So for JD.com, we don’t stay at others. We continue to believe that our core strategy is to improve our supply chain efficiency through technology and the economy of scale. And we would like to use these capabilities to be able to share the actual profit brought by efficiency improvements to our partners and users, which includes improving user experience. So in another words, the user experience improvement is not built on sacrificing our reasonable profit margins and shareholder interests. So we believe this should be a virtuous business cycle with a better user experience and drive more traffic. And with more traffic, there’s more sales opportunities and generate more profit margins. And with the margins, we can further reinvest into improve our user experience.
So we will continue to adhere to our long-term strategy, and we have confidence in our business model to sustainably maintain a virtuous cycle and gain market share. So in terms of our KPIs, so we have different business segments, exhibiting distinctive characteristics and being at different stages of development in terms of the GMVs and the profits and the cash flows. So for the weighting of these three indicators might vary. In the long-term, we believe in achieving a healthy balance [technical difficulty] indicators.
Ian Shan: For the second part of the question, our major structure adjustments have been made and implemented this year, including the business health — healthiness adjustments, enhancing user experience, low price and platform ecosystem strategies. The key impact of business adjustments will be reflected in this year’s numbers. So our growth target for next year in the longer term remain unchanged. We anticipate that JD’s overall and retail business in 2024 will return to normal growth rates. We are confident in achieving our growth faster than the national total retail sales of consumer goods. And given JD’s substantial scale, our growth is highly correlated with the country’s macroeconomic conditions and the retail market.
We aspire to outperform industry growth and continue to gain market share. So overall, despite for the supermarket categories despite the challenges faced by these categories due to our business adjustments and the post-pandemic recovery in the offline consumption and a high base from the previous year, we believe the effects of our adjustments will gradually materialize and the category is returning to a healthier growth trajectory. And in the long-term, we remain confident that it will continue to be JD’s most important growth driver. And starting from next year, we expect the supermarket category to gradually recover growth rates faster than the overall retail market.
Sean Zhang: Okay. Thank you. Operator, can we have the last question maybe?
Operator: The next question comes from Kenneth Fong with UBS. Please go ahead.
Kenneth Fong: Thank you management for taking my question. My first question is about user and strategy. Under the current uncertain macro, can management share with us some of the behavioral change of a user? And how is the performance split among different categories? And any change in the operation strategy in light of the current macro challenges? Second is about how we balance margin and growth. On one hand, we continue to emphasize on the low price strategy user subsidies, our competition is also intensifying. That said, we’ve been very disciplined able to maintain a stable margin. Can management share with us the investment during Double 11 and beyond? How should we think about the balance between growth and investment? And any thoughts and update on the JD Retail long-term margin target? Thank you very much.
Sandy Xu: Thank you. It’s a very good question. So for JD’s platform, we’ve seen the consumers are making more rational purchasing decisions with the right [ph] in focus on price and quality. So we continuously enhance our supply chain efficiency to lower procurement and operational costs and enrich the platform ecosystem and the price competitiveness and the diversity of product offerings to meet consumers diversified demand and their shopping experience. So as we shared certain statistics, the JD Retail users purchasing frequency continue to grow and with the growth rate surpassing that of ARPU. So notably, as we increase product diversity from 3P merchants and lowered the free shipping threshold, we witnessed accelerated growth in a number of orders and with a low average order value.
So with the significant — the orders of low average order value is significantly outpaced the overall order volume growth. So the spending power of our users from the first and second [indiscernible] remain robust and JD PLUS continue to experience double-digit growth in the number of users, which has shown a very strong stickiness for these memberships. So yes, I also want to share a viewpoint that we observed that users does not really want to compromise all the services wanted to — while pursuing low prices. They are seeking low price doesn’t means that they will sacrifice the qualities of products and services. So for ourselves this year, we’ve been continuously improving efficiency, optimizing our procurement costs and expanding product choices and do everything we can to better or even making the ultimate efforts to improve our services such as the installation services and after sales services to ensure we still offer our services at no compromise.
So for the long-term we’ll continue to pursue the services as our core competitiveness on this market in the fierce competition. And as your second question on the balance between the revenues and the margins and profitability, I think in the long run, it shouldn’t be a problem or a question. It will eventually form [indiscernible] cycles with growing revenues, they will be growing profits. Whereas in the short-term, I think it’s more a tactical issue that whether we should invest more on marketing on the user’s acquisition, et cetera. So overall, in the long-term for JD.com we continue to pursue a steady and sustainable growth and development. So our steady pursuit of profitability increase remain unchanged. So finally, I would like to stress that for JD.com, we don’t pursue the short-term very high monetization and profitability.
