NEW YORK, Aug. 21, 2020 /PRNewswire/ -- The broad retail industry is by far the largest market in the world, serving billions of individuals each year. Look a little closer and the industry is split into a multitude of different sectors. However, with the emergence of the digital age, e-commerce retailers have begun to disrupt the retail marketspace en masse. In fact, the rise of e-commerce has created a comfortable and convenient option for consumers to purchase products, as they can simply browse an e-commerce platform and purchase a product while still in the comfort of their homes. Now, during the time of a pandemic and social isolation measures, the growth of online stores has increased even more so than was intendent to reduce the number of quarantined caused an increase in demand for essential supplies such as food, medicine, hand sanitizer, tissue, and disinfectants. TD Holdings, Inc. (NASDAQ: GLG), JD.com, Inc. (NASDAQ: JD), Baozun Inc. (NASDAQ: BZUN), Pinduoduo Inc. (NASDAQ: PDD), Etsy, Inc. (NASDAQ: ETSY)
By region, the Asian-Pacific region is expected to reign supreme as China's online retail market industry is projected to continue its expansion. According to data provided by Forrester, China's online retail market is expected to hit USD 1.8 Trillion in 2022, The Drum reports. Explaining the intricacies of the market, Forrester states that "internet giants Alibaba and JD.com continue to dominate the local market, together accounting for more than 85% of China's e-commerce market. However new companies, such Pinduoduo and Xiaohongshu are catching up as users embrace new social commerce platforms... More than three-quarters (76%) of all e-commerce in China occurs via mobile devices and mobile payments remain the most popular choice for online purchases with 80% of metro Chinese shoppers using Alipay and 66% using Tencent's WeChat Pay to pay for a product or service in the last three months."
TD Holdings, Inc. (NASDAQ: GLG) announced breaking news yesterday that it is, "to enter into a strategic framework agreement with Tongdow E-commerce Group ("Tongdow E-commerce") through Shanghai Jianchi Supply Chain Co.,Ltd. ("Shanghai Jianchi"), the Company's wholly owned subsidiary. Tongdow E-Commerce recently has engaged the wholly owned subsidiary of JD Digits Technology Group ("JD Digits") and launched an online commodity trading enterprise payment system on Tongdow E-Commerce's online trading platform.
JD Digits was first established as part of JD.com, Inc. (Nasdaq: JD), and later became an independent technology company dedicated to the digitalization of AI-driven industries. It uses digital technology to serve the financial and real sectors and help related industries in achieving Internetization, digitization, and intelligentization. JD Finance is one of the core business modules of JD Digit's corporate services. It aims to provide unified external services through account management, transaction settlement, payment and unites supply chain financing, financial technology, and other business segments to meet the diverse transaction scenarios and needs of corporate users in various industries, providing enterprises with a one-stop business service platform.
The Company, through its wholly owned subsidiary Shanghai Jianchi., has entered into a strategic cooperation framework agreement with Tongdow E-commerce and Beijing Tongbang Zhuoyi Technology, which is a wholly owned subsidiary of JD Digits, jointly providing customers with comprehensive services such as payment and supply chain management.
The launch of the commodity online payment platform represents the beginning of the cooperation with TD Holdings and JD Digits. In the future, the Company plans to develop deeper cooperation with JD Digits with respect to payment, supply chain financing, IoT-enhanced warehouses, etc., to provide commodity trading companies with integrated solutions for online payments and FinTech needs.
About TD Holdings, Inc.: TD Holdings, Inc. (Nasdaq: GLG) is a commodities trading service provider conducted under the brand name "Huamucheng" by the Company's wholly owned subsidiary, Shenzhen Huamucheng Trading Co., Ltd headquartered in Shenzhen. For more information please visit http://ir.tdglg.com."
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JD.com, Inc. (NASDAQ: JD) through its subsidiaries, operates as an e-commerce company and retail infrastructure service provider in the People's Republic of China. It operates in two segments, JD Retail and New Businesses. This week the Company announced its unaudited financial results for the three months and six months ended June 30, 2020. Net revenues for the second quarter of 2020 were RMB201.1 billion (US$ 28.5 billion), an increase of 33.8% from the second quarter of 2019. Net revenues from the sales of general merchandise products for the second quarter of 2020 were RMB64.0 billion (US$9.1 billion), an increase of 45.4% from the second quarter of 2019. Net service revenues for the second quarter of 2020 were RMB22.9 billion (US$3.2 billion), an increase of 36.4% from the second quarter of 2019.
Baozun Inc. (NASDAQ: BZUN) e-commerce service partner that helps brands execute their e-commerce strategies in China, announced earlier in June unaudited financial results for the first quarter ended March 31, 2020. Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, "First, I'd like to sincerely thank all of our employees who have demonstrated incredible resilience and dedication to ensuring business continuity and growth momentum throughout this challenging period. I am very proud of the great tenacity and agility our organization and technology infrastructure were able to display during the pandemic. As China's economic recovery strengthens in the second quarter, we believe the adoption of online retail will continue to accelerate going forward as brand partners increasingly prioritize their digital go-to-market strategies. This will create even more opportunities for us to drive mid-to-long-term sustainable growth."
Pinduoduo Inc. (NASDAQ: PDD) a technology platform for Chinese e-commerce players, announced back in May its unaudited financial results for the first quarter ended March 31st, 2020. "Despite the unprecedented challenges in the first quarter, Pinduoduo has grown and now serves more than 600 million active buyers. We're encouraged to see our next generation of leaders stepping up and shouldering the responsibilities of serving our users," said Mr. Zheng Huang, Chairman and Chief Executive Officer of Pinduoduo. "We remain committed to our users, merchants and ecosystem partners during this difficult period. In the first quarter, we adopted numerous measures to support them, including providing free traffic to farmers and small businesses, and stabilizing the prices of medical and other daily necessities that were in high demand."
Etsy, Inc. (NASDAQ: ETSY), which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, announced earlier this month financial results for its second quarter ended June 30, 2020. "Our extremely strong second quarter results, with consolidated GMS and revenue up 146% and 137% respectively, are a testament to the agility of our team, the strength of our brand, the innovation of our sellers, and the unique and special nature of inventory on our core Etsy marketplace," said Josh Silverman, Etsy, Inc. Chief Executive Officer. "Our mission to 'Keep Commerce Human' matters now more than ever - and we are showing the world just how many purchase occasions our sellers can meet in a truly delightful way. Etsy marketplace GMS increased 125% in the quarter, as we are attracting new buyers and engaging our existing customers more than ever before. Our 'Right to Win' strategy provides a clear and enduring roadmap for product and marketing investments that make it easier to shop on Etsy, build top of mind awareness, and solidify buyer trust. Couple this with the strength of the Reverb marketplace, and we have a solid foundation for long-term growth and are well positioned to build on our momentum."
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