual special support fund of 10 billion yuan for “factory goods 100 supplements” will be mainly used in three aspects: first, at the marketing level, including off-site traffic delivery, on-site commodity subsidies, advertising placement, etc.; The second is logistics, Jingxi self-operated supports three logistics modes: door-to-door collection of express delivery, entry into Beijing warehouse and Beijing distribution, and merchant warehouse operation, and merchants do not need to bear the cost of express delivery; The third is operation, customer service, after-sales, product development and customization supported by big data.
The foreign trade bailout is mainly in line with JD.com’s 200 billion export to domestic sales plan, and the rise of personal stores refers to Jingxi stores. In May 2023, JD.com, Jingxi Individual Industrial and Commercial Stores, and Jingxi Natural Person Stores will be integrated and upgraded to “Jingxi Store”, with more relaxed entry conditions, and both individual industrial and commercial households and natural person merchants can apply.
According to Qi Ting, the number of registered merchants in Jingxi Store has exceeded one million, and according to the current growth rate, it is estimated that about half of the merchants will be able to achieve 100% year-on-year growth in 2025. In 2025, Jingxi Self-Operated will further lower the operating threshold for individual merchants and provide exclusive traffic and advertising start-up funds for new stores.
Creating 1,000 millions of people’s livelihood explosive products and 10,000 100,000 people’s livelihood explosive products – using the demonstration effect of explosive products to pull both ends of supply and demand is not only the goal of the “100 supplements of factory goods” plan, but also the starting point of Jingxi’s flywheel. What Jingxi hopes to build is a cycle of “high quality and low price – precise supply – ecological win-win”, but it is not easy to achieve a perfect rotation of the cycle.
On the product side, Jingxi self-operated achieves a high quality-price ratio by deeply intervening in supply chain management, and uses platform credit to endorse merchants, the former requires scale effects to reduce costs, and the latter requires strengthening quality control to meet user expectations.
On the supply side, “external to inward” has opened up an opportunity window for Jingxi to expand supply, but at the same time, various e-commerce platforms are also actively undertaking this round of business migration of foreign trade enterprises.
Taotian has opened a green channel for “foreign trade into Taotao”, providing industrial semi-custody services, localization guidance for primary two, and traffic and commission incentive support for foreign trade enterprises; Pinduoduo announced the launch of a 100 billion yuan export to domestic sales support plan; Douyin has also launched the “Foreign Trade Support Plan” to open a green channel to provide full-process settlement support for foreign trade enterprises.
Compared with its peers, although Jingxi has a full custody model to save merchants worry and effort, its foundation in the sinking market is not deep enough, mainly concentrated in the main station traffic in first- and second-tier cities, and the target users of Jingxi are also misaligned.
If fish and bear paws cannot be combined, merchants want to make money more than worry.
