On November 14th, JD Group (JD. O; 9618. HK) released its third quarter performance for 2024. In the third quarter, JD Group's revenue accelerated to 260.4 billion yuan. Among them, the year-on-year growth rate of core advantageous categories such as 3C home appliances has increased, while the revenue of daily necessities category has maintained high single digit year-on-year growth for three consecutive quarters and exceeded the industry average growth rate. Supermarkets and clothing categories have achieved double-digit year-on-year growth.
JD's quarterly active users and user shopping frequency have maintained double-digit growth year-on-year for three consecutive quarters. Thanks to the increase in user activity, third-party merchants saw a year-on-year growth of over 20% in transaction users and over 30% in order volume.
While constantly refreshing the user experience, JD.com also continues to invest in helping businesses build service competitiveness. In the third quarter, JD's "Chunxiao Plan" upgraded and launched 15 new measures, including "upgrading the three star rating rules", further helping merchants enjoy billions of traffic support and over 100 million yuan in advertising subsidies, driving a year-on-year growth of over 20% in transaction users and over 30% in order volume for third-party merchants. The active trading has also prompted more and more third-party merchants to enhance their competitiveness in user experience. As of the third quarter, nearly 500 million third-party merchants have used JD Logistics for delivery this year, effectively improving the user experience. After providing free shipping and home delivery services to Xinjiang users for 15 consecutive years, JD.com has gradually promoted the full subsidy of Xinjiang's "consolidated delivery" transit freight for third-party merchants since November 11th this year, expanding the scope of free shipping services in Xinjiang from self operated products to third-party merchant products. The JD insurance sector is expected to help businesses reduce costs by an average of no less than 10% through the upgrade of freight insurance, with some categories experiencing cost reductions as high as 50%.