Latest / Let's talk Marketplace / Why JD.com bought Ceconomy - China Insights with Ed #LTM141

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Why JD.com bought Ceconomy - China Insights with Ed #LTM141 · Let's talk Marketplace

0:00
They
0:00
were
0:00
saying,
0:00
oh,
0:00
we've
0:00
opened
0:01
up
0:01
the
0:01
whole
0:01
market
0:01
and
0:02
we're
0:02
selling
0:02
to
0:02
Poland
0:03
and
0:04
Austria
0:04
and
0:05
all
0:05
of
0:05
these
0:05
different
0:05
places
0:06
in
0:06
Europe.
0:06
I
0:06
don't
0:07
know
0:07
if
0:07
there
0:07
are
0:07
any
0:07
orders
0:08
coming
0:08
in,
0:08
but
0:09
I
0:09
seriously
0:09
doubt
0:10
it.
0:10
I
0:10
think
0:10
that
0:10
was
0:10
just
0:11
window
0:11
dressing.
0:12
So
0:13
now
0:13
with
0:14
Joy
0:14
Buy,
0:14
they
0:15
are
0:15
relaunching
0:15
the
0:16
whole
0:16
thing.
0:16
And
0:16
what
0:17
you
0:17
definitely
0:17
must
0:18
have
0:18
seen
0:18
in
0:18
the
0:18
first
0:18
couple
0:19
of
0:19
weeks
0:20
is
0:20
that
0:20
it
0:21
was
0:21
quite
0:21
dreadful.
0:26
Let's
0:26
Talk
0:26
Marketplace
0:27
the
0:27
Marketplace
0:28
Podcast
0:28
with
0:29
Ingrid
0:29
Lommer
0:30
and
0:30
Vana
0:30
V.
0:30
Dichtu
0:35
hello
0:35
and
0:35
welcome
0:35
back
0:35
to
0:36
let's
0:36
Talk
0:36
Marketplace.
0:37
It's
0:37
great
0:37
to
0:37
have
0:37
you
0:37
back
0:38
again.
0:38
I'm
0:38
Ingrid,
0:39
as
0:39
always
0:39
your
0:39
host,
0:40
and
0:41
today
0:41
I
0:41
have
0:42
a
0:42
topic
0:42
for
0:42
you
0:44
on
0:44
one
0:45
particular
0:45
player
0:45
that
0:46
you
0:46
might
0:46
not
0:47
have
0:47
heard
0:47
about
0:48
until
0:49
about
0:49
last
0:49
year
0:50
when
0:50
they
0:50
were
0:51
the
0:51
first
0:51
talks
0:51
that
0:52
they
0:52
would
0:52
take
0:52
over
0:52
the
0:53
economy.
0:53
The
0:54
mother
0:55
company
0:55
of
0:55
Mediamarkt
0:56
and
0:56
Saturn.
0:57
Of
0:57
course,
0:57
I'm
0:57
talking
0:58
about
0:58
JD.com
1:00
one
1:01
of
1:01
the
1:01
big
1:02
Chinese
1:03
commerce
1:04
players,
1:04
but
1:05
not
1:05
the
1:06
loudest
1:06
one.
1:06
By
1:06
far
1:07
not
1:07
the
1:07
loudest
1:07
one.
1:08
And
1:08
I've
1:08
been
1:09
looking
1:10
into
1:10
them
1:11
over
1:11
the
1:11
last
1:12
month
1:12
because
1:13
of
1:13
their
1:13
takeover
1:14
of
1:14
MediaMarkTagThorn.
1:15
And
1:16
to
1:16
be
1:16
honest,
1:16
I
1:17
couldn't
1:17
really
1:17
make
1:17
heads
1:18
or
1:18
tails
1:18
of
1:18
them.
1:19
You
1:19
know,
1:20
why
1:20
are
1:20
they
1:20
buying
1:21
Zeconomy?
1:21
What
1:21
are
1:22
they
1:22
doing
1:22
here?
1:23
Why
1:23
are
1:23
they
1:24
building
1:24
logistics
1:25
centers?
1:26
What
1:26
is
1:27
their
1:27
plan?
1:27
I
1:27
have
1:28
no
1:28
idea.
1:28
But
1:29
the
1:29
point
1:29
is,
1:30
whenever
1:30
I
1:30
have
1:30
no
1:30
idea
1:31
about
1:31
a
1:31
Chinese
1:31
player,
1:32
I
1:32
know
1:32
who
1:32
to
1:33
call.
1:35
And
1:35
it's
1:35
great
1:35
to
1:36
have
1:36
you
1:36
back,
1:36
my
1:37
close
1:37
business
1:38
friend
1:38
and
1:38
an
1:39
absolute
1:39
authority
1:40
on
1:40
China
1:40
commerce.
1:41
And
1:41
it's
1:41
always
1:41
good
1:41
to
1:41
have
1:42
you
1:42
on
1:42
the
1:42
show
1:42
if
1:42
I
1:42
have
1:42
questions
1:43
on
1:43
China
1:44
Players.
1:44
So
1:44
hi,
1:45
thanks
1:45
for
1:45
having
1:46
me
1:46
back.
1:47
Great
1:48
to
1:48
have
1:48
you
1:48
again.
1:49
It's
1:49
been
1:50
a
1:50
while
1:50
since
1:50
you've
1:50
been
1:51
on
1:51
the
1:51
podcast.
1:52
I
1:52
think
1:52
about
1:53
half
1:53
a
1:53
year
1:53
since.
1:54
So
1:54
how
1:55
have,
1:55
how
1:55
have
1:55
you
1:55
been
1:55
doing?
1:56
What
1:56
have
1:56
you
1:56
been
1:56
doing
1:56
in
1:56
the
1:56
last
1:57
half
1:57
year?
1:58
Yeah,
1:58
I've
1:58
been
1:59
quite
1:59
busy.
2:00
Last
2:01
October
2:01
we
2:02
had
2:02
our
2:03
second
2:03
tour
2:03
with
2:04
K5K
2:07
and
2:08
that
2:08
was
2:09
great
2:09
fun
2:09
again.
2:10
So
2:10
we
2:11
actually
2:11
are,
2:12
I'm
2:12
preparing
2:13
for
2:13
a
2:13
tour
2:13
in
2:14
April
2:14
where
2:14
we
2:14
take
2:15
the
2:15
people
2:15
that
2:15
have
2:15
been
2:16
on
2:16
the
2:16
first
2:17
tour
2:18
to
2:18
what
2:19
we
2:19
call
2:19
the
2:19
Episode
2:20
two
2:20
tour,
2:20
where
2:21
we're
2:21
going
2:21
to
2:22
go
2:22
much
2:22
deeper
2:22
into
2:23
the.
2:23
The
2:24
material
2:24
but
2:24
also
2:25
visit
2:25
completely
2:25
different
2:26
places
2:26
that
2:27
people
2:27
rarely
2:27
go
2:28
to.
2:28
So
2:28
that's
2:28
one
2:28
thing
2:29
that
2:29
I'm
2:29
doing.
2:29
And
2:29
then
2:30
in
2:30
October
2:31
this
2:32
year
2:32
we
2:32
will
2:32
have
2:32
another
2:33
K5
2:33
tour
2:33
and
2:34
a
2:34
tour
2:34
that
2:34
I'm
2:34
doing
2:35
with
2:35
Virke
2:36
from,
2:36
from
2:36
Norway.
2:38
So
2:38
I'm
2:38
also
2:39
sort
2:39
of
2:39
preparing
2:39
for
2:39
that
2:40
one
2:40
that's
2:40
going
2:40
to
2:40
be
2:40
the
2:41
standard
2:41
episode
2:42
one
2:42
tour
2:42
again.
2:44
And
2:44
on
2:44
top
2:45
of
2:45
that,
2:45
of
2:45
course
2:45
I've
2:46
been
2:46
writing
2:46
for
2:46
techbuschina
2:47
and
2:47
I've
2:47
been
2:47
setting
2:48
up
2:48
my,
2:48
my
2:49
own
2:49
new
2:49
platform
2:50
which
2:51
is
2:51
called
2:51
the
2:51
China
2:51
Digital
2:52
RET,
2:53
which
2:54
will
2:55
basically
2:55
continue
2:55
what
2:56
I'm
2:56
doing
2:56
for
2:57
TechBoss
2:58
China
2:58
on
2:58
that
2:58
new
2:59
platform.
3:00
But
3:00
I
3:00
will
3:00
have
3:00
the
3:01
ability
3:01
to
3:02
publish
3:02
much
3:02
more
3:03
and
3:03
different
3:03
formats
3:04
of
3:04
content,
3:05
not
3:05
just
3:05
the
3:05
very
3:05
deep
3:06
dive
3:06
reports
3:06
that
3:06
I've
3:07
been
3:07
doing
3:07
for
3:07
Tech
3:07
Boss.
3:08
So
3:08
that's
3:09
been
3:09
keeping
3:09
me
3:09
busy
3:10
lately.
3:11
Yeah,
3:11
it
3:11
sounds
3:11
like
3:12
it.
3:12
Definitely.
3:13
Lots
3:13
of
3:13
tours
3:14
going
3:14
on,
3:14
lots
3:14
of
3:14
writing
3:14
going
3:15
on.
3:15
Really
3:15
cool.
3:16
So
3:17
of
3:18
course
3:18
when
3:18
I
3:18
wrote
3:19
to
3:19
you
3:19
and
3:19
said
3:19
let's
3:20
talk
3:20
about
3:20
jd,
3:21
you
3:22
didn't
3:22
have
3:22
the
3:22
same
3:22
problem
3:23
that
3:23
I
3:23
have
3:23
that
3:23
you
3:24
don't
3:24
know
3:24
what
3:24
they
3:24
are
3:25
about.
3:26
So.
3:30
So
3:32
why
3:32
has
3:33
JD
3:33
sort
3:34
of
3:34
been
3:35
missed
3:35
by
3:36
Europeans
3:36
for
3:37
so
3:37
long?
3:39
I
3:39
think
3:39
the
3:39
main
3:39
reason
3:40
why
3:41
most
3:42
people
3:42
are
3:42
not
3:43
very
3:43
familiar
3:43
with
3:43
JD
3:44
is
3:44
that
3:44
they
3:44
have
3:45
not
3:45
been
3:46
very
3:46
active
3:47
internationally
3:47
with
3:48
their
3:48
retail
3:48
business.
3:49
I
3:49
mean
3:50
if
3:50
you
3:50
look
3:50
at
3:50
Alibaba,
3:51
Alibaba
3:52
actually
3:52
started
3:53
with
3:53
a
3:53
B2B
3:54
business,
3:54
Alibaba.com
3:56
and
3:56
then
3:57
later
3:57
about
3:58
10
3:58
years
3:58
later
3:58
they
3:59
rolled
3:59
out
3:59
AliExpress.
4:01
So
4:02
from
4:02
that
4:03
point
4:03
of
4:03
view,
4:05
they've
4:05
always
4:05
been
4:06
very
4:06
active
4:06
in
4:07
our
4:07
markets
4:08
in
4:08
different
4:08
formats.
