A JD outlet is pictured in Luoyang, Henan province. (Photo: IC)
Chinese e-commerce giant JD.com plans to roll out about 100 million new products including tailor-made items in the next three years as the company steps up product development innovation.
The tailor-made product development approach, or customer-to-manufacturer (C2M), is an innovative way of developing new and popular products as it is based on a direct understanding of consumer demands, Xu Lei, JD.com's retail group CEO, said Tuesday at the company's annual tech conference JD Discovery.
The C2M approach can reduce the time required to survey product demand by 75 percent and to roll out new products by 67 percent, Xu said.
Tuesday's conference also saw the rollout of a string of new products and solutions, including a new delivery robot and JDD T1, a fintech solution to help traditional financial institutions to digitalize their services.
As a retail giant, the company is seeking to empower its future growth with technologies and services. JD.com's net service revenue surged 47 percent year-on-year to reach 16 billion yuan ($2.3 billion) in the third quarter of this year.