A senior executive at JD.com in China said that innovation and technology have revolutionized their retail sector. The retail business has seen skyrocketing growth owing to the rising innovation in marketing products on offline and online channels. Also, new social media approaches are being adopted to boost this business online, says VP of JD.com. Furthermore, he explained that retail infrastructure in the past few years has progressed to a great extent and is leading the world. China has adopted improved technologies such as artificial intelligence and blockchain in the retail sector. This has resulted in the development of unmanned stores in China. In these stores, customers shop on their own without the presence of a representative. Also these stores are equipped with electronic tags and facial recognition. The VP also opined that several new developments are anticipated to occur in the coming years.
E-commerce Retail Sales to Increase by 50% as More Consumers Shop Online
The retail company named JD.com competes boisterously with Alibaba.com, a huge e-commerce platform. This massive platform is supported by companies like Tencent and Google. To add on to this, China celebrated Singles Day, a shopping event where Alibaba and JD.com were present. Both the companies made huge profits in e-commerce sales. The CTO of Dada-JD Daojia, an online grocery store, revealed that e-commerce sector is likely to burgeon as more buyers shop online. He further added on in the next five years, online retail sales will go up by 50% including those of giants like Walmart. These retailers will also be offering one-hour shopping experience for its customers.
JD. Com’s VP in a statement mentioned that now the focus of customers has shifted from price to toward quality, customer service, and authenticity.