4:09
JD
4:10
has
4:10
never
4:10
really
4:10
been
4:11
very
4:11
strong
4:13
in
4:13
cross
4:14
border
4:14
retail
4:15
and
4:15
in
4:15
international
4:15
retail
4:16
they've
4:17
only
4:17
been
4:17
sort
4:18
of
4:18
getting
4:19
more
4:19
active
4:19
in,
4:19
in
4:20
that
4:20
space
4:20
in
4:20
the
4:21
last
4:21
couple
4:21
of
4:21
years.
4:23
So
4:23
that's
4:24
probably
4:24
one
4:24
of
4:24
the
4:24
reasons.
4:25
And
4:26
of
4:26
course
4:26
you
4:26
also
4:26
have
4:27
the
4:27
matter
4:27
that
4:27
very
4:28
few
4:28
people
4:28
actually
4:28
look
4:29
at
4:29
what's
4:29
happening
4:30
inside
4:30
China
4:30
because
4:31
they're
4:31
mostly
4:31
focused
4:32
on
4:32
their
4:32
own
4:32
markets
4:33
and
4:33
only
4:33
when
4:33
a
4:33
Chinese
4:34
competitor
4:34
comes
4:34
to
4:34
their
4:35
markets,
4:35
they're
4:35
paying
4:35
attention.
4:37
Who
4:37
does
4:37
that
4:37
guy
4:37
know?
4:38
Yeah,
4:39
in
4:40
China,
4:41
JD
4:42
has
4:42
been
4:43
number
4:43
two
4:43
for
4:43
a
4:43
very
4:44
long
4:44
time.
4:44
They're
4:44
currently
4:45
number
4:45
four.
4:45
But
4:46
they
4:46
were
4:46
number
4:46
two
4:47
after
4:47
Alibaba.
4:49
Okay,
4:49
yeah.
4:50
So
4:50
now
4:50
they
4:50
number
4:50
four.
4:51
That
4:51
might
4:51
be
4:52
one
4:52
of
4:52
the
4:53
points
4:53
that
4:53
we
4:54
were
4:54
going
4:54
to
4:54
return
4:54
to
4:55
later,
4:55
I
4:55
have
4:55
a
4:55
feeling.
4:56
So
4:57
why
4:58
have
4:58
they
4:58
bought
4:59
secondomy
5:00
of
5:00
all
5:00
companies
5:01
that
5:01
are
5:01
on
5:01
the
5:02
market
5:02
in
5:02
Europe
5:02
at
5:02
the
5:03
moment?
5:03
What
5:03
they
5:03
do
5:03
they
5:04
want
5:04
with
5:04
them
5:04
and
5:04
how
5:04
do
5:05
they
5:05
match
5:05
with
5:05
the
5:06
JD
5:07
DNA?
5:09
So
5:11
why
5:11
do
5:11
they
5:11
buy
5:12
it?
5:13
I
5:13
think
5:13
basically
5:14
the
5:14
thing
5:14
is
5:14
that
5:15
they
5:15
want
5:15
to
5:16
expand
5:16
internationally
5:17
and
5:18
if
5:18
you
5:19
look
5:19
at
5:19
what
5:19
is
5:20
being
5:20
said
5:20
in
5:20
all
5:20
of
5:21
the
5:21
press
5:21
releases,
5:21
that
5:22
doesn't
5:22
give
5:22
you
5:22
a
5:22
lot
5:22
of
5:22
information
5:23
about
5:23
what
5:23
they're
5:24
planning
5:24
to
5:24
do
5:24
with
5:24
the
5:24
company.
5:24
That's
5:25
like
5:25
the,
5:25
the
5:26
standard
5:26
PR
5:26
talk,
5:27
right?
5:27
Like
5:28
we're
5:28
going
5:29
to
5:29
do
5:29
great
5:29
things
5:29
for
5:29
the
5:30
customers,
5:30
etc.
5:30
Etc.
5:31
But
5:31
if
5:32
you
5:32
look
5:32
at
5:32
what,
5:32
if
5:33
you
5:33
actually
5:33
look
5:33
at
5:33
what
5:34
Richard
5:34
Liu,
5:35
Liu
5:35
Chandong,
5:36
the
5:36
founder
5:37
of
5:37
the
5:37
company,
5:38
has
5:38
been
5:38
saying
5:39
in
5:39
China,
5:40
both
5:41
to
5:41
his
5:41
own
5:42
staff
5:42
but
5:42
also
5:43
to
5:43
the,
5:43
the
5:43
press
5:44
in
5:44
China,
5:45
is
5:45
that
5:46
he
5:47
has
5:47
the
5:47
opinion
5:47
that
5:47
the
5:48
last
5:48
five
5:48
years
5:48
were
5:49
like
5:49
throwaway
5:49
years.
5:50
He's
5:51
very
5:51
frustrated.
5:51
He
5:52
was
5:52
also
5:52
sort
5:53
of
5:53
in
5:53
semi
5:53
retirement,
5:55
but
5:55
he
5:55
was
5:55
very
5:55
frustrated
5:56
that
5:56
nothing
5:57
really
5:57
happened
5:57
in
5:58
the
5:58
past
5:58
five
5:59
years
5:59
as
5:59
far
5:59
as
6:00
innovation
6:00
or
6:00
new
6:01
business
6:01
initiatives
6:02
is
6:02
concerned.
6:03
So
6:03
he
6:03
stepped
6:04
back
6:04
in
6:05
and
6:05
he
6:06
said
6:07
we're
6:07
going
6:07
to
6:07
do
6:07
some,
6:08
something
6:08
like
6:08
six
6:08
or
6:08
seven
6:09
new
6:09
things.
6:09
He
6:09
didn't
6:10
specify
6:10
what
6:10
these
6:11
things
6:11
were,
6:11
but
6:12
one
6:12
thing
6:12
that
6:13
was
6:13
clear
6:13
is
6:13
that
6:14
he
6:14
wanted
6:14
to
6:15
reignite
6:15
what
6:15
they
6:16
were
6:16
doing
6:16
internationally,
6:17
cross
6:17
border
6:18
and
6:18
international
6:19
markets.
6:20
Because
6:21
a
6:21
few
6:21
years
6:21
ago
6:22
basically
6:22
JD
6:23
completely
6:24
pulled
6:24
back.
6:24
They
6:25
closed
6:25
down
6:25
their
6:26
cross
6:26
border
6:26
business
6:26
in
6:27
Indonesia,
6:28
in
6:28
Thailand
6:29
they
6:29
had
6:30
a
6:30
version
6:30
of
6:31
Joy
6:31
Buy,
6:31
which
6:32
we'll
6:32
also
6:32
probably
6:33
discuss
6:33
today,
6:35
that
6:36
they
6:36
also
6:36
closed
6:37
down,
6:37
which
6:37
at
6:37
that
6:37
time
6:37
was
6:38
like
6:38
a
6:38
B2B2B
6:39
kind
6:40
of
6:40
platform.
6:41
So
6:41
he
6:42
wanted
6:42
to
6:42
reignite
6:42
that.
6:43
And
6:44
so
6:44
the
6:44
two
6:45
things
6:45
that
6:45
he's
6:45
doing
6:45
is
6:46
by
6:47
one
6:47
way
6:47
opening
6:48
a
6:49
new
6:49
version
6:49
of
6:50
Joy
6:50
Buy.
6:51
But
6:51
the
6:51
second
6:51
thing
6:52
is
6:52
what,
6:52
what
6:53
can
6:53
you
6:53
do
6:53
if
6:53
you
6:53
don't
6:54
have
6:54
a
6:54
local
6:54
presence?
6:55
And
6:55
JD
6:55
is
6:56
a
6:56
very,
6:57
is
6:57
a
6:57
company
6:57
that
6:58
is
6:58
also
6:58
very
6:58
active
6:58
in
6:59
China
6:59
in
7:00
brick
7:00
and
7:00
mortar
7:01
stores.
7:01
So
7:01
they
7:02
have
7:02
a
7:02
lot
7:02
of
7:02
experience
7:03
in
7:03
offline
7:03
retail.
7:04
But
7:04
of
7:04
course,
7:05
if
7:05
you
7:06
want
7:06
to
7:06
set
7:06
up
7:06
an
7:07
offline
7:07
retail
7:08
business,
7:08
I
7:08
mean
7:09
if
7:09
you
7:09
look
7:09
around
7:09
China,
7:10
there's
7:10
JD
7:11
malls
7:11
that
7:11
we
7:12
can
7:12
talk
7:12
about,
7:12
but
7:12
they
7:12
have
7:13
computer
7:13
stores,
7:13
they
7:14
have
7:14
mother
7:14
and
7:14
baby
7:14
stores,
7:15
they
7:16
even
7:16
have
7:17
car
7:17
maintenance
7:18
garages
7:18
because
7:19
they
7:19
supply
7:20
all
7:20
of
7:20
the
7:21
auto
7:21
parts.
7:22
Okay,
7:22
so
7:22
you
7:23
can
7:23
even
7:23
take
7:23
your,
7:23
your,
7:24
your
7:24
car
7:24
to
7:25
a
7:25
JD
7:25
garage.
7:27
So
7:27
they
7:27
have
7:27
all
7:27
of
7:28
that
7:28
kinds
7:28
of
7:28
stuff.
7:29
But,
7:29
but
7:29
they,
7:29
they
7:30
don't
7:30
have
7:30
feet
7:30
on
7:31
the
7:31
ground
7:31
in
7:32
Europe.
7:33
So
7:33
if
7:34
they
7:34
buy
7:34
an
7:35
existing
7:35
business,
7:36
they
7:36
don't
7:37
only
7:37
get
7:37
like
7:38
the,
7:38
the
7:38
location,
7:39
the,
7:39
the
7:39
real
7:40
estate,
7:40
the
7:40
stores.
7:42
They
7:42
have
7:43
the
7:43
customers
7:43
that
7:43
have
7:44
already
7:44
been
7:44
shopping
7:44
at
7:45
those
7:45
places,
7:48
an
7:48
existing
7:49
business.
7:49
So
7:49
they
7:49
buy
7:50
themselves
7:50
into
7:51
the
7:51
channel.
7:51
Now
7:51
what
7:52
are
7:52
they
7:52
planning
7:52
to
7:52
do
7:53
with
7:53
that
7:53
channel
7:54
is
7:55
a
7:55
couple
7:55
of
7:55
things
7:55
that
7:56
like
7:56
I
7:56
said,
7:56
you
7:57
can
7:57
see
7:57
in
7:57
what
7:58
Richard
7:58
Liu
7:59
has
7:59
been
7:59
discussing
7:59
with
8:00
local
8:00
media
8:01
in
8:01
China
8:02
is
8:02
he's
8:02
been
8:02
saying
8:03
he
8:03
wants
8:03
to
8:03
take
8:04
1,000
8:05
Chinese
8:05
brands
8:07
worldwide.
8:08
Now
8:09
you
8:09
can
8:09
try
8:09
doing
8:10
that
8:10
with
8:10
a
8:10
Joy
8:10
Buy,
8:11
but
8:11
that's
8:11
building
8:12
an
8:12
online
8:12
platform
8:13
from
8:13
scratch.
8:14
It's
8:14
much
8:14
easier
8:15
to
8:15
get
8:15
those
8:16
thousand
8:16
brands
8:17
into
8:17
an
8:17
existing
8:18
infrastructure
8:19
which
8:20
Media
8:20
Mart
8:21
Saturn
8:21
is
8:22
its
8:22
economy.
