After Jack Ma came up with the idea “new retailing”, Richard Liu Qiangdong, chairman and CEO of JD Gruop, also issued an article titled “The Fourth Retailing Revolution” on Finance magazine. In the article, he pointed out that the Chinese retailing industry was on the eve of revolution. The Chinese retailing industry is to face the fourth retailing revolution in the next one to two decades, he predicted.
From his perspective, the changes the Chinese retailing industry is facing right now are nothing special compared to those of previous revolutions. As always, this latest revolution is going to be centered around three keywords, including “cost”, “efficiency” and “experience”.By grasping these three keywords, one will be able to see clearly what opportunities lie head.
Besides that, he pointed out that the fourth revolution will not change retailing, but the very infrastructure of retailing. Catering to the rising requirement for cost, efficiency and experience, the retailing infrastructure will become significantly scalable, smart and synergetic, he believed.
The main driving forces of the fourth revolution, he observed, is the changing consumption habit and technology. Against the background of “consumer sovereignty”, consumers attach higher importance to personalized expression and play an increasingly participative role during consumption. Instead of passively receiving information, they are actively affecting or even creating consumption.
In addition, he stated that in an era of technological empowerment, the synergy of intelligent business is based on Instrumented, Interconnected and Intelligent (3Is).
For JD, the future retailing landscape will be “boundless” and “accurate”. To better integrate and coordinate resources, first-tier future retailing infrastructure should possess three main features, including Scalable, Smart and Synergetic.
At last, he pointed out that in the fourth retailing revolution, smart technology would continuously optimize the capital, commodity and information flow, thus improving efficiency and lowering cost in the supply end, providing more personalized and even predictive user experience in the consumer end.
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Translated by Levin Feng (Senior Translator at PAGE TO PAGE), working for TMTpost.