(電子商務(wù)研究中心訊) 1P利潤率信心;加倍關(guān)注市場。
管理層花了一些時(shí)間討論了為市場開發(fā)更多的商業(yè)工具的計(jì)劃，試圖為阿里巴巴不斷改進(jìn)的店面提供一個(gè)可行的替代方案。該公司還重申了京東商城供應(yīng)商的獨(dú)特機(jī)會(huì)，利用該公司現(xiàn)有的1P實(shí)現(xiàn)工廠。我們將于下周對(duì)京東進(jìn)行管理，并尋求更多關(guān)于京東對(duì)阿里巴巴計(jì)劃“擴(kuò)大B2C市場份額”的回應(yīng)。“我們還尋求2Q趨勢的清晰性。
女性人口的進(jìn)步。
該公司還認(rèn)為，它在管理京東商城和京東商城的品牌沖突方面取得了進(jìn)展，并參照其與沃爾瑪的關(guān)系，后者在京東物流(新產(chǎn)品等)中擁有大量庫存，并通過自己的店面銷售。在推動(dòng)女性贊助歷史上男性傾斜的平臺(tái)上，最成功的因素之一是京東快速發(fā)展的FMCG業(yè)務(wù)。該公司經(jīng)常尋求將服裝和其他產(chǎn)品交叉銷售給女性FMCG人口。我們相信，京東現(xiàn)在可以處理200米以上的SKU，這是支撐太古服裝銷售的必要條件。
物流方面的進(jìn)度報(bào)告。
3PL的執(zhí)行過程現(xiàn)在正被一個(gè)高個(gè)位數(shù)的商業(yè)基地所使用。使用JD fulfilment的商品往往是標(biāo)準(zhǔn)化的產(chǎn)品(如著名的酒類品牌，包括青島啤酒)。利用京東物流的決定往往是數(shù)量的函數(shù)。管理層還反映了京東在推出新鮮和冷鏈物流方面的進(jìn)展，尤其是在倉儲(chǔ)方面。過去幾年，該公司還曾提到改善客戶群體。
重申核心信息。
在過去的一段時(shí)間里，通用汽車已經(jīng)從過去的6%上升到9%，而且公司仍然認(rèn)為通用汽車在長期的水平上是由19% - 20%的同行組成的。我們預(yù)計(jì)運(yùn)營費(fèi)用將保持穩(wěn)定在12%左右。
1P margin confidence; redoubling focus on marketplace .
Management spent some time discussing plans to develop further merchant tools for the marketplace in an attempt to offer a viable alternative to Alibaba's ever-improving support of its storefronts. The company also reiterated the JD marketplace vendor's unique opportunity to leverage the company's existing 1P fulfillment plant. We take JD management on the road this coming week, and seek more detail on JD’s competitive response to Alibaba’s plans to“gain market share in B2C.”We also seek clarity on 2Q trends.
1P/3P dynamic; progress with female demographic .
The company also feels it has made progress in managing brand conflict selling between JD Mall and JD 1PL, referencing its relationship with Walmart, which both holds significant inventory in JD logistics (fresh products, etc) and sells through its own storefront. One of the most successful factors in driving up female patronage of an historically male-skewed platform has been JD's rapidly growing FMCG business. The company often seeks to cross-sell apparel and other products to its female FMCG demographic. We believe JD can now handle 2m+ SKU's, a competence necessary to support longer taiul apparel sales.
Progress report on logistics .
3PL fulfillment thru JD is now being used by a high-single-digits penetration into merchant base. Goods using JD fulfilment tend to be standarized products (such as famous alcohol brands including Tsingtao beer). The decision to leverage JD logistics is often a function of volumes. Management also reflected on JD's progress on rolling out fresh and cold chain logistics, particularly on the warehousing side. The company also made passing reference to an improving customer cohort over the past several years.
Reiteration of core messages .
1P GM has risen from a steady 6% over the recent past to 9%, and the company still considers the GM for JD's peer group of 19%-20% as realistic over the long term. We expect operating expenses to remain stable at roughly 12%. .
Please join our dbAccess China Internet Tour/BABA Investor Day cal .
Dial in details for the Mon June 12th 2pm HK time call are:International: +61 283733610; HK: 800906648; China Domestic: 4001203170. Conf ID is 37306470.（來源：德意志銀行；文/Alan Hellawell；編選：中國電子商務(wù)研究中心）