8:23
So
8:24
that's
8:24
one
8:24
thing.
8:25
And
8:25
another
8:25
interesting
8:26
thing
8:26
is
8:28
I
8:28
was
8:28
having
8:29
coffee
8:29
with
8:29
a
8:30
couple
8:30
of
8:30
international
8:31
initiative
8:31
guys
8:32
from
8:32
Meituan,
8:33
one
8:33
of
8:33
the
8:34
competitors
8:34
in
8:35
China
8:35
of
8:36
Jing
8:36
Tung
8:36
of
8:36
JD
8:38
and
8:38
I
8:38
said
8:38
well
8:39
he
8:39
probably
8:39
wants
8:40
this
8:40
economy
8:41
business
8:41
to
8:42
help
8:42
these
8:43
brands
8:43
just
8:44
go
8:44
abroad,
8:44
these
8:45
Chinese
8:45
brands,
8:45
these
8:45
thousand
8:46
Chinese
8:46
brands.
8:47
And
8:47
then
8:47
they
8:47
said
8:47
something
8:48
that
8:48
I
8:48
had
8:49
overlooked
8:49
and
8:50
that
8:50
was
8:51
yeah,
8:51
but
8:51
he's
8:51
got
8:51
his
8:52
private
8:52
label
8:53
products
8:53
as
8:53
well.
8:54
JD
8:54
is
8:54
actually
8:55
quite
8:55
strong
8:55
in
8:56
private
8:56
label
8:56
brands
8:57
in
8:57
consumer
8:57
electronics.
8:58
So
8:59
they
9:00
are
9:00
taking
9:00
both
9:01
other
9:01
brands
9:02
but
9:02
also
9:02
their
9:02
own
9:03
brands
9:03
into
9:03
the
9:04
international
9:04
market.
9:04
And
9:05
like
9:05
I
9:05
said,
9:05
buying
9:06
an
9:06
existing
9:06
infrastructure
9:07
is,
9:07
is
9:08
a
9:08
very
9:08
good
9:10
strategy
9:10
to
9:10
sort
9:10
of
9:11
hit
9:11
the
9:11
ground
9:11
running.
9:13
That's
9:13
interesting.
9:14
It's
9:14
also
9:15
interesting.
9:15
I'm
9:15
just
9:15
coming
9:16
up
9:16
with
9:16
this
9:16
idea
9:17
because
9:17
Media
9:18
Mangsatun
9:18
in
9:19
the
9:19
last
9:19
years
9:19
has
9:19
been
9:20
pushing
9:20
its,
9:21
its
9:21
marketplace
9:23
really
9:23
strongly.
9:24
They
9:24
have
9:24
been,
9:25
they
9:25
wanted
9:26
to
9:26
grow
9:26
that
9:26
to
9:26
I
9:27
think
9:27
over
9:28
700
9:28
million
9:29
GMV
9:31
by
9:31
2029.
9:32
And
9:32
they
9:32
are
9:32
on
9:32
a
9:32
good
9:33
road
9:33
to
9:33
do
9:33
that.
9:34
2027.
9:35
Sorry.
9:36
And
9:37
now
9:37
JD
9:38
comes
9:38
along
9:39
which
9:39
is
9:39
a
9:39
retailer
9:40
if
9:40
I
9:40
understand
9:41
correctly,
9:42
who
9:42
doesn't
9:43
have
9:43
any
9:43
stakes
9:43
in
9:44
the
9:44
marketplace
9:44
business.
9:45
They
9:45
want
9:45
to
9:45
control
9:46
their
9:46
own
9:46
retail
9:47
business
9:47
and
9:47
they
9:47
are
9:48
strong
9:48
in
9:49
private
9:50
label.
9:51
So
9:52
could
9:52
that
9:53
mean
9:54
a
9:55
big
9:55
strategy
9:56
switch
9:56
for
9:57
ITS
9:57
economy
9:57
as
9:58
well?
10:00
Actually
10:01
if
10:01
you
10:01
look
10:01
at
10:01
JD
10:03
in
10:04
China,
10:05
they
10:05
do
10:05
have
10:05
a
10:05
marketplace.
10:07
They're
10:07
a
10:07
bit
10:07
like
10:07
Amazon
10:08
and
10:08
I
10:08
think
10:08
that
10:08
probably
10:09
their
10:10
1P
10:10
business,
10:11
their
10:11
self
10:11
operated
10:12
business
10:13
is
10:13
bigger
10:14
than
10:14
their
10:14
marketplace
10:15
business.
10:15
But
10:15
they
10:15
also
10:16
have
10:16
a
10:16
marketplace.
10:18
One
10:18
difference
10:19
is
10:19
that
10:19
they
10:20
monitor
10:20
it
10:20
quite
10:21
closely
10:21
because
10:23
one
10:23
thing
10:23
that
10:24
people
10:24
know
10:24
about
10:25
JD
10:25
Jingdong
10:26
in
10:26
China
10:27
is
10:27
that's
10:28
what
10:28
people
10:28
go
10:28
for
10:29
because
10:29
they
10:29
have
10:29
trust
10:30
in
10:30
the
10:30
platform.
10:33
They
10:33
know
10:33
that
10:33
if
10:34
they
10:34
buy
10:34
something
10:34
there
10:35
it
10:35
will
10:35
not
10:36
be
10:36
what
10:36
they
10:36
call
10:36
in
10:37
China
10:37
Shanzhai,
10:38
which
10:38
is
10:38
like
10:38
counterfeits,
10:39
fake
10:40
goods
10:41
and
10:41
it's
10:42
trustworthy
10:42
and
10:42
it's
10:43
going
10:43
to
10:43
be
10:43
delivered
10:43
quickly.
10:44
So
10:45
JD
10:45
basically
10:46
says
10:46
to
10:47
anything
10:47
that
10:47
goes
10:48
on
10:48
on
10:48
the
10:48
marketplace
10:49
has
10:49
to
10:49
follow
10:50
the
10:50
same
10:50
standards.
10:52
If
10:52
you
10:52
look
10:52
at
10:53
their
10:53
international
10:53
business
10:54
that's
10:54
completely
10:55
self
10:55
operated
10:56
so
10:56
far,
10:56
which
10:57
doesn't
10:57
mean
10:57
that
10:58
they
10:58
wouldn't
10:59
open
10:59
a
10:59
marketplace
10:59
maybe
11:00
in
11:00
the
11:00
future
11:01
or
11:01
sort
11:01
of
11:01
leverage
11:02
the
11:02
economy
11:03
marketplaces
11:05
but
11:07
for
11:07
now
11:08
also
11:08
because
11:08
they're
11:09
really
11:09
a
11:09
company
11:09
that
11:10
wants
11:10
to
11:10
keep
11:10
things
11:11
under
11:11
control
11:12
and
11:12
wants
11:12
to
11:12
keep
11:13
that
11:13
quality
11:13
and
11:13
the
11:14
trust
11:14
of
11:14
the
11:14
customers
11:14
very
11:15
high,
11:16
they
11:17
will
11:17
with
11:17
their
11:18
own,
11:18
for
11:18
instance
11:18
Joy
11:19
Buy
11:19
business
11:19
will
11:19
be
11:19
focusing
11:20
on
11:20
self
11:20
operated.
11:22
Okay,
11:23
let's
11:23
talk
11:23
a
11:24
bit
11:24
about
11:24
Joy
11:24
by
11:24
then.
11:25
And
11:25
especially
11:26
as
11:26
you're
11:26
saying
11:27
that
11:27
JD
11:28
has
11:28
this
11:28
high
11:30
look
11:30
for
11:31
quality
11:31
and
11:32
standards.
11:33
And
11:33
now
11:34
Joy
11:34
Buy,
11:35
as
11:35
I
11:35
have
11:35
seen,
11:36
it
11:37
has
11:37
been
11:38
active
11:38
in
11:38
Europe
11:38
for
11:39
a
11:39
longer
11:39
time,
11:39
but
11:40
under
11:40
the
11:40
name
11:40
of
11:41
Ochama,
11:42
I
11:42
think.
11:44
And
11:44
if
11:45
you
11:45
looked
11:45
at
11:45
that
11:46
platform,
11:46
it
11:47
didn't
11:47
really
11:48
reek
11:48
of,
11:49
I
11:49
don't
11:49
know,
11:49
high
11:50
quality
11:50
and
11:51
good
11:51
customer
11:51
service.
11:53
It's
11:54
an
11:54
understatement,
11:54
quite
11:55
bluntly.
11:57
And
11:57
of
11:57
course,
11:58
it
11:58
went
11:59
right
11:59
over
12:00
the
12:00
heads
12:00
of
12:01
all
12:01
European
12:02
customers
12:02
who
12:02
looked
12:03
at
12:03
that
12:03
thing
12:03
and
12:03
went
12:04
like,
12:04
yeah,
12:04
not
12:05
in
12:05
this
12:05
life.
12:06
And
12:06
now
12:06
it
12:06
has
12:06
been
12:07
rebranded
12:08
to
12:08
Joy
12:08
Buy.
12:09
So
12:09
what's
12:10
the
12:10
difference?
12:10
What
12:10
is
12:10
Joy
12:11
by
12:11
in
12:11
Europe
12:11
at
12:11
the
12:12
moment?
12:12
Yeah.
12:13
So
12:13
if
12:13
you
12:13
look
12:13
at
12:14
Ochama,
12:14
which
12:15
launched
12:15
in
12:15
2022,
12:16
I
12:17
mean,
12:17
it's
12:17
a
12:17
horrible
12:17
name
12:18
to
12:18
begin
12:18
with.
12:18
They
12:19
actually
12:19
had
12:19
to
12:19
explain
12:20
that
12:20
it
12:20
means
12:20
amazing
12:21
omnichannel.
12:22
And
12:22
you
12:22
mix
12:22
that
12:22
up
12:22
and
12:23
you
12:23
get
12:23
Ochama.
12:24
Oh,
12:24
wow.
12:25
Okay.
12:26
I
12:26
wouldn't
12:27
have
12:27
guessed
12:27
that.
12:27
You
12:27
didn't
12:28
know
12:28
that.
12:29
No,
12:29
I
12:29
didn't.
12:31
So
12:31
they.
12:32
What
12:32
they
12:32
did
12:32
is
12:32
here
12:33
in
12:33
the
12:33
Netherlands,
12:33
because
12:33
I
12:34
was
12:34
really
12:34
excited.
12:35
It's
12:35
like
12:35
one
12:36
of
12:36
the
12:36
first
12:37
Internet
12:37
companies
12:38
that
12:38
comes
12:38
with
12:38
a
12:38
physical
12:39
business
12:39
to
12:39
your
12:40
market.
12:40
So
12:40
I
12:40
was
12:40
pay
12:41
paying
12:41
close
12:41
attention
12:42
to
12:42
it.
12:42
And
12:43
they
12:43
opened
12:43
up
12:43
these
12:44
robot
12:44
stores,
12:45
which
12:45
was
12:45
basically
12:46
like
12:46
a
12:46
robot
12:47
arm
12:47
that
12:47
would
12:48
get
12:48
your
12:48
order,
12:49
basically
12:49
a
12:49
box
12:50
with
12:50
all
12:50
of
12:50
the
12:50
stuff
12:50
that
12:51
you
12:52
bought
12:53
from
12:53
a
12:53
rack
12:53
and
12:54
put
12:54
it
12:54
on
12:54
a
12:54
conveyor
12:55
belt
12:55
and
12:55
it
12:55
will
12:55
roll
12:56
up
12:56
to
12:56
you,
12:57
which
12:57
is
12:58
kind
12:58
of
12:58
cool
12:58
for
12:58
one
12:59
time.
