Core Insights - JD's cross-border e-commerce platform Ochama has officially ceased operations in Europe as of August 23, 2025, with user data migration starting from August 15, 2025 [1] - The closure is part of a brand upgrade strategy, integrating Ochama into another cross-border brand, Joybuy, which will now focus on six core European countries [1][2] - Joybuy's strategy reflects JD's approach to consolidate resources and reduce operational costs while aiming for efficiency in cross-border business [2][3] Business Strategy - Joybuy is accelerating its return to mainstream European markets, having recently launched in France and planning to enter Germany soon [2] - The integration of Ochama into Joybuy allows JD to lower fixed costs and focus on its core strengths in supply chain selection, online operations, and cross-border logistics [3] - The move to consolidate brands is seen as a way for JD to clarify its overseas business direction and enhance its chances of survival in the competitive European market [3] Historical Context - Joybuy has undergone multiple strategic iterations since its launch in 2015, transitioning from a pure online platform to a B2B cross-border model and back to a self-operated model [4] - Previous attempts to establish a foothold in Europe faced challenges due to high operational costs and cultural differences, leading to the closure of Joybuy in 2021 and 2022 [4] Market Positioning - JD's investment in CECONOMY indicates a strategic shift towards leveraging existing local resources and customer bases rather than competing directly with major players like Amazon [5] - The strategy of "one advance, one retreat" involves consolidating operations in core markets while reducing exposure in less favorable areas [6] - By integrating Ochama into Joybuy, JD aims to build a localized e-commerce ecosystem in Europe, enhancing delivery capabilities and service efficiency [6] Competitive Landscape - Joybuy's success in Europe will depend on its ability to differentiate itself from competitors like Amazon, Temu, and local giants such as Otto and Cdiscount [7] - The European e-commerce market is diverse, with varying consumer habits across countries, necessitating a tailored approach for Joybuy to capture market share [7]

Core Insights - Uzum, the largest e-commerce platform in Uzbekistan, projects a 500% revenue growth by 2027, supported by a robust e-commerce market with a 122% CAGR from 2021 to 2024 and expected growth rates above 40% in the coming years [1][4] - The online shopping penetration in Uzbekistan has increased significantly, reaching 7%-8% in 2023 compared to just 1%-2% in 2020, indicating a growing market potential [1][4] E-commerce Growth and Comparison - Uzum's SKU count has recently surpassed 1 million, while leading Chinese platforms had significantly higher SKU counts a decade ago, highlighting the early stage of Uzbekistan's e-commerce development [2] - Daily orders on Uzum average 100,000, a scale that Chinese platforms achieved much earlier, indicating a rapid growth trajectory [2] - High profit margins in Uzbekistan's e-commerce market allow for substantial price markups on common goods, with some products priced significantly higher than in China [2][4] Market Dynamics and Competition - The e-commerce sector in Uzbekistan experienced a pivotal shift during the COVID-19 pandemic, with Uzum leveraging the situation to enhance its platform and payment systems, achieving a 90% payment success rate [4][6] - Uzum has developed its logistics and pricing tools, creating a comprehensive digital ecosystem that integrates e-commerce, delivery, and payment services [6] - New entrants like Yandex and Temu are entering the market, with Yandex adopting a higher positioning strategy and Temu initially pursuing aggressive low-price tactics before facing regulatory challenges [7][8] Long-term Outlook and Strategy - Local entrepreneurs believe that leveraging Chinese operational and supply chain experience can facilitate rapid market penetration in Uzbekistan [8][10] - The potential for high growth and profitability in Uzbekistan's e-commerce market is evident, but sustainable success will depend on understanding local consumer preferences and providing quality products [10][11]