We recently shared a report with everyone that the biggest Chinese e-commerce player now has a new name which is the PDD after it overtook Alibaba to become the biggest and most-growing e-commerce dominator. It is also worth noting that previous market leaders such as Alibaba and JD.com have not been sitting quietly and after the PDD results, they have been urging their employees to not keep quiet and do whatever it takes to get back to the top. We know that the Chinese founders get very emotional when they are overtaken by their peers and we see some strong statements from them which are made internally.
In one such comment, JD.com’s founder said during an internal meeting that he wants his employees to not “lie flat” and that Beijing-based firm is facing major problems and must work to fix them, or “we will have no way out.” Liu responded to an employee comment that had laid out several issues facing the firm, such as how it currently runs promotions and a lack of support for merchants that sell on its platform. He added “It can be said that every one of the company’s pain points is a real problem and must be changed,” and also agreed that “Of course, so many problems are caused by my mismanagement; I very much blame myself”. He also acknowledged that “The organization is big, bloated, and inefficient, and it does take time to change,”
He also thanked the employee and said “I believe we will get out of the bottom. People and companies will go through several peaks and valleys to achieve greatness,” he added. “Let’s work together to change!”. After these comments went viral, a JD.com spokesperson said that “this is a routine exchange, and it demonstrates our management’s confidence, as well as the entire team’s collaboration, in addressing problems and overcoming challenges.” JD has struggled recently because “consumers increasingly demand value-for-money products, which is not one of [the company’s] strengths”. Also, the news that JD was going to be removed from the Nasdaq 100 Index did not go down well for its stocks which went down 3.2% in New York on Monday.