12:59
But
12:59
then
13:00
you
13:00
actually
13:01
realize,
13:01
well,
13:02
hold
13:02
on,
13:02
this
13:02
is
13:02
actually
13:02
a
13:03
pickup
13:03
station.
13:03
And
13:03
I
13:04
have
13:04
to
13:04
do
13:04
a
13:04
lot
13:05
more
13:05
to
13:05
get
13:06
my
13:06
goods
13:06
than
13:06
just
13:07
simple
13:07
simply
13:07
having
13:08
them
13:08
home
13:08
delivered.
13:09
So
13:09
they
13:10
very
13:10
quickly,
13:10
within
13:11
a
13:11
year,
13:11
closed
13:11
down
13:12
all
13:12
of
13:12
these
13:12
stores
13:13
except
13:13
for
13:13
one.
13:16
And
13:16
they
13:17
changed
13:17
to
13:17
a
13:17
model
13:18
that
13:18
was
13:18
more
13:18
like
13:19
a
13:19
pickup
13:19
service,
13:20
which
13:21
resembles
13:22
something
13:23
that
13:23
they
13:23
have
13:23
in
13:23
China,
13:24
which
13:24
is
13:24
called
13:24
community
13:24
group
13:25
buying,
13:25
where
13:26
basically
13:26
all
13:27
of
13:27
the
13:27
orders
13:27
get
13:28
dumped
13:29
at
13:29
a
13:29
pickup
13:29
point
13:30
to
13:30
sort
13:30
of
13:30
save
13:31
on
13:31
the
13:31
last
13:31
mile
13:32
delivery
13:32
and
13:32
then
13:32
the
13:32
customer
13:33
has
13:33
to
13:33
go
13:33
there
13:33
and
13:34
pick
13:34
it
13:34
up.
13:35
Now,
13:35
I
13:35
don't
13:36
know
13:36
who
13:36
came
13:36
to
13:37
this
13:37
idea,
13:37
but
13:38
I
13:38
don't
13:38
know
13:38
what
13:39
it's
13:39
like
13:39
in
13:39
Germany.
13:40
But
13:40
pickup
13:41
is
13:41
not
13:41
very
13:42
popular
13:42
in
13:42
the
13:43
Netherlands.
13:44
It
13:44
actually
13:44
is
13:44
in
13:45
Germany.
13:45
Okay.
13:46
It's
13:46
not
13:46
at
13:47
all
13:47
here.
13:47
So
13:47
it
13:47
was
13:48
completely
13:48
the
13:48
wrong
13:49
market,
13:49
unless
13:49
you
13:50
lived
13:50
in
13:50
a
13:51
very
13:51
dense,
13:52
for
13:52
instance,
13:52
in
13:52
Amsterdam
13:53
and
13:53
there
13:54
was
13:54
a
13:54
high
13:55
density
13:55
of
13:55
pickup
13:56
points.
13:56
The
13:57
thing
13:57
was
13:57
that
13:58
in
13:58
all
13:58
of
13:58
their
13:58
communication,
13:59
they
14:00
were
14:00
probably
14:01
because
14:01
of
14:02
lack
14:02
of
14:02
experience,
14:03
they
14:03
were
14:03
very
14:04
much
14:04
focusing
14:05
on
14:05
the
14:05
Chinese
14:05
Diaspora.
14:07
So
14:07
also
14:07
when
14:08
they
14:08
started
14:08
recruiting
14:08
pickup
14:09
points,
14:09
they
14:10
had
14:11
Chinese
14:11
tea
14:11
houses,
14:12
Chinese
14:13
restaurants,
14:14
those
14:14
kind
14:15
of
14:15
places,
14:15
which
14:15
was
14:15
really
14:16
strange
14:16
that
14:16
you
14:17
needed
14:17
to
14:17
a,
14:17
as
14:17
a
14:18
customer,
14:18
go
14:18
to
14:18
a
14:18
tea
14:19
house
14:19
or
14:19
a
14:19
Chinese
14:19
restaurant
14:20
to
14:20
pick
14:20
up
14:20
your
14:21
groceries.
14:22
So
14:23
that
14:23
also
14:23
didn't
14:23
work
14:24
quite
14:24
well.
14:24
Then
14:25
they
14:25
had
14:25
this
14:26
cooperation
14:26
with
14:26
Blocker
14:27
in
14:27
the
14:27
Netherlands.
14:28
Blocker
14:29
went
14:29
belly
14:30
up,
14:30
went
14:30
bankrupt,
14:31
so
14:31
that
14:31
they
14:32
lost
14:32
all
14:32
of
14:32
that.
14:33
And
14:34
around
14:34
that
14:34
time,
14:34
a
14:35
bit
14:35
later,
14:35
they
14:36
rebranded
14:36
to
14:36
Joy
14:37
Buy.
14:37
But
14:37
the
14:38
whole
14:38
thing
14:38
that.
14:38
What
14:39
I've
14:39
seen
14:39
with
14:39
Ochama
14:40
is
14:40
just
14:41
a
14:41
total
14:41
lack
14:42
of
14:43
localization.
14:44
They
14:45
started
14:45
out
14:45
with
14:45
three
14:46
Dutch
14:47
managers,
14:48
but
14:48
for
14:48
some
14:48
reason,
14:49
I
14:49
don't
14:49
know
14:50
if
14:51
they
14:51
chose
14:51
to
14:51
do
14:51
so
14:52
themselves
14:52
or
14:52
they
14:53
were
14:53
asked
14:53
to.
14:53
They
14:53
all
14:54
left
14:54
after
14:55
one
14:55
year,
14:56
so.
14:56
And
14:56
then
14:56
they
14:57
started
14:57
running
14:57
the
14:57
business
14:58
from
14:58
Beijing
14:59
mostly,
15:00
and
15:00
it
15:01
just
15:01
didn't
15:01
make
15:01
any
15:02
sense.
15:02
They
15:03
basically
15:03
were
15:03
only
15:03
selling
15:04
to
15:04
the
15:04
Chinese
15:05
diaspora,
15:05
mostly.
15:06
And
15:06
I
15:06
was
15:07
monitoring
15:07
the
15:08
views
15:08
on
15:08
their
15:09
account
15:09
on
15:09
WeChat,
15:10
the
15:10
chat
15:10
app
15:11
that
15:11
they
15:11
used
15:11
to
15:11
communicate,
15:12
and
15:12
that
15:12
was
15:12
sort
15:12
of
15:13
flat,
15:13
around
15:13
a
15:13
thousand
15:14
views.
15:15
So
15:15
they
15:15
weren't
15:16
really
15:16
growing.
15:16
But
15:17
at
15:17
the
15:17
same
15:17
time
15:17
they
15:17
were
15:17
saying,
15:18
oh,
15:18
we've
15:18
opened
15:18
up
15:18
the
15:19
whole
15:19
market
15:19
and
15:19
we're
15:19
selling
15:20
to
15:20
Poland
15:21
and
15:21
Austria
15:22
and
15:22
all
15:23
of
15:23
these
15:23
different
15:23
places
15:23
in
15:23
Europe.
15:25
I
15:25
don't
15:25
know
15:25
if
15:25
there
15:26
are
15:26
any
15:26
orders
15:27
coming
15:27
in,
15:27
but
15:27
I
15:27
seriously
15:28
doubt
15:28
it.
15:29
I
15:29
think
15:29
that
15:29
was
15:29
just
15:29
window
15:30
dressing.
15:31
So
15:32
now
15:32
with
15:32
Joy
15:33
Buy,
15:33
they
15:33
are
15:34
relaunching
15:34
the
15:34
whole
15:35
thing.
15:35
And.
15:35
And
15:35
what
15:35
you
15:36
definitely
15:36
must
15:36
have
15:36
seen
15:37
in
15:37
the
15:37
first
15:37
couple
15:37
of
15:38
weeks
15:39
is
15:39
that
15:39
it
15:39
was
15:39
quite
15:40
dreadful.
15:40
You
15:40
might
15:40
have
15:41
seen
15:41
that.
15:41
That
15:42
back
15:42
shot
15:42
of
15:42
the.
15:43
The
15:43
candies,
15:44
the.
15:44
The
15:45
treats,
15:45
like
15:45
the
15:46
candies,
15:47
but
15:47
the
15:47
top
15:48
was
15:48
ripped
15:48
off.
15:49
That
15:49
was.
15:49
That
15:50
was
15:50
going
15:50
around
15:50
the
15:50
Internet
15:51
everywhere.
15:51
And
15:51
that
15:52
was
15:52
sort
15:52
of
15:53
what
15:53
it
15:54
was
15:54
like.
15:54
I
15:54
mean,
15:56
strange
15:56
translations,
15:57
things
15:57
that
15:57
didn't
15:58
work.
15:58
Something
15:59
that
15:59
they
15:59
call
15:59
in
15:59
in
16:00
China,
16:00
Chabudo,
16:01
like
16:01
it's
16:01
good
16:01
enough
16:02
to
16:02
launch.
16:03
Well,
16:03
that
16:03
might
16:03
be
16:03
good
16:04
enough
16:04
for
16:04
the
16:04
Chinese
16:04
market,
16:05
but
16:05
here
16:06
in.
16:06
In
16:06
Europe
16:06
you
16:07
only
16:07
have
16:07
one
16:07
chance
16:07
to
16:08
make
16:08
a
16:08
good
16:08
impression.
16:09
So.
16:09
So
16:10
that,
16:10
that's,
16:10
that's
16:11
very
16:11
different.
16:11
And
16:13
the
16:13
more
16:13
complaints
16:14
kept
16:15
coming
16:15
in,
16:15
they
16:15
were
16:16
saying,
16:16
yeah,
16:16
but
16:16
this
16:16
is
16:16
just
16:16
a
16:17
beta.
16:18
But
16:19
I
16:19
mean,
16:19
you
16:19
cannot
16:20
get
16:20
away
16:20
with
16:20
a
16:21
beta
16:21
here
16:21
in
16:22
Europe.
16:22
Not
16:22
in
16:22
Europe,
16:23
no,
16:23
no.
16:23
So
16:24
they
16:24
actually
16:24
put
16:24
the
16:25
word
16:25
beta
16:25
in
16:25
the
16:26
logo.
16:26
So
16:26
if
16:26
you
16:26
looked
16:27
at
16:27
the
16:27
website,
16:27
it
16:27
probably
16:28
still
16:28
there.
16:28
It
16:28
said
16:29
Joy
16:29
by
16:29
beta.
16:30
Nobody
16:31
cares
16:31
if
16:31
it's
16:31
a
16:31
beta
16:32
or
16:32
an
16:32
alpha
16:33
or
16:33
whatever
16:33
it
16:33
is,
16:33
of
16:34
course.
16:35
So
16:35
it
16:36
was
16:36
very
16:37
much
16:37
like
16:37
the
16:38
same
16:38
mistakes
16:38
that
16:39
they've
16:39
been
16:39
making
16:39
with
16:40
Ochama
16:40
just,
16:41
just
16:41
all
16:41
over
16:41
again.
