$JD.com (JD.US)$$Alibaba (BABA.US)$ JD is like Amazon, their...

$JD.com(JD.US)$ $Alibaba(BABA.US)$ JD is like Amazon, their GMV (gross merchandise value) is their revenue, thus the low margins.

BABA is very different, their e-commerce revenue is NOT GMV, but based on fees charged to online store owners for setting up shop (on Taobao, Tmaill, etc. platforms) and advertising, this is a very high margin business. In terms of GMV, BABA is many times higher than JD.

However, BABA has many of businesses in addition to e-commerce. The investment into these businesses has been depleting their margin over time. This includes Fresh Hippo/ SunArt (grocery), Cainiao (logistics), AliYun (cloud), ele.me (food delivery), Ant Financial (Fintech), media production, and others.