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author: begonia ye

editor: cheng cheng

design: lan sheng

as national day approaches, liu qiangdong is very busy.

on september 17, jd.com took over all of walmart’s shares in dada, raising its shareholding ratio to 63.2%.

a week later, jd.com's subsidiaries jd.com and suqian hanbang transferred their shares in yonghui supermarket to miniso, cashing out 1.77 billion yuan.

on september 26, more important information came: after 13 years, jd.com will reconnect to alipay, and jd logistics will also connect to taotian merchants - this historic reconciliation is between the two e-commerce companies alibaba and jd.com the platform has been established for more than 20 years, which is the biggest handshake.

brother dong is full of firepower, choosing suitable friends for jd.com’s future, such as joining hands with jack ma, pointing his sword at wang xing, and cutting off zhang xuansong.

there are no permanent enemies, only permanent interests. when the war in the industry is raging and the market environment is changing, the doors on the barriers can be opened for opponents, and they can also replace partners to face more brutal competition.

join hands with jack ma

it is not an exaggeration to use the word "old enemy" to describe liu qiangdong and jack ma.

it is reported that jack ma and liu qiangdong first met in 2004, when both attended a meeting. at the meeting, everyone shook hands with each other and was polite. when liu qiangdong shook hands with ma yun, he said that he was "i am liu qiangdong of jd.com." ma yun was a little surprised and said: "so young, you are so small..."

after the meeting, liu qiangdong was the first to go to jack ma, hoping to make an appointment to chat with him alone. the two of them were looking for a place to drink tea or something. as a result, the venue was crowded, and the organizer kicked off the two of them before they could finish a sentence. the arrangements were made to withdraw immediately. from then on, the two never had the opportunity to drink tea together.

▲the first world internet conference in 2014, jack ma and liu qiangdong, picture source network

in 2008, alibaba and jd.com launched a direct confrontation in the b2c field. in this competition, jack ma once publicly stated: "jd.com is not our opponent." liu qiangdong responded: "we are not here to fight alibaba, we are here to do business with alibaba."

but at an event ten years later, liu qiangdong challenged jack ma: "i bet that in the next ten years, jd.com’s revenue and profits will exceed alibaba’s. at that time, jack ma responded: "i don't dare to bet because i don't want to lose." "

passion, challenge, competition and cooperation, love and hatred pervade the relationship between the two.

for example, in the construction of e-commerce infrastructure logistics, liu qiangdong opposed the public opinion and proposed to spend a lot of money to build its own logistics. jack ma bluntly said that "jd's logistics is too cumbersome and the future is worrying."

for example, in may 2011, jd.com suddenly announced that it would stop using alipay.

at that time, liu qiangdong explained that firstly, the alipay fee rate was too high, and jd.com had to pay an extra 5 million to 6 million yuan every year; secondly, 80% of jd.com paid by cash on delivery, and about 10% paid with online unionpay. therefore, stopping cooperation with alipay will not have any impact on users.

since then, the relationship between jd.com and alibaba has taken a turn for the worse, and the smell of gunpowder has become increasingly intense.

in 2015, also on the eve of double eleven, jd.com received letters from many merchants saying that they had been pressured by a certain platform and had to choose to withdraw from the jd platform; in 2017, the "fengniao war" and "jd.com banned tiantian" happened one after another. express delivery"......

the dissatisfaction between the two parties gradually deepened, and they never expected that today, 13 years later, the two parties would get back on good terms and communicate with each other.

according to late post reports, taobao, tmall and jd.com are opening up to each other, with jd logistics entering taobao and alipay entering jd.com.

to put it simply, taobao and tmall are expected to officially connect to jd logistics in mid-october, and the jd platform will also connect to cainiao express and cainiao post; jd will also officially connect to alipay payment on the eve of double 11 this year.

opening up logistics and payment systems to each other will mean that jd.com and alibaba, the old rivals who have been competing with each other for nearly 20 years, will achieve the largest handshake in history.

after all, alipay to alibaba and jd logistics to jd.com are one of the largest "moats" for both parties. this operation is equivalent to lowering the suspension bridge and opening the city gate to welcome "friendly troops" into the city.

this is probably the charm of market competition.from the previous "life-and-death" contest to the harmonious cooperation now connected with each other, it also confirms the sentence: there are no eternal enemies, only eternal interests.。

from the perspective of jd logistics, entering taobao means that its logistics network can cover more orders and consumers. especially with alibaba’s huge user base, it has the opportunity to bring more business opportunities and growth potential to it. .

jd.com’s access to alipay may also bring some incremental users. it is reported that alipay’s monthly active users are as high as nearly 900 million.