16:43
Recently
16:44
I've
16:44
been
16:44
paying
16:45
a
16:45
lot
16:45
of
16:45
attention
16:45
of
16:45
the,
16:46
to
16:46
the
16:47
adverts
16:47
that
16:47
they
16:47
have
16:48
on
16:48
YouTube
16:49
and
16:50
they
16:51
were
16:51
for
16:51
the
16:52
Dutch
16:52
market
16:52
because
16:53
that's
16:53
the
16:53
adverts
16:54
I
16:54
get
16:54
served.
16:54
And
16:55
there
16:55
was
16:55
so
16:55
many
16:56
dreadful
16:56
mistakes.
16:57
Like
16:57
they
16:57
were
16:57
selling
16:58
a
16:58
product
16:58
that
16:59
is
16:59
completely
16:59
irrelevant
17:00
to
17:00
our
17:01
market
17:02
and
17:02
they
17:02
were
17:02
using
17:03
a
17:03
Flemish
17:03
voiceover,
17:05
which
17:05
is
17:05
very
17:05
strange
17:06
for
17:06
Dutch
17:06
people
17:07
if
17:07
it's
17:07
not,
17:08
if
17:08
it's
17:08
not
17:09
a
17:09
website
17:09
from
17:10
Belgium.
17:11
There
17:11
were
17:11
AI
17:12
voiceovers
17:13
that
17:13
just
17:13
come
17:14
completely
17:14
got
17:14
it
17:15
wrong.
17:15
Like
17:15
the,
17:15
the
17:15
word,
17:16
the
17:16
word
17:16
for
17:17
traffic
17:17
jam
17:17
in
17:18
Dutch
17:18
is
17:18
file,
17:20
but
17:20
they
17:20
pronounced
17:20
that
17:21
as
17:21
file.
17:22
Okay.
17:23
And
17:23
I
17:23
said,
17:23
well,
17:24
you,
17:24
you,
17:24
you,
17:24
you
17:25
won't
17:25
have
17:25
any
17:25
files
17:26
anymore
17:26
in
17:26
the
17:27
future
17:28
with
17:28
this
17:28
product.
17:29
So,
17:30
so
17:30
it
17:30
was
17:30
very,
17:31
very
17:31
dodgy.
17:31
And
17:31
I've
17:32
actually
17:32
had
17:32
like
17:32
a
17:33
very
17:33
close
17:33
contact
17:34
with
17:34
their
17:34
team
17:35
in,
17:35
in
17:36
London
17:37
telling
17:37
them
17:37
all
17:37
of
17:37
the
17:38
things
17:38
that
17:38
went
17:38
wrong.
17:38
And
17:39
they
17:39
said,
17:39
well,
17:39
this,
17:40
our
17:40
agency
17:40
is
17:41
making
17:42
all
17:42
of
17:42
these
17:42
mistakes.
17:42
We'll
17:43
look
17:43
into
17:43
it
17:43
because
17:43
we
17:44
need.
17:44
We
17:44
don't
17:45
want
17:45
this.
17:45
And
17:45
that's
17:46
what
17:46
they
17:46
keep
17:46
telling
17:46
me
17:47
as
17:47
well.
17:48
We
17:48
don't
17:48
want
17:48
this
17:48
Chabudo.
17:49
This
17:51
just
17:51
stood
17:51
enough.
17:52
No,
17:52
we
17:52
want
17:52
to
17:53
put
17:53
down,
17:54
launch
17:54
a
17:55
quality
17:55
website.
17:56
So
17:56
they
17:56
are
17:56
just
17:56
as
17:57
frustrated
17:57
at
17:57
the
17:57
same
17:58
time.
17:58
But
18:00
it
18:00
is
18:00
very
18:01
ironic
18:02
that
18:02
it's
18:03
basically
18:03
the
18:03
same
18:03
mistakes
18:04
they've
18:04
been
18:04
making
18:04
with
18:04
Ochama
18:05
again.
18:06
Yeah,
18:06
I
18:06
just
18:07
looked
18:07
it
18:07
up.
18:07
It
18:07
actually
18:08
still
18:08
says
18:08
Joy
18:09
by
18:09
beta,
18:10
which
18:11
I
18:11
find
18:11
interesting.
18:12
I
18:12
mean,
18:13
that's,
18:13
that's
18:14
why
18:14
I,
18:14
I
18:14
don't
18:14
really
18:15
get
18:15
JB
18:16
at
18:16
the
18:16
moment
18:16
because
18:17
from
18:17
a
18:18
European
18:19
standpoint
18:19
it
18:20
looks
18:20
so
18:21
random
18:22
in
18:22
a
18:22
way,
18:23
so
18:23
volatile.
18:24
Yeah,
18:24
they're
18:24
coming
18:25
along
18:25
and
18:25
then
18:25
it's
18:26
charmer
18:26
and
18:26
then
18:26
it's
18:27
Joy
18:27
by.
18:27
And
18:27
it's
18:28
still
18:29
basically.
18:30
I
18:30
mean,
18:30
no
18:30
one's
18:31
going
18:31
to
18:31
use
18:31
that
18:31
one.
18:32
Then
18:32
they,
18:32
they
18:33
buy
18:34
media
18:34
marked
18:34
and
18:34
no
18:35
one
18:35
really
18:35
knows
18:35
what
18:35
they're
18:35
going
18:36
to
18:36
do
18:36
with
18:36
it.
18:36
And
18:38
so
18:38
as
18:39
I
18:39
don't
18:39
know,
18:40
I'm
18:40
sure
18:40
there
18:40
is
18:40
a
18:41
strategy,
18:41
but
18:41
I
18:41
can't
18:42
see
18:42
it.
18:43
So
18:45
what
18:45
is
18:45
happening
18:46
behind
18:46
the
18:46
scenes?
18:47
I
18:47
mean,
18:47
are
18:47
they
18:49
looking
18:49
for
18:49
employees
18:50
from
18:50
Europe?
18:51
Are
18:51
they
18:51
building
18:51
teams
18:52
here?
18:52
Are
18:52
they
18:53
building
18:53
bases
18:53
here?
18:54
How
18:54
are
18:55
they
18:55
addressing
18:55
the
18:55
European
18:56
market?
18:56
Yeah,
18:57
well,
18:57
they've
18:58
definitely
18:58
scaled
18:59
up
18:59
from
18:59
when
19:00
they
19:00
were
19:00
doing
19:00
Ochama.
19:01
I
19:01
mean,
19:02
Ojama
19:02
basically
19:03
was
19:03
the
19:03
Netherlands
19:05
part
19:05
of
19:05
Germany.
19:05
I
19:06
think
19:06
the,
19:06
the
19:06
west
19:06
part
19:07
of
19:07
Germany.
19:07
They
19:07
were
19:08
also
19:08
delivering
19:08
there
19:09
Belgium
19:10
and
19:10
the
19:11
area
19:11
around
19:11
Paris.
19:12
So
19:13
that's,
19:14
that's
19:14
mostly
19:14
where
19:15
they
19:15
had
19:15
pick
19:15
up
19:15
points,
19:16
but
19:16
they
19:16
were
19:16
also
19:16
doing
19:17
their
19:17
deliveries.
19:19
I
19:19
Don't
19:20
think
19:20
that
19:20
they
19:20
were
19:20
ever
19:20
active
19:21
in
19:21
the
19:21
uk
19:22
but
19:22
the
19:22
UK
19:22
has
19:23
become
19:23
like
19:23
a
19:23
very
19:24
prominent
19:25
target
19:25
market
19:26
for
19:26
them
19:27
and
19:27
they
19:28
have
19:28
recruited,
19:29
I
19:29
think
19:29
I
19:29
just
19:29
read
19:30
somewhere
19:30
that
19:30
they
19:31
now
19:31
have
19:31
more
19:31
than
19:31
a
19:32
thousand
19:32
employees
19:33
in
19:33
London
19:34
or
19:34
at
19:35
least
19:35
for
19:35
Europe.
19:37
Something
19:37
which
19:38
they
19:38
are
19:38
also
19:38
doing,
19:38
which
19:39
might
19:39
also
19:39
be
19:40
related
19:40
to
19:40
the
19:40
high
19:40
number
19:41
of
19:41
employees
19:41
is
19:41
that
19:42
they
19:42
are
19:42
doing
19:42
like
19:43
very
19:43
fast
19:44
delivery,
19:44
same
19:45
day
19:45
delivery
19:45
within
19:46
half
19:46
a
19:46
day,
19:46
I
19:46
think.
19:48
So
19:49
they
19:49
are
19:49
definitely
19:49
building
19:50
teams
19:50
also
19:51
on
19:52
the
19:52
logistics
19:52
side.
19:53
And
19:53
they've
19:54
been
19:55
getting
19:55
people
19:56
just
19:56
like
19:56
Temu
19:57
has
19:57
done,
19:57
getting
19:57
people
19:58
from
19:58
existing
20:00
competitors,
20:00
like
20:01
whether
20:01
it's
20:01
Alibaba
20:02
or
20:02
whether
20:03
it's
20:03
Amazon,
20:04
like
20:04
different
20:04
marketplaces.
20:06
They've
20:06
recruited
20:06
people,
20:07
they've
20:07
poached
20:07
people
20:08
to,
20:08
to
20:08
come
20:08
and
20:08
work
20:08
for
20:09
jd
20:09
so
20:10
that's
20:10
definitely
20:10
something
20:10
that's
20:11
been
20:11
happening.
20:12
Okay,
20:14
so
20:14
what
20:14
are
20:15
the
20:15
next
20:15
steps
20:16
going
20:16
to
20:16
be?
20:16
What
20:17
do
20:17
you
20:17
think
20:17
inside
20:18
Europe?
20:19
Well,
20:19
an
20:19
interesting
20:20
thing
20:20
is
20:20
that
20:20
you
20:20
just
20:21
had,
20:21
I
20:21
think
20:21
it
20:21
was
20:21
the
20:22
Prime
20:22
Minister
20:22
of
20:22
the
20:23
UK
20:23
that
20:23
visited
20:25
China
20:26
and
20:26
seemingly
20:27
they
20:27
are
20:27
now
20:28
officially
20:28
launching
20:29
Joy
20:29
Bar
20:31
which
20:31
is
20:31
like
20:32
after
20:33
doing
20:33
it
20:33
in
20:34
beta
20:34
for
20:34
one
20:35
year,
20:35
they're
20:36
gonna
20:36
officially
20:36
launch
20:37
it.
20:37
So
20:37
I
20:38
think
20:38
they're,
20:38
they're
20:38
gonna
20:39
sort
20:39
of
20:39
step
20:39
up
20:40
and
20:40
it
20:41
might
20:41
be
20:41
more
20:41
visible,
20:42
I
20:42
mean
20:42
in.
20:43
If
20:43
you,
20:43
there
20:43
have
20:44
been
20:44
pictures
20:45
on
20:45
the
20:45
Internet
20:46
of
20:46
them
20:46
actually
20:47
driving
20:47
around
20:48
these
20:48
like,
20:49
these
20:49
little
20:49
cars,
20:50
these
20:50
little
20:50
trikes
20:51
like
20:51
things
20:52
that
20:52
are
20:53
branded
20:54
Joy
20:54
Express
20:55
also
20:55
or
20:55
Joy
20:56
Buy
20:56
in,
20:56
in
20:56
the
20:57
uk.
