Sou Hu Cai Jing·2025-09-28 04:30Core Insights - The closure of the WeChat "Discover - Shopping" entry on September 30 marks the end of a decade-long partnership between JD.com and Tencent, indicating a significant shift in the Chinese e-commerce landscape from reliance on traffic to ecosystem restructuring [1][2][6] Company Summary - JD.com plans to enhance its services within the WeChat ecosystem despite the closure of the shopping entry, maintaining the "Service - JD Shopping" entry and continuing to operate the "JD Shopping" mini-program to improve user experience [2][6] - The company is expected to face a short-term increase in customer acquisition costs by 1-2 percentage points due to the loss of access to over 300 million users in the lower-tier market, particularly among middle-aged consumers [7] - Long-term strategies include accelerating content development within its app, expanding the Jingxi community ecosystem, and leveraging AI to improve user retention rates from 38% to over 45% [7][8] Industry Summary - The end of this partnership signifies a transformation in the competitive landscape of the consumer internet sector, moving from a focus on traffic to core capabilities [6][9] - Tencent is shifting its e-commerce strategy from a "traffic rental" model to building a video account e-commerce ecosystem, with a projected 300% year-on-year growth in GMV for 2024 [7] - The industry is witnessing a fundamental change in traffic strategies, with platforms moving from simply "buying traffic" to creating their own through content and AI, emphasizing private domain operations and the integration of offline scenarios [8][9] - The competition will increasingly rely on core capabilities rather than traffic access, with AI technology becoming a crucial factor in bridging various domains [9]