Zhong Guo Jing Ying Bao·2025-06-19 08:51Core Viewpoint - JD.com has officially entered the hotel and travel market, announcing a "three-year zero commission" policy to attract hotel merchants and reshape the OTA industry landscape [2][3]. Group 1: Business Strategy - JD.com aims to leverage its supply chain capabilities by establishing a new channel division for hotels and restaurants, with the zero commission policy serving as a key strategy to penetrate the market [3][5]. - The company has been actively recruiting talent for its travel business since March 2025, indicating a strategic focus on building expertise in this area [4][6]. - The zero commission policy is reminiscent of JD.com's approach when entering the food delivery market, where it also offered a zero commission for the first year to gain market share [3][5]. Group 2: Market Positioning - JD.com's entry into the hotel and travel sector mirrors Meituan's earlier expansion strategy from food delivery to in-store services and then to travel [5]. - The company has over 1.5 million convenience stores nationwide and has achieved over 25 million daily orders in its food delivery business, showcasing its operational scale [5][6]. - The OTA market in China is currently dominated by Ctrip, Meituan, and Tongcheng, each with distinct market positioning and target demographics [6][7]. Group 3: Competitive Landscape - The competition in the OTA industry is characterized by established players with strong market positions, making it challenging for new entrants like JD.com to gain traction [7]. - Analysts suggest that JD.com may face significant difficulties in disrupting the existing market dynamics, as the OTA sector has deep competitive moats [7]. - The potential for JD.com to become a "differentiated variable" in the OTA industry is seen as a more realistic path than simply competing on price through subsidies [7].