20:57
So
20:58
I
20:59
think
20:59
they,
20:59
they,
21:00
they
21:00
must
21:01
definitely
21:01
realize
21:02
that
21:02
they've,
21:03
they've
21:03
Dr.
21:04
Ball
21:04
with
21:04
Ochama
21:05
and
21:05
even
21:05
though
21:06
they
21:06
seem
21:06
to
21:06
be
21:06
making
21:07
the
21:07
same
21:07
mistakes,
21:07
they
21:08
don't
21:08
really
21:08
want
21:08
to
21:08
make
21:09
it
21:09
to
21:09
become
21:10
the
21:10
same
21:10
type,
21:10
type
21:11
of
21:11
failure.
21:12
So
21:14
on
21:14
Joy
21:15
Buy,
21:15
I
21:15
think
21:15
that
21:15
they
21:16
are
21:17
putting
21:17
more
21:18
resources
21:18
into
21:18
it
21:20
if
21:20
that
21:20
will
21:21
result
21:21
in,
21:21
in
21:21
better
21:22
communication
21:22
strategies
21:23
and
21:23
better
21:24
marketing
21:25
content.
21:25
We'll
21:26
have
21:26
to
21:26
see,
21:29
so
21:30
we'll
21:30
have
21:30
to
21:30
see
21:30
if
21:30
that
21:31
improves
21:33
as
21:33
far
21:33
as
21:34
economy
21:34
is
21:34
concerned.
21:35
There's
21:35
still
21:36
a
21:36
couple
21:36
of
21:37
approvals
21:37
that
21:37
need
21:38
to
21:38
be
21:38
given
21:38
in
21:38
Europe
21:39
before
21:39
they
21:39
can
21:40
actually
21:40
start
21:40
doing
21:40
something
21:41
there.
21:42
Right.
21:44
I
21:44
think
21:44
ever
21:45
to
21:45
understand
21:46
JD
21:47
in
21:47
more
21:47
detail,
21:48
we
21:48
might
21:48
have
21:49
to
21:49
talk
21:49
a
21:49
bit
21:49
more
21:49
about
21:50
JD
21:51
Retail.
21:51
Do
21:52
we?
21:52
Because
21:52
there's
21:53
so
21:53
much
21:53
more
21:54
that
21:54
they're
21:54
doing
21:54
in
21:54
China
21:55
with
21:55
their
21:55
offline
21:56
retail
21:57
chains,
21:58
with
21:58
their
21:59
digitization
22:00
of
22:00
offline
22:01
stores.
22:01
Maybe
22:01
you
22:02
can
22:02
talk
22:02
a
22:03
bit
22:03
more
22:03
about
22:03
how
22:04
they
22:04
are
22:04
seeing
22:05
offline
22:06
retail
22:07
and
22:07
what
22:08
that
22:08
might
22:09
foreshadow
22:10
for
22:10
what
22:10
they
22:10
are
22:10
going
22:10
to
22:11
do
22:11
in
22:11
Europe
22:11
as
22:11
well.
22:12
Yeah.
22:13
So
22:13
if
22:13
you
22:13
look
22:13
at
22:13
JD
22:14
Retail
22:15
that
22:15
is
22:16
making
22:16
up
22:16
about
22:17
90%
22:18
of
22:18
their
22:18
total
22:18
business.
22:19
They
22:19
also
22:19
have
22:19
JD
22:20
Logistics
22:21
where
22:21
they.
22:22
JD
22:22
Logistics
22:23
both
22:23
handles
22:24
the
22:24
delivery
22:25
part
22:25
of
22:26
JD
22:26
Retail,
22:27
but
22:27
they're
22:27
also
22:28
offering
22:29
services
22:30
internationally.
22:31
Also
22:32
with
22:32
JD
22:33
Logistics,
22:33
for
22:34
instance,
22:34
close
22:34
to
22:34
where
22:34
I
22:35
live,
22:35
they
22:35
have
22:35
a
22:36
warehouse
22:37
where
22:37
they
22:37
do
22:37
the
22:39
e
22:39
commerce
22:40
logistics
22:40
for.
22:41
So
22:42
that's
22:42
a
22:43
part
22:43
where
22:43
they
22:43
do.
22:44
They
22:44
have
22:44
JD
22:45
technology
22:45
with
22:46
AI
22:46
cloud,
22:48
Fintech.
22:50
But
22:51
the
22:51
most
22:51
important
22:52
business
22:52
I
22:52
think
22:53
for
22:53
this
22:53
podcast
22:54
is
22:54
the
22:54
JD
22:54
retail
22:55
business.
22:56
Now
22:56
the
22:56
JD
22:56
retail
22:57
business
22:57
consists
22:58
of
22:58
on
22:58
the
22:58
one
22:59
hand
22:59
the
22:59
JD.com
23:00
website.
23:02
And
23:02
that
23:02
like
23:02
with
23:03
Alibaba
23:04
is
23:04
also
23:04
a
23:04
whole
23:05
ecosystem
23:05
of
23:06
different
23:06
sites,
23:07
not
23:07
that
23:08
expanded
23:09
as
23:09
with
23:09
Alibaba,
23:10
but
23:10
there's
23:11
more
23:11
than
23:12
just
23:12
JD
23:13
shop
23:13
in
23:14
there.
23:15
So
23:16
on
23:16
top
23:17
of
23:17
that
23:17
you
23:18
have
23:20
instant
23:20
retail
23:21
what
23:21
they
23:21
are
23:21
doing.
23:22
So
23:22
they
23:22
have
23:23
an
23:23
instant
23:24
retail
23:24
business
23:24
which
23:25
currently
23:25
is
23:25
called
23:26
Jingdong
23:26
Biao
23:27
Song,
23:28
where
23:29
they
23:29
deliver
23:30
from
23:30
stores
23:32
in
23:32
your
23:32
own
23:32
area,
23:33
normally
23:33
in
23:33
a
23:34
radius
23:34
of
23:34
about
23:35
three
23:35
to
23:35
five
23:35
kilometers
23:36
from
23:36
where
23:36
you
23:36
live.
23:37
You
23:37
place
23:38
an
23:38
order
23:38
there,
23:38
they
23:38
go
23:39
and
23:39
pick
23:39
it
23:39
up
23:39
and
23:39
they
23:39
go
23:40
and
23:40
deliver
23:40
it
23:40
to
23:40
you.
23:40
So
23:41
and
23:41
they.
23:41
That's
23:41
what.
23:42
That's
23:42
how
23:42
they
23:42
basically
23:42
also
23:43
digitize
23:45
retail
23:45
in
23:46
China.
23:48
They
23:48
have
23:49
a
23:49
business
23:49
called
23:49
Jingxi.
23:51
Jingxi
23:51
is
23:52
like
23:53
a
23:53
clone
23:53
of
23:54
Pinduoduo.
23:55
Now
23:55
Pinduoduo
23:56
is
23:56
a
23:56
C2M
23:57
customer
23:57
to
23:57
manufacture
23:59
concept
24:00
that
24:00
is
24:00
also
24:00
behind
24:01
Temu
24:02
internationally.
24:03
Jinxi
24:04
has
24:04
never
24:04
been
24:04
really,
24:05
really
24:05
popular.
24:06
But
24:06
what
24:06
is
24:06
very
24:07
interesting
24:07
is
24:08
that
24:08
JD
24:09
has
24:09
always,
24:10
or
24:11
always
24:11
at
24:11
least
24:11
for
24:12
the
24:12
last
24:12
10
24:12
years,
24:13
seen
24:13
itself
24:14
as
24:14
an
24:14
omnichannel
24:15
business.
24:15
Even
24:16
though
24:16
they
24:16
started
24:16
out
24:17
in
24:17
2004
24:18
as
24:19
a
24:19
web
24:19
shop,
24:20
as
24:20
an
24:20
E
24:20
tailer,
24:21
they
24:22
very
24:22
quickly
24:22
started
24:23
opening
24:23
up
24:23
these
24:24
different
24:24
stores.
24:24
Now
24:25
I've
24:25
mentioned
24:26
that
24:26
they
24:26
have
24:27
the
24:28
JD
24:29
computer
24:29
stores,
24:30
the
24:30
mom
24:30
and
24:31
Pop,
24:31
mom
24:32
and
24:32
baby
24:32
stores,
24:33
the
24:33
JD
24:34
car
24:34
maintenance
24:35
stores.
24:36
They
24:37
even
24:37
have
24:38
something
24:38
called
24:38
seven
24:39
Fresh.
24:39
Seven
24:40
Fresh
24:40
is
24:40
a
24:41
supermarket
24:41
that
24:41
was
24:42
a
24:42
copy
24:43
of
24:43
Fresh
24:44
Hippo
24:44
that
24:45
you
24:45
might
24:45
know
24:45
from
24:46
Alibaba,
24:46
Alibaba
24:47
supermarket
24:48
chain.
24:49
Actually
24:49
there's
24:49
an
24:49
interesting
24:50
story
24:50
because
24:50
the
24:50
guy
24:51
that
24:51
came
24:51
up
24:52
with
24:52
the
24:52
idea
24:53
of
24:53
what
24:53
became
24:54
Homma
24:55
actually
24:55
took
24:55
it
24:55
to
24:56
the
24:56
founder
24:56
Richard
24:57
Liu
24:58
of
24:58
Jingdong.
24:59
And
25:00
Richard
25:00
Liu
25:01
said,
25:01
what
25:01
a
25:01
ridiculous
25:02
idea,
25:03
we're
25:03
not
25:03
going
25:03
to
25:03
do
25:03
that.
25:04
So
25:04
this
25:04
guy,
25:05
Hou
25:05
Yi,
25:05
he's
25:06
called,
25:06
he
25:06
then
25:07
took
25:07
it
25:07
to
25:07
Alibaba
25:08
and
25:08
they
25:08
started
25:10
supermarkets
25:10
which
25:11
currently
25:11
have
25:11
about
25:12
400
25:12
to
25:13
500
25:14
supermarket
25:15
stores
25:15
around
25:15
China.
25:16
And
25:17
JD
25:17
had
25:17
to
25:17
copy
25:18
that
25:18
when
25:18
they
25:18
saw
25:19
it
25:19
was
25:19
so
25:19
successful.
25:21
So
25:21
and
25:21
they
25:21
have
25:21
about
25:22
60
25:22
stores.
25:22
So
25:22
they're
25:23
very
25:23
far
25:23
behind
25:25
Fresh
25:26
Airpo.
25:26
So
25:27
they
25:27
have
25:27
that
25:28
and
25:28
that's
25:28
also
25:29
linked
25:29
again
25:29
to
25:30
instant
25:30
retail.
25:31
So
25:31
you
25:31
can
25:31
place
25:31
an
25:32
order
25:32
also
25:32
online
25:32
and
25:33
also
25:33
get
25:33
that
25:33
delivered
25:34
within
25:35
30,
25:36
45
25:36
minutes.
25:38
But
25:38
another
25:38
thing
25:39
that
25:39
they
25:39
are
25:39
doing.
