KOTRA Hosts JD Purchase Briefing
JD Group, China’s No. 1 e-commerce enterprise, established a specialized sourcing corporation in Korea on June 18 to fully scale up the purchase of K-consumer goods, and has begun expanding the import of excellent Korean consumer goods to target Chinese consumers.The Ministry of Trade, Industry and
JD Group, China's leading e-commerce company, set up a specialized sourcing firm in South Korea on June 18 to increase the import of K-consumer goods for Chinese customers. The Korea Trade-Investment Promotion Agency (KOTRA) welcomed the JD Group purchasing team and hosted the "JD.com Direct Purchase Entry Briefing and Consultation Session" at their headquarters on August 12.
Despite a recent decline in K-consumer goods exports following the pandemic, exports of five major categories turned upward in the first half of 2023 as a result of enhanced collaboration between Korean and Chinese companies, including major distribution networks such as JD, Douyin, and Alibaba. The Chinese market is shifting online, with online retail accounting for 44% of sales in the first half of 2023, up from 30% in 2020.
KOTRA is supporting online distribution networks in directly purchasing products from Chinese companies to meet this trend. The JD Group delegation, led by 12 members including Vice Chairman and Cross-border President Vincent Yang, conducted direct purchasing consultations with 54 companies, highlighting the rapid expansion of K-consumer goods purchases.
K-consumer goods sales on JD.com have been growing due to their high quality and marketability, as confirmed by JD.com Korea Branch Manager Kim Min-hwa. In just one day, JD signed $1.5 million worth of product import contracts with nine K-consumer goods companies, addressing difficulties faced by small and medium-sized enterprises in exporting to China.
KOTRA's focus is on assisting large online distribution networks in directly purchasing products from Chinese companies, aiming to provide high-quality products at reasonable prices on the JD platform.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
