The 2017 Double 11 shopping festival has just concluded, and the results have once again highlighted the dominance of e-commerce giants. According to Alibaba, the company's total sales reached 255.917 billion yuan during the event, while JD.com reported sales of 127.1 billion yuan over a 14-day period, setting a new record. When looking at the overall data from the Double 11 shopping festival, Tmall captured 68.2% of the market, JD.com took 22.7%, and other platforms such as Suning, Gome, and Amazon collectively accounted for between 1% and 2%. This stark distribution reflects the "Matthew effect" in the online retail space, where a few players dominate and the rest struggle to compete.
On November 19th, during an event attended by Liu Qiangdong, founder of JD.com, and Zhou Hongyi, founder of 360, Liu made a thought-provoking comment on internet monopolies. He stated that if in 10 or 20 years, China’s tech landscape is still dominated by companies like BAT, JD.com, or 360, it would be a significant problem for the country. His remarks emphasized the need for more diverse and innovative players in the industry.
However, as the saying goes, “Rome wasn’t built in a day.†The success of JD.com and 360 didn’t happen overnight. Liu and Zhou discussed their experiences in building their companies. Liu encouraged healthy industry growth and urged young entrepreneurs to take bold steps when they had a proven business model that addressed real user needs. He also stressed the importance of careful planning if the model hadn't been tested yet. Zhou, on the other hand, emphasized the importance of team building and company values, believing that strong leadership and a clear vision are key to long-term success.
Li Huaiyu, CEO of Little Whale, shared his insights on entrepreneurship based on his own experiences. He advised entrepreneurs not to fear large corporations but to believe in their future potential. He suggested finding smart entry points rather than relying on brute force. In today’s saturated market, innovation and differentiation are crucial. Li also stressed the importance of focusing deeply on one’s business, being committed, and continuously learning. Talent development and efficient management were also highlighted as essential for sustainable growth. Finally, he emphasized the importance of targeting younger consumers, as they are the future of the market.
The "Internet TV triad"—LeTV, Xiaomi, and Little Whale—once faced challenges in the market, but Xiaomi managed to thrive due to its strong ecosystem and loyal fan base. Little Whale, focused on home entertainment, has carved out a unique niche. Li Huaiyu explained how the company leverages product innovation, user feedback, and advanced technologies like big data and AI to stay competitive. He believes that in the era of consumption upgrades, differentiated strategies are key for technology-driven businesses.
Innovation continues to reshape industries. As Ma Yun once said, “Everyone thinks BAT is great, but I believe the landscape will change in two or three years. In five years, we might still be there, but that’s a big problem.†The internet sector is constantly evolving, and both big and small companies must adapt to survive and grow.
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