25:40
So
25:40
basically
25:41
the
25:42
examples
25:42
I
25:42
gave
25:43
add
25:43
up
25:43
to
25:43
thousands
25:44
of
25:44
stores
25:44
and
25:45
you
25:45
can
25:45
find
25:45
them
25:45
everywhere
25:46
in,
25:47
in
25:47
China
25:47
you
25:47
can
25:47
find
25:48
them
25:48
in
25:48
the
25:48
first
25:48
tier
25:48
cities,
25:49
you
25:49
can
25:49
even
25:49
go
25:50
to
25:50
very
25:50
small
25:51
towns
25:52
and
25:52
there
25:53
will
25:53
still
25:53
be
25:53
a
25:53
small
25:54
JD
25:55
home
25:56
appliances
25:56
store
25:57
there.
25:57
So
25:58
they
25:58
have
25:58
a
25:58
very
25:58
big
25:59
offline
25:59
presence.
26:00
Now
26:01
another
26:01
thing
26:01
that
26:01
they
26:02
did
26:03
is
26:03
they
26:03
started
26:04
testing
26:04
with
26:05
unmanned
26:05
stores.
26:06
They
26:06
have
26:06
this
26:07
sub
26:07
brand
26:07
called
26:07
jdx
26:09
where
26:10
at
26:10
the
26:10
time
26:10
that
26:11
Amazon
26:12
was
26:12
trying
26:13
out
26:13
the
26:13
Amazon
26:14
Go
26:14
concept,
26:14
they
26:15
were
26:15
actually
26:15
also
26:15
having
26:16
something
26:16
similar.
26:18
But
26:18
they
26:18
closed
26:19
that
26:19
down
26:19
even
26:20
before
26:21
Amazon
26:22
started
26:22
closing
26:23
their
26:23
ghost
26:23
stores
26:24
years
26:25
before
26:25
in
26:25
China.
26:26
They
26:26
already
26:26
figured
26:27
out
26:27
that
26:27
this
26:27
is
26:27
not
26:27
going
26:28
to
26:28
work,
26:29
at
26:29
least
26:29
not
26:29
for
26:30
now.
26:31
So
26:31
that's
26:31
something
26:32
that
26:32
you
26:32
see
26:32
JD
26:33
doing
26:33
there.
26:33
They
26:34
experiment
26:34
a
26:34
lot
26:35
and
26:35
they
26:35
are,
26:36
they
26:36
should
26:36
be
26:37
applauded
26:37
for
26:37
that.
26:39
Another
26:39
thing
26:40
that
26:40
they're
26:40
doing
26:41
recently
26:41
is
26:42
it's
26:42
become
26:43
so
26:43
incredibly
26:44
expensive
26:44
in
26:45
China
26:45
to
26:45
acquire
26:46
customers
26:47
offline
26:48
or
26:48
sorry,
26:48
online
26:49
because
26:50
of
26:50
the
26:50
enormous
26:51
competition.
26:51
And
26:51
you
26:52
have
26:52
to
26:52
pay
26:52
so
26:52
much
26:53
to
26:54
buy
26:54
traffic
26:55
to
26:55
come
26:55
to
26:55
your
26:55
platform
26:56
and
26:56
then
26:56
also
26:57
convert
26:57
them
26:57
that
26:58
by
26:58
2022
27:00
it
27:00
was
27:00
already
27:00
costing
27:01
800
27:01
renminbi,
27:02
that
27:02
is
27:02
about
27:02
€100
27:04
to
27:05
acquire
27:05
a
27:05
new
27:05
customer
27:06
in
27:06
China.
27:07
So.
27:08
And
27:08
JD
27:09
realized
27:10
well,
27:10
if
27:11
we
27:12
completely
27:12
are
27:13
going
27:13
to
27:13
evaporate
27:14
our
27:14
cash
27:15
reserves
27:15
if
27:15
we
27:16
do
27:16
that
27:16
online
27:17
only.
27:17
So
27:18
they
27:18
actually
27:19
went
27:19
the
27:19
opposite
27:20
direction
27:20
of
27:20
what
27:21
a
27:21
lot
27:21
of
27:21
of
27:22
European
27:22
stores
27:22
have
27:23
been
27:23
doing.
27:23
They
27:24
started
27:24
opening
27:25
shopping
27:25
malls
27:26
under
27:26
the
27:26
name
27:27
JD
27:27
Mall.
27:28
Now
27:29
JD
27:29
Mall
27:29
is
27:29
quite
27:30
interesting
27:30
because
27:31
if
27:31
you
27:31
walk
27:32
in,
27:32
they
27:32
have
27:34
one
27:34
that
27:35
we
27:35
are
27:35
going
27:35
to
27:35
in
27:36
in
27:36
the
27:36
upcoming
27:37
tour
27:37
in
27:37
Siam,
27:39
they
27:39
have
27:40
something
27:40
like
27:40
five
27:40
or
27:41
six
27:41
floors
27:41
and
27:42
every
27:42
floor
27:42
has
27:43
a
27:43
theme.
27:43
So
27:44
the
27:44
first
27:44
floor
27:44
could
27:45
be
27:45
computers
27:46
and
27:46
phones
27:47
and
27:47
then
27:47
you
27:47
have
27:48
kitchen
27:48
equipment
27:49
and
27:49
then
27:49
you
27:49
have
27:49
air
27:50
conditionings,
27:50
etc.
27:52
And
27:52
they
27:52
have
27:52
these
27:53
shops
27:53
in
27:53
shops.
27:54
So
27:54
actually
27:55
the
27:55
brand
27:56
staff
27:57
they
27:57
run,
27:58
they
27:58
are
27:58
the
27:59
product
28:00
experts.
28:01
But
28:02
at
28:02
least
28:03
I
28:03
think
28:03
half
28:03
of
28:03
the
28:04
staff
28:04
are
28:04
actually
28:04
JD
28:05
staff.
28:05
They're
28:06
there
28:06
for
28:06
customer
28:07
service
28:07
and
28:08
they
28:08
also
28:08
are
28:08
there
28:09
to
28:09
keep
28:09
an
28:09
eye
28:09
on
28:10
the
28:10
brand
28:10
stuff
28:11
to
28:12
make
28:12
sure
28:12
that
28:12
they're
28:13
not
28:13
selling
28:13
too
28:13
aggressively.
28:14
Because
28:14
the
28:14
whole
28:15
concept
28:15
is
28:15
about
28:16
experience.
28:18
So
28:18
if
28:18
you
28:19
go
28:19
into
28:19
a
28:19
JD
28:20
Mall,
28:22
you
28:23
don't
28:23
have
28:23
a
28:23
salesperson
28:24
that
28:24
tries
28:24
to
28:25
sell
28:25
you
28:25
an
28:25
espresso
28:26
machine.
28:26
No,
28:27
they
28:27
teach
28:28
you
28:28
how
28:28
to
28:28
use
28:29
one
28:29
of
28:29
these
28:29
machines.
28:30
So
28:30
you
28:30
make
28:30
your
28:31
own
28:31
coffee.
28:32
You
28:32
can
28:32
take
28:32
your
28:33
clothing
28:34
and
28:34
just
28:35
wash
28:35
your
28:35
clothing
28:36
in
28:36
a
28:36
JD
28:36
Mall.
28:37
So
28:37
you
28:37
get
28:37
to
28:38
experience
28:38
what
28:38
that
28:39
washing
28:39
machine
28:39
is
28:39
like.
28:40
You
28:41
can
28:41
cook
28:42
together
28:42
with
28:42
the
28:42
JD
28:43
staff
28:43
just
28:43
to
28:44
see
28:44
what
28:44
the
28:45
kitchen
28:45
equipment
28:45
is
28:46
like.
28:46
So
28:46
it's
28:46
very
28:46
experience
28:47
based.
28:48
And
28:48
especially
28:48
in
28:49
the
28:49
weekends
28:49
they
28:49
also
28:49
have
28:50
all
28:50
kinds
28:50
of
28:50
things
28:50
for
28:50
kids.
28:51
They've
28:51
got
28:51
these
28:51
robot
28:52
dogs
28:52
running
28:53
around
28:53
to
28:53
play
28:53
with.
28:54
So
28:54
it's
28:55
very
28:55
experience
28:55
based.
28:56
And
28:56
what
28:56
they
28:56
found
28:58
is
28:58
that
29:00
this
29:00
actually
29:01
to
29:01
get
29:01
people
29:02
from
29:02
the
29:03
community
29:03
around
29:03
one
29:04
of
29:04
those
29:04
malls
29:04
to
29:05
come
29:05
to
29:05
the
29:05
mall
29:06
and
29:06
then
29:06
register
29:07
as
29:07
a
29:07
customer
29:07
or
29:08
buy
29:08
something
29:09
has
29:09
lower
29:10
customer
29:10
acquisition
29:11
cost
29:11
than
29:11
online.
29:12
So
29:13
that's
29:13
why
29:13
they've
29:13
now
29:13
been
29:14
expanding
29:14
all
29:15
of
29:15
these
29:15
JD
29:16
malls
29:16
around
29:16
the
29:17
biggest
29:17
cities
29:17
in
29:18
China.
29:19
Now
29:19
that
29:19
is
29:20
something
29:20
that
29:22
could
29:22
potentially
29:23
also
29:23
be
29:23
something
29:24
that
29:24
rubs
29:24
off
29:25
on
29:25
se
29:26
economy.
29:26
It
29:27
is,
29:28
it's
29:28
something
29:29
that
29:29
this
29:29
economy
29:30
managers
29:31
have
29:31
been
29:31
dreaming
29:31
about
29:32
for
29:32
the
29:32
last
29:32
years
29:32
basically
29:33
because
29:33
I
29:34
mean
29:35
mediamark
29:35
itself
29:36
has
29:36
opened
29:37
and
29:37
Saturn
29:38
as
29:38
well.
29:38
A
29:39
variety
29:39
of
29:39
experience
29:40
stores,
29:40
of
29:41
concept
29:42
stores
29:42
or
29:42
flagship
29:43
stores
29:43
in
29:43
which
29:44
they
29:44
try
29:44
to
29:45
offer
29:45
these
29:46
kind
29:46
of
29:47
experiences
29:47
to
29:47
the
29:48
customers.
29:48
It's
29:48
just.
29:49
It's
29:49
not
29:49
working
29:49
the
29:50
way
29:50
it
29:50
should,
29:51
I
29:51
think.
29:51
Over
29:52
here.
29:52
Correct.
29:52
I've
29:53
been
29:53
to
29:53
one
29:53
of
29:53
those
29:53
stores
29:54
in
29:54
Rotterdam
29:55
about
29:55
three
29:56
years
29:56
ago
29:56
when
29:56
they
29:57
were
29:57
opening
29:57
it
29:57
there
29:57
as
29:58
well.
29:58
It's
29:59
really
29:59
popular
29:59
in
30:00
China.
30:00
That
30:00
doesn't
30:00
mean
30:00
that
30:01
it
30:01
will
30:01
be
30:01
popular
30:01
here
30:02
as
30:02
well.
30:02
Of
30:02
course.
30:03
It's
30:03
very
30:03
labor
30:04
intensive
30:04
work
30:05
also
30:05
at
30:05
the
30:05
same
30:05
time.
30:06
So
30:07
it's.
30:07
It
30:08
has
30:08
to
30:08
be
30:08
seen
30:09
if
30:09
that
30:09
is
30:09
something
30:10
that
30:10
would
30:10
also
30:10
catch
30:11
on
30:11
here.
