SHANGHAIBeijing, Aug 23 Reuters Ecommerce retailer JD.com needs to convince investors of its relevance amid a stagnant Chinese ecommerce market, aggressive price war and now, the departure of Walmart, its biggest shareholder.

Walmart announced this week a full exit from the Beijingbased ecommerce platform, selling off its 3.74 billion stake, which triggered a 10 slump in its share price and raised questions about JD.com39;s ability to withstand the changed landscape.

A decade ago founder Richard Liu persuaded investors the company could take on Alibaba, its bigger rival with his own business model, raising 1.8 billion, in what was then the biggest IPO by a Chinese firm in the U.S.

In 2014, Alibaba was a dominant force in China39;s fledgling ecommerce market with nearly 80 market share.

Operating in the shadow of Alibaba, which largely relies on ad revenues and fees from vendors earned from facilitating sales, JD.com had a different but appealing approach.

Its business model, which involves direct selling to shoppers and heavy investment in supply chains and logistics, allowed the firm to nearly double its market share from 14 a decade ago to 27 in 2023.

JD39;s early strategy of selling directly to consumers and delivering products via its own extensive logistics network helped engender trust in consumers who were at the time new to online shopping, encouraging them to spend significant sums on branded electronics and household appliances, and guaranteed fast…