JD.com, a top China-based online retailer is threatening to portion out a share of Amazon’s revenue in Europe. And the company’s boss Mr. Liu Qiangdong is confident that operations will kick off in most countries within the continent in just a few years.
Liu said France would host JD’s first European e-commerce store and shipping services, but plans are underway to launch similar platforms in Germany and the United Kingdom and will include services like handling worldpay complaints.
The company also opened offices in London and an AI (artificial intelligence) Research Laboratory in Cambridge to help ease the running of operations.
The CEO disclosed that JD has set aside 1 billion euros, as a minimum, to utilize in two years of building the company’s logistics network for the first time in France and is looking to compete against Amazon come 2019. Amazon, on the other hand, has put 15 billion euros in the European market since 2010.
According to Bloomberg’s January review, JD.com is valued at $68 billion, and the fast-growing e-commerce giant seems to be eyeing the United States marketplace too. The company looks to set foot in Los Angeles by the end of this year. According to Liu, the plan is to ensure that in 10 years JD.com makes half of all its proceeds from outside China.
The Company is now counting on their new AI research center for valuable consumer data. Mr. Liu said that apart from the low cost of hiring in Europe, they chose Cambridge because they trust in British talent.
JD.com is too focused to achieve their dream that Mr. Liu in his recent meeting with British P.M, Theresa May, agreed to sell 2 billion pounds of United Kingdom products to Chinese buyers in the coming 2 to 3 years. The goods include luxury British chocolate, tea, electronic appliances and beauty products.
This agreement made between JD.com and the British Department of International is to ensure British retailers gain better access to China’s marketplace through JD.
More and more UK brands are now on JD.com, in fact, the number has almost doubled over the past two years with last year sales growing 100{6801aa0d93c4bebbbcadbe18f87c7ff0a9f00a504367b6bb7866def1f1f9d794} year-on-year. The China e-commerce bigwig has even attracted the attention of some international brands like Dyson, Johnnie Walker, and Clarks.
All eyes are now on JD.com as they make a move to join big names like Amazon and eBay in the list of top e-commerce firms.
Author Bio: Electronic payments expert Taylor Cole is a passionate entrepreneur who enjoys to write, produce music, and travel. Bestpaymentproviders is the UK’s best merchant comparison company, serving both traditional and high-risk merchants.