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For years, JD.com Inc (NASDAQ:JD) has been boxed into the same narrative: a logistics powerhouse built on electronics, appliances and 1P efficiency. But the company’s third quarter delivered an unexpected twist — JD's food delivery business isn't just another generational experiment. It's converting new users at nearly 50%, a cohort performance most platforms would kill for.
And that's before the company even turns on monetization.
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During the earnings call, CEO Sandy Ran Xu, admitted competition has "intensified," but the numbers don't look like a company pulling back. JD Food Delivery posted double-digit GMV growth quarter over quarter, gained a healthier order mix, and even saw average order price increase — all while rivals are throwing subsidies at consumers.
Meal orders now make up the "vast majority" of JD's order mix, giving the platform a clear identity: premium, fast, and built for higher-value customers.
JD says its DAUs grew at industry-leading rates, with shopping frequency up over 40% year on year — a sign its food delivery funnel isn't just sticky but accretive to its core retail engine.
The standout line from the call was simple and stunning: "For the earliest group of food delivery users, their cohort conversion has reached close to 50% in Q3."
That means nearly half the new food delivery users became active JD retail users — a cross-sell rate unmatched across China’s e-commerce. And retention is "relatively high," according to management, with food delivery boosting overall user engagement.
This isn't a cash-burning land grab. JD narrowed its food delivery losses in the third quarter as unit economics improved and subsidies became more targeted.
JD's food delivery push is starting to look less like Meituan (OTCPK:MPNGF) competition and more like a user-acquisition strategy with unusually high ROI. If JD can keep converting at anything near 50%, the business won't just pay for itself — it could become a new growth engine for general merchandise, supermarket, and 3P categories.
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