30:11
But
30:12
it
30:12
is
30:12
something
30:12
that
30:13
is
30:13
definitely
30:13
working
30:14
in
30:14
China.
30:14
I
30:14
can
30:14
remember
30:15
when
30:15
we
30:16
were
30:16
in
30:16
Beijing,
30:17
one
30:17
of
30:17
the
30:17
JD
30:17
malls
30:18
with
30:18
the
30:18
last
30:18
K5
30:18
tour,
30:19
there
30:19
were
30:19
a
30:19
couple
30:19
of
30:19
people
30:20
in
30:21
the
30:21
group
30:21
that
30:22
were
30:22
very
30:22
experienced
30:23
in
30:23
offline
30:24
retail
30:25
and
30:25
they
30:25
were
30:26
walking
30:26
around
30:26
going
30:27
like
30:28
this
30:28
is
30:28
never
30:29
going
30:29
to
30:29
work.
30:29
This
30:30
is
30:30
going
30:30
to
30:30
be
30:30
so
30:30
expensive.
30:31
And
30:32
I
30:32
had
30:32
to
30:32
explain
30:33
to
30:33
them.
30:33
But
30:33
you
30:33
have
30:33
to
30:34
see
30:34
things
30:34
from
30:34
the
30:34
Chinese
30:35
perspective.
30:35
Yeah.
30:37
And
30:37
it
30:38
cost
30:38
them
30:38
less
30:39
to
30:40
acquire
30:40
a
30:40
customer
30:41
here
30:41
than
30:41
online.
30:42
And
30:42
at
30:42
the
30:43
same
30:43
time
30:43
they're
30:43
renting
30:43
out
30:44
all
30:44
of
30:44
this
30:44
retail
30:44
space
30:45
to
30:45
these
30:45
brands
30:46
that
30:46
are
30:46
paying
30:47
for
30:47
most
30:47
of
30:47
what
30:47
you
30:47
see
30:48
here.
30:49
So.
30:49
Well,
30:50
you
30:50
know,
30:50
that
30:50
actually
30:51
explains
30:52
a
30:52
lot
30:52
about
30:52
the
30:53
advertisement
30:54
power
30:54
that
30:54
Timur
30:55
Sheehan
30:56
or
30:56
Alibaba
30:58
Express
30:58
are
30:59
pushing
30:59
into
30:59
the
31:00
European
31:00
market.
31:00
Because
31:01
if
31:01
they
31:01
are
31:01
used
31:01
to
31:02
these
31:02
kind
31:02
of
31:02
prices,
31:03
I
31:03
mean,
31:04
I
31:04
guess
31:05
they
31:05
don't
31:05
really
31:05
care,
31:07
just
31:07
spend
31:08
money
31:08
as
31:08
on
31:09
customer
31:09
acquisition.
31:11
The
31:11
more
31:11
the
31:11
merrier
31:12
in
31:12
a
31:12
way
31:12
because
31:12
they.
31:13
That's
31:13
what
31:13
they
31:13
do
31:13
at
31:13
home
31:14
anyway.
31:14
Correct.
31:15
And
31:15
I
31:15
think
31:15
it's
31:15
really
31:16
interesting.
31:16
It's
31:16
much
31:17
cheaper
31:17
to
31:17
acquire
31:17
a
31:18
customer
31:18
in
31:18
Europe
31:18
than
31:19
in
31:19
China.
31:20
You
31:20
should
31:20
really
31:20
not
31:20
underestimate
31:21
how
31:21
expensive
31:22
that
31:22
is
31:22
in
31:22
China.
31:23
Yeah,
31:24
amazing.
31:26
Just
31:26
looking
31:26
at
31:26
the
31:26
time,
31:27
but
31:28
we
31:28
still
31:28
have
31:28
a
31:29
few
31:29
minutes
31:29
left.
31:29
And
31:29
I
31:29
know
31:30
that
31:30
you
31:30
have
31:30
been
31:30
looking
31:31
a
31:31
bit
31:31
deeper
31:31
into
31:32
the
31:32
food
31:32
delivery
31:33
war,
31:33
I
31:33
think
31:34
you
31:34
called
31:34
it,
31:35
with
31:36
the
31:36
several
31:37
Chinese
31:37
players
31:38
and
31:39
JJD
31:39
with
31:40
seven
31:40
Fresh
31:40
Kitchen
31:41
is
31:41
one
31:41
of
31:41
them.
31:42
So
31:44
how
31:44
is
31:44
that
31:45
playing
31:45
out?
31:45
Maybe
31:46
give
31:46
us
31:46
a
31:46
short
31:46
introduction
31:47
into
31:47
this
31:48
area
31:48
of
31:48
their
31:49
retail
31:49
business.
31:50
So
31:50
JD
31:51
never
31:51
had
31:51
a
31:51
very
31:52
big
31:52
food
31:53
delivery
31:53
business.
31:54
Alibaba
31:55
had
31:55
that
31:55
with
31:55
Erleme,
31:56
had
31:56
that
31:56
with
31:56
Meit
31:57
one
31:57
by
31:57
Mike.
31:59
JD
31:59
did
32:00
some
32:00
food
32:01
delivery
32:01
business,
32:01
but
32:02
it
32:02
was
32:02
not
32:03
on
32:03
the
32:03
scale
32:03
worth
32:04
mentioning.
32:04
So
32:05
they
32:05
decided
32:05
in
32:06
March
32:06
last
32:06
year
32:06
to
32:06
also
32:07
get
32:07
into
32:07
the
32:07
food
32:07
delivery
32:08
business
32:08
business.
32:08
Now
32:08
there's
32:09
two
32:09
reasons
32:09
for
32:09
that.
32:10
First
32:11
is
32:12
what
32:12
they
32:12
call
32:13
high
32:13
frequency
32:14
driving
32:14
low
32:14
frequency
32:15
in
32:15
China.
32:16
And
32:16
it
32:16
means
32:16
that
32:17
food
32:17
delivery
32:18
and
32:18
ordering
32:18
food,
32:19
which
32:20
is
32:20
I
32:20
think
32:20
that
32:20
more
32:21
than
32:21
one
32:21
third
32:21
of
32:22
all
32:22
meals
32:22
from
32:23
restaurants
32:23
are
32:23
actually
32:24
home
32:24
delivered
32:24
in
32:25
China.
32:25
And
32:26
that's
32:26
not
32:26
just
32:26
pizza
32:27
and
32:27
sushi,
32:28
but
32:28
that's,
32:28
that's
32:28
anything,
32:29
anything
32:29
that
32:29
you
32:30
can,
32:30
can
32:30
eat.
32:31
So
32:34
high
32:34
frequency,
32:35
high
32:36
frequency
32:36
user
32:37
scenario,
32:37
people
32:38
order
32:38
a
32:38
lot
32:39
of
32:39
food
32:40
to
32:40
be
32:40
the
32:40
home
32:40
delivered.
32:41
So
32:42
the
32:42
idea
32:42
is
32:42
if
32:42
you
32:43
have
32:43
such
32:43
a
32:43
high
32:43
frequency
32:44
scenario,
32:45
just
32:45
like
32:46
grocery
32:46
delivery,
32:47
and
32:48
people
32:48
open
32:48
your
32:49
app,
32:49
which
32:49
in
32:50
China
32:50
is
32:50
most
32:50
of
32:51
the
32:51
time
32:51
is
32:51
like
32:51
a
32:51
big
32:52
ecosystem
32:52
with
32:52
all
32:53
kinds
32:53
of
32:53
different
32:53
functionalities,
32:54
they
32:55
will
32:55
also
32:55
start
32:55
buying
32:56
your
32:56
e
32:57
commerce
32:57
stuff
32:57
and
32:58
they
32:58
might
32:59
do
32:59
other
32:59
things
33:00
that
33:00
you
33:00
have
33:00
in
33:00
your
33:01
ecosystem
33:01
system.
33:01
So
33:02
that's
33:02
one
33:02
reason
33:02
why
33:03
JD
33:04
again
33:04
wanted
33:05
to
33:05
use
33:05
that.
33:05
And
33:06
eventually
33:06
they
33:07
even
33:07
said
33:07
like
33:08
it's
33:08
costing
33:09
us
33:09
less
33:10
to
33:10
give
33:10
away
33:10
subsidies
33:11
for
33:11
people
33:12
that
33:12
are
33:12
using
33:12
them
33:13
to
33:13
have
33:13
almost
33:14
free
33:14
meals
33:14
home
33:14
delivered
33:16
than
33:16
to
33:16
acquire
33:17
somebody
33:17
through
33:18
buying
33:19
traffic
33:19
from
33:20
a
33:20
douyin
33:21
or
33:21
another
33:22
platform.
33:23
So
33:24
that
33:24
was
33:24
one
33:24
thing.
33:24
The
33:25
other
33:25
thing
33:25
is
33:25
that
33:26
what
33:26
the
33:27
most
33:27
important
33:27
trend
33:28
at
33:28
the
33:28
moment
33:28
in
33:28
China
33:29
is
33:29
instant
33:29
retail.
33:30
Because
33:31
you
33:31
have
33:31
the
33:31
traditional
33:31
retail
33:32
where
33:32
you
33:32
might
33:32
have
33:33
to
33:33
wait
33:33
for
33:33
2,
33:33
3
33:34
days
33:34
for
33:34
your
33:34
package
33:35
to
33:35
arrive,
33:35
unless
33:35
you
33:35
order
33:36
it
33:36
with
33:36
jd
33:37
then
33:37
most
33:37
of
33:37
the
33:37
time
33:37
you
33:38
get
33:38
it
33:38
in
33:38
half
33:38
a
33:39
day.
33:41
So
33:41
that
33:42
is
33:42
really
33:42
a
33:42
market
33:43
that's
33:43
booming
33:44
at
33:44
the
33:44
moment.
33:44
And
33:45
that
33:45
is
33:45
what
33:46
all
33:46
of
33:46
the
33:46
big
33:47
Internet
33:47
companies
33:47
are
33:48
focusing
33:48
on.
33:49
And
33:49
jd,
33:50
even
33:50
though
33:50
they
33:51
were
33:51
one
33:51
of
33:51
the
33:51
first
33:51
ones
33:52
to
33:52
start
33:52
this
33:52
instant
33:53
retail
33:53
or
33:53
quick
33:53
commerce
33:54
as
33:54
it's
33:54
often
33:54
called
33:55
in
33:55
Europe,
33:56
they
33:56
were
33:56
falling
33:57
behind.
33:58
Meituan
33:58
is
33:59
the
33:59
market
33:59
leader.
34:00
Alibaba
34:01
is
34:02
also
34:02
strong.
34:02
And
34:03
JD
34:03
was
34:03
falling
34:04
behind.
34:05
And
34:05
one
34:05
of
34:05
the
34:05
things
34:05
they
34:05
needed
34:06
is
34:06
more
34:06
density,
34:07
more
34:07
couriers,
34:08
more
34:08
Merchants,
34:09
more
34:09
consumers,
34:10
otherwise
34:11
everything
34:11
falls
34:11
apart
34:12
with
34:12
instant
34:13
retail.
34:13
So
34:14
that's
34:14
another
34:14
reason
34:14
why
34:15
they
34:15
started
34:15
to
34:15
do
34:16
home
34:16
food
34:17
delivery
34:17
to
34:17
also
34:18
help
34:