京東正在蠶食阿里巴巴優勢大綱

Chinese ecommerce group Alibaba has long dominated China’s Rmb2.8tn ($451bn) online retail market. However, there are signs that its smaller competitor, , is closing the gap.
在規模達2.8萬億人民幣（合4510億美元）的中國在線零售市場上，阿里巴巴(Alibaba)長期佔據着主導地位。然而，目前有跡象表明，規模比它小的競爭對手——京東()正在逐漸縮小與它的差距。

According to data from FT Confidential Research, a Financial Times research service, the popularity of has soared in recent months to a record high. Nearly 45 per cent of respondents in China Confidential’s first quarter 2015 survey of almost 2,000 online shoppers said they regularly shopped on . As recently as the first quarter of 2013, just 30 per cent of shoppers surveyed said they regularly shopped there.
英國《金融時報》旗下研究服務“投資參考”(FT Confidential Research)的數據顯示，京東的人氣在近幾個月升至歷史新高。《中國投資參考》2015年第一季度對近2000名網購者的調查顯示，接近45%的受訪者表示，他們經常在京東購物。在2013年第一季度的調查中，表示經常在京東購物的受訪者還只有30%。

Although Alibaba remains the clear market leader, both of its consumer ecommerce sites — Taobao and Tmall — declined in popularity in the latest quarter, while was up sharply.
儘管阿里巴巴仍是當仁不讓的市場領先者，其旗下兩家消費電商網站——淘寶網(Taobao)和天貓(Tmall)——的人氣在今年第一季度都有所下降，京東的人氣則大幅上升。

’s fast-growing popularity is largely due to its rapid expansion of logistics in smaller cities and its strategic alliance with Chinese internet group Tencent, in place since mid-2014.
京東人氣躥升，主要是因爲其在中小城市迅速擴建物流體系，並且自2014年年中以來跟中國互聯網集團騰訊(Tencent)結成了戰略聯盟。

While consumers living in first-tier and wealthy eastern coastal cities were early adopters of ecommerce, their counterparts in smaller cities and inland provinces arguably have a greater demand for internet shopping because they have a less-advanced bricks and mortar alternative. How far and how fast ecommerce companies can deliver goods to consumers in smaller cities correlates directly to their popularity.
儘管一線城市和東部沿海富裕城市的消費者很早就接受了電子商務，但中小城市和內地省份的消費者對網上購物有着更大的需求，因爲他們所在的地方實體店不夠發達。電商企業在中小城市的發貨速度有多快、覆蓋範圍有多遠，直接關係到自身在網購者中間的受歡迎程度。

has invested heavily in expanding into smaller cities in recent years, greatly increasing its popularity. By the end of the first quarter of 2015, had 3,539 delivery and pick-up stations in 1,961 cities and counties nationwide, up from 3,210 in 1,862 cities and counties at the end of 2014 and 2,523 stations in 1,780 cities and counties in the second quarter of 2014.
近年來，京東已投下巨資向中小城市擴張，使其人氣大爲提升。到2015年第一季度末，京東在全國1961個縣市擁有3539個配送站和自提點；2014年底在1862個縣市有3210個配送站和自提點；2014年第二季度在1780個縣市有2523個配送站和自提點。

Meanwhile, ’s partnership with Tencent has given the retailer access to the latter’s massive userbase — Tencent’s WeChat and QQ mobile apps alone have about 1bn users.
另一方面，京東與騰訊建立合作之後，可以接觸後者的龐大的用戶基礎——僅微信(Wechat)和QQ這兩款移動應用便擁有約10億用戶。

’s promotional activities on WeChat and QQ, such as distributing virtual hongbao — red envelope gifts — during lunar new year, have increased its popularity among price-sensitive, mass-market consumers who previously looked for bargains on Alibaba’s consumer-to-consumer site Taobao.
春節期間京東在微信和QQ上的促銷活動（比如發電子紅包），深受對價格敏感的大衆市場消費者的喜愛，這些消費者以前通常在阿里巴巴的C2C網站淘寶網上物色便宜貨。