the financial report shows that in the second quarter of this year, jd.com’s revenue was 291.4 billion yuan, an increase of 1.2% year-on-year. there was growth but not significant.

at the same time, jd.com group announced that it will start to raise wages again. starting from october 1, jd.com’s retail group and functional system will take two years to achieve 20% salary, and other departments will also start salary increase plans one after another. undoubtedly, as a self-operated system, jd.com’s cost pressure is huge.

accelerate the invasion into the hinterland of meituan

in the world of business, there can be stories of "turning hostilities into friendship" that move from confrontation to reconciliation, or there can also be unsmoking disputes that don't give way to the enemy's belly.

in march this year, liu qiangdong proposed three must-win battles in 2024, and "instant retail" was one of them.

time was running out. after the declaration, liu qiangdong acted quickly.

in may, dada upgraded its instant retail brands jd hourly delivery and jd home delivery to a unified "jd instant delivery" and launched it at the core of the jd app homepage, giving it dual resources of traffic and exposure.

▲jd.com instant delivery, picture source jd.com app homepage screenshot

in august, dada express was renamed as "dada instant delivery", which was a straightforward upgrade from "hours" to "seconds".

also this month, dada changed coaches again. guo qing became a director of dada's board of directors and a member of the remuneration committee, and succeeded shan su as chairman of the board of directors. at the same time, shan su will continue to serve as a director of dada and a member of the nomination and corporate governance committee of the board of directors.

previously, dada founder kuai jiaqi left, and "jd.com" executives took over: jd.com retail ceo xin lijun and jd.com group cfo shan su successively took over the key board chairman positions.

superimposed on this increase in equity holdings,jd.com’s control over dada is getting stronger. according to market interpretation, this will help improve jd.com’s instant delivery service capabilities in the same city.

however, now that guo qing, who is not a direct descendant of jd.com, has raised the banner, he has other intentions.

information shows that he only joined jd.com in april this year as a group consultant. he was previously a member of the s-team, meituan’s highest decision-making body, and single-handedly contributed to the rapid development of meituan’s wine and travel business.

the reason is that, according to 36kr reports,in an internal closed meeting, dada was fully benchmarked against meituan’s flash sale, the latter is an instant retail platform owned by meituan. it is estimated that its gtv may exceed 200 billion yuan in 2023, which is equivalent to 2.5 times that of jd daojia.

poaching and attacking, the track is heating up rapidly, new players and big players have entered the scene one after another, and the battle waits for no one.

for example, on july 3, the homepage of taobao app was revised and updated, and the top tab added a first-level traffic entrance for "hourly delivery". this means that merchants in the hourda channel will receive a large wave of public domain traffic from taobao app. it is understood that since then, hourda has been open to all brands and merchants on taobao and tmall. anyone who has a local warehouse and can meet users' immediate delivery needs can sign up.

for example, according to dige.com, the scope of operations was once reduced to douyin’s hourly delivery in four cities, and now it has opened merchants in 31 cities including beijing, shanghai, guangzhou, and shenzhen.

jd.com, which points to the hinterland of meituan with dada, is also one of them.

“the catering key customer business is the top priority this year.” as dada’s management stated, in the jd instant delivery area in the jd app, tea drinks such as luckin, kudi, mixue bingcheng, and nova coffee are available brands have settled in and competed for users with "9 yuan for 9 free shipping", while dada has taken orders from chain merchants such as mcdonald's and luckin. in addition, dada also undertakes the delivery needs of catering merchants on the douyin platform.

effective at the beginning of the match. in the second quarter, the overall revenue of dada's chain merchant business increased by nearly 50% year-on-year, of which the net income of catering chain merchants increased by nearly 80%, and the number of new stores more than doubled year-on-year.

but there is a clear gap between leveraging meituan’s hinterland and conquering the “must-win battle”.

the financial report shows that in the first quarter, the average daily order volume of meituan’s flash sales reached 8.4 million. meituan’s flash sales have previously disclosed that by 2026, they plan to create 30,000 stores with daily sales exceeding 10,000 yuan and 100 billion-level brands.

according to the ""instant+" 2023 instant retail development trend white paper", the instant retail market size is expected to grow at an average annual compound rate of 25% from 2023 to 2030, and is expected to increase to 3.6 trillion yuan by 2030, which is equivalent to the total retail sales of consumer goods in the same period. 6%.

