Technology is giving China's retail sector a lead over its global peers, says JD.com vice president | RetailTechPodcast

Technology is giving China's retail sector a lead over its global peers, says JD.com vice president

Jun Yang, co-founder and CTO of Dada-JD Daojia said that he strongly believes that China's e-commerce market will grow further as more consumers shop online. Innovation in the domestic retail industry has led to newer ways for businesses to sell their products to consumers, including via online and offline channels and over social networks, Ling Chenkai, vice president at JD.com, told CNBC's Eunice Yoon during a fireside chat at the East Tech West conference held in the Nansha district of Guangzhou, China. JD.com competes aggressively with Jack Ma's Alibaba in China's massive e-commerce space and has the backing of prominent global and local names such as Google and Tencent. Recently, China celebrated a major shopping event called Singles Day where both JD and Alibaba racked up billions of dollars in e-commerce sales. The spending habits of Chinese consumers have attracted many Western brands, including luxury names, to sell in China. Yang said he strongly believed that China's e-commerce market will grow further as more consumers shop online. Relatively strong economic growth and a rising middle class in China has resulted in customers "Getting more and more sophisticated" in their shopping habits, according to JD.com's Ling. Read more