The 2017 Double 11 shopping festival has come to a close, and the results have once again highlighted the dominance of e-commerce giants. According to Alibaba, the company recorded a total sales volume of 255.917 billion yuan during the event, while JD.com reported 127.1 billion yuan in sales over a 14-day period, setting a new record. When looking at the overall performance of the Double 11 season, Tmall captured 68.2% of the market, followed by JD.com with 22.7%, while other platforms like Suning, Gome, and Amazon collectively held between 1% and 2%. This stark disparity reflects the "Matthew effect" in the e-commerce sector, where the rich get richer and the poor get poorer, leading to a highly polarized industry.
On November 19th, during an event attended by JD.com founder Richard Liu and 360 founder Zhou Hongyi, Liu made a notable comment about the Internet industry’s monopolistic tendencies. He stated, “If in 10 or 20 years, China is still dominated by BAT or companies like JD.com and 360, that would be a tragedy for the country.†His words sparked a broader conversation about the need for more competition and innovation in the tech space.
However, as the saying goes, “Rome wasn’t built in a day.†The success of JD.com and 360 didn’t happen overnight. Both founders shared insights on their approaches to business. Liu emphasized the importance of healthy industry growth and encouraged young entrepreneurs to start their own ventures. He suggested that if a new business model has proven successful in a small scale and addresses real user pain points, it’s worth pursuing. But if not, caution is necessary. Zhou Hongyi, on the other hand, stressed the importance of doing things right, building strong teams, and focusing on core values and vision.
Li Huaiyu, CEO of Little Whale, shared his entrepreneurial experiences and offered valuable advice to aspiring business owners. He emphasized the importance of confidence and smart strategies rather than brute force. In a saturated market, he advised finding unique entry points and following trends. He also highlighted the need for deep focus, continuous learning, and effective team management. Talent development and efficient operations are crucial for long-term success. Additionally, Li pointed out that targeting younger consumers is key, as they are the ones who will drive future demand and adoption of new products.
The internet TV industry, including companies like LeTV, Xiaomi, and Little Whale, faced challenges in recent years, with some losing significant market share. However, Xiaomi's strong ecosystem and large fanbase helped it perform well during the Double 11 sales. Little Whale, focused on home entertainment from the start, has managed to carve out its own niche. According to Li Huaiyu, the key to success lies in product innovation and user-centric development. As technology evolves, companies must adapt by leveraging OTT services, big data, and AI to differentiate themselves in a competitive market.
Innovation is the driving force behind every industry. Technological progress constantly disrupts existing models and creates new opportunities. As Jack Ma once said, “Everyone thinks BAT is impressive, but I believe the landscape will change within two or three years. Even after five years, we might still be in these companies, which could be a big problem. We’re all walking on thin ice every day.†The Internet industry is fast-paced, and both large and small companies coexist, each playing a role in shaping the future.
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