▲real-time changes in the size of the retail market, picture source: tidal business review

for e-commerce platforms facing market ceilings and low profit dilemmas, it goes without saying how imaginative instant retail is for the future, but it is a longer and more difficult track.

one fact is that in the second quarter, jd.com’s high-frequency users of miashu and miasu’s online order volume both grew more than double year-on-year. however, at the cost, jd.mia’s revenue fell by more than 40% year-on-year to 912 million yuan. , dada's revenue also fell for the first time in the past five years, by 9.5%.

liu qiangdong is serious about doing real-time retail, and it is difficult.

sell ​​yonghui supermarket

in 1999, jack ma founded alibaba. at that time, liu qiangdong and wang xing, one had just set up a counter in zhongguancun, studied inventory and procurement, and plunged into the world of retail; the other was still studying computers at tsinghua university.

it was not until 2003, four years later, that liu qiangdong began to try e-commerce and embarked on the road of jd.com. in the same year, wang xing stopped studying for a phd in the united states and returned to china to start a business.

there is not much overlap between the two. liu qiangdong was born on february 14, 1974, and wang xing was born on february 18, 1979. there is an age difference of 5 years between the two, and they are both aquarius.. in greek mythology, aquarius appears as a revolutionary. they rebel against tradition and advocate innovation. they can persist in themselves no matter how questioned by the outside world.。

later, at the dongxing dinner in wuzhen, they were in the same frame.

in the power game of this technology giant, the seating arrangement has become a hot topic of discussion. ma huateng took the main seat, while liu qiangdong and wang xing sat on the left and right, very close to each other, but did not communicate much.

▲2017 wuzhen dinner, picture source network

however, at some point, the two revolutionaries also revealed their appreciation for each other. liu qiangdong once said publicly, "i regret that i was not radical enough and too timid at the time. i did not invest some money in group buying and life services earlier. seeing the rapid development of meituan, in retrospect, i should continue to invest in it." money."

the timing is different and the treatment is different. some can break up and then shake hands and become friends, some can meet suddenly and then fight, and some can be "kicked out" of the circle of friends directly.

in 2015, liu qiangdong was busy with major life events, including preparing for his wedding with zhang zetian in australia, but he still found some time to "hold hands" with brothers zhang xuansong of yonghui supermarket.

at that time, liu qiangdong went to fuzhou to visit yonghui supermarket, accompanied by zhang xuansong. when he came back, he invested 4.31 billion yuan in strategic investment in yonghui supermarket and obtained 10% of the shares.

"yonghui supermarket's fresh food supply chain model is not replicable. just like jd.com, other companies cannot copy jd.com's model." in the early days of the transaction, jd.com and yonghui supermarket often complimented each other in business. "jd.com has a strong e-commerce platform, and yonghui supermarket has a strong e-commerce platform. hui supermarket has more than 300 stores across the country, and the cooperation between the two parties is the integration of online and offline.”

zhang xuansong was born in fuzhou city, fujian province in 1971, while liu qiangdong was three years younger than him. they both started their businesses from the grassroots level. liu qiangdong sold recorders, compression cards and sound cards in zhongguancun, while zhang xuansong started by selling beer. he never expected that later, they will "like each other".

interestingly, at the end of 2015, zhang xuansong’s wife bought a mansion in australia for 36 million australian dollars (equivalent to rmb 160 million) - the same australian mansion where liu qiangdong and his wife zhang zetian rented.

industry insiders speculate that it isliu qiangdong asked zhang xuansong’s wife to buy this mansion first, and then buy it back after he or zhang zetian obtained permanent residence in australia.。

sources pointed out that in australia, starting from december 1, 2015, foreign buyers will need to pay an extra 5,000 australian dollars (australian dollars, the same below) for properties below 1 million, and 10,000 yuan for properties above 1 million. investment review board (firb) application fee.

moreover, australia requires house buyers to hold a valid visa for more than one year before they can buy a second-hand house. it must be a self-occupied house and cannot be used as an investment house. it must be sold when leaving australia and cannot be held for a long time like an investment house. enjoy added value.

however, zhang xuansong’s wife is already a permanent resident of australia, and buying a luxury home does not require review by the foreign investment regulatory commission.

it's a pity that no matter how strong the affection is, it can't compete with the cruelty of reality.

in liu qiangdong’s plan, yonghui supermarket will cooperate with jd.com’s home business to perfectly realize a closed business loop. the result is that after the peak, yonghui supermarket collapsed like a "deflated rubber ball", with its market value shrinking by nearly 100 billion, performance losses of 8 billion in three years, and total liabilities exceeding 40 billion.

the investment he was full of confidence turned into a hot potato. liu qiangdong sold it in a huge sale and sold it to ye guofu of miniso, cashing out 1.8 billion.

after killing ma su with tears, the brothers zhang xuansong are no longer good friends of liu qiangdong in the investment world.