The quality of delivery services also matters. has invested heavily in its own logistics network, which, although costly, has enabled it to maintain strict oversight and achieve quick, accurate delivery. The delivery quality has supported ’s popularity among China’s increasingly demanding consumers.
送貨服務的質量也很重要。京東也投巨資建設自己的物流網絡，儘管代價不菲，但這讓京東得以保持嚴格管理，實現快速精準的送貨。送貨質量提高了京東在越來越挑剔的消費者當中的受歡迎程度。

By contrast, merchants on Alibaba overwhelmingly rely on third-party logistics companies to serve a vast number of geographically dispersed buyers. This has left these merchants unable to match ’s delivery speed or service quality, denting the popularity of Alibaba’s two websites.
對比之下，阿里巴巴平臺的商戶主要依賴第三方物流公司，爲天南地北的買家送貨。因此，這些商戶的發貨速度和服務質量比不上京東，降低了阿里巴巴旗下兩個網站的人氣。

In China Confidential’s survey, 36.3 per cent of respondents said Alibaba’s business-to-consumer site Tmall was one of the two ecommerce sites they most regularly used, down 0.7 percentage points quarter on quarter. Furthermore, although Alibaba’s Taobao remained the most popular ecommerce site, its popularity fell for the second successive quarter: 50.6 per cent of respondents said they most regularly used Taobao — down 4.2 percentage points year on year and 1.5 percentage points quarter on quarter.
在《中國投資參考》的調查中，36%的受訪者表示，阿里巴巴的B2C平臺天貓是他們使用最多的兩個電商網站之一，比前一季度低了0.7%。另外，儘管阿里巴巴旗下的淘寶網仍是最受歡迎的電商網站，但其人氣連續第2個季度出現下降：50.6%的受訪者表示，他們最經常使用的是淘寶網，比去年同期下降4.2個百分點，比前一季度下降1.5個百分點。

The declining popularity of Taobao lowered the combined percentage of survey respondents that regularly used Alibaba’s two consumer ecommerce sites to 87 per cent, down from an all-time high of 90 per cent in mid-2014.
淘寶人氣下降，使得經常使用阿里巴巴旗下兩家消費電商網站的受訪者的百分比之和降至87%，低於2014年年中創下的最高值90%。

Almost all other online retail sites, including Dangdang and Amazon China, have seen declines in popularity over the past year as the two market leaders, both buoyed by bumper US initial public offerings last year, invest heavily to extend their dominance.
包括噹噹網(Dangdang)和亞馬遜中國(Amazon China)，幾乎所有其他在線零售網站的人氣在過去一年裏都有所下降。這是因爲，得益於去年在美首次公開發行(IPO)融得的巨資，阿里巴巴和京東這兩家市場領軍公司都利用大筆投資鞏固主導地位。

Although Alibaba remains the clear market leader and continues to invest heavily, China Confidential expects to gain further ground, helped by the company’s ongoing investment in logistics and its growing consumer base.
儘管阿里巴巴仍是顯而易見的市場領先者，並在加大投資力度，但《中國投資參考》預計，在持續加大物流投資和用戶基礎擴大的幫助下，京東有望奪取更多地盤。

However, continued heavy investment and the high cost of its self-operated model mean the company remains unlikely to post a profit in the near term.
然而，持續的鉅額投資和高成本的自營模式，意味着京東在近期仍不大可能實現盈利。

’s net loss widened to Rmb710.2m in the first quarter, up from Rmb454.3m in the fourth quarter of 2014.
今年第一季度，京東的淨虧損額從2014年第4季度的4.543億元人民幣擴大到了7.102億元人民幣。

Its investment-led approach is enabling to slowly close the gap on Alibaba, reflected in rising popularity and relative share price outperformance over the past year. But it remains to be seen how long investors will be prepared to wait for the asset-heavy online retailer to post a profit.
在投資驅動模式下，京東得以慢慢縮小與阿里巴巴的差距，這一點從過去一年裏其人氣不斷上升和股價的相對錶現可以看出來。但是，投資者準備花多長時間等待這家“重資產型”在線零售商實現盈利，則需拭目以待。