JD's 618 Festival and Liu Qiangdong's Involvement

TapTechNews May 23rd news, with the arrival of the 618 shopping festival in 2024, major e-commerce platforms have kicked off one of the most intense competitive periods of the year, and even Liu Qiangdong, the chairman of JD Group, has personally gotten involved in the operation.

According to the Wall Street Tech Eye report, it should have been Xu Ran, the CEO of JD, taking the lead at the front desk, but Liu Qiangdong has personally gone to various WeChat groups to make arrangements, quietly observing the group chat situation and occasionally sending a voice message to put forward his own opinions and arrangements. Sometimes he even @ a certain business leader to understand the progress of the business.

Insiders said that Liu Qiangdong has been living overseas for a long time in recent years. Due to the time difference, in the dead of night in Chinese time, there are often 60-second voice messages from Liu Qiangdong in the business groups. Judging from the time interval between Liu Qiangdong's voice messages before and after, since March this year, Liu Qiangdong's daily sleep time is often less than 4 hours.

TapTechNews noticed that Liu Qiangdong spoke on the JD intranet last year, directly pointing out the problems of internal bloatedness and inefficiency. He said, With so many problems, of course it's all due to my poor management, and I feel very guilty. But in any case, I won't lie down, and I also hope that brothers will never lie down. Now the organization is huge, bloated, and inefficient, and it really takes time to change.

From this year's 618 shopping festival, it can also be seen that JD has adopted a simplified promotion strategy, not only playing the slogan of good and cheap, but also directly starting to sell spot goods, competing with its rival Tmall again.

In terms of financial report data, JD achieved revenue of 260 billion yuan in the first quarter of 2024, a year-on-year increase of 7.0%, and the market expected 258.35 billion yuan. The adjusted EBITDA was 10.8 billion yuan, and the estimated value was 9.5 billion yuan. The adjusted net profit in the first quarter was 8.9 billion yuan, a year-on-year increase of 17.2%, and the market expected an adjusted net profit of 7.412 billion yuan.