360Buy to Tap into B2B, Advertising Network, among Other Things, Said Its CEO

Liu Qiangdong, CEO of 360buy, talked about the future development of the B2C juggernaut platform in China at an event at Tsinghua University.

Here’re some  highlights he mentioned:

• 360buy would expand to B2B. Unlike Alibaba’s , it will target at end consumers rather than distributors.
• The new payment solution, built by ChinaBank Payments360buy acquired last year, would be available in April.
• 360buy has been in finance for more than two years. Its net profit reached RMB 150 million last year. It is expected that the income would further rise to over 350 million yuan.
•  The company will open its logistics service. The company also plans to improve delivery efficiency. Liu hoped that each delivery man could send 200~300 parcels per day, which would lower the cost and help rise gross margin.
• 360buy is on the way to build its own advertising network just like Baidu Union, Taobao Union and Google AdSence. Mr. Liu said that the traffic acquired from other unions such as Baidu’s was not cheap, so it’s better to build one, which may be smaller in scale,  rather than be under the control of others.
• The company changed its domain to a shorter one, jd.com, actually, easier for Chinese to remember and will roll out a new logo.

image credit: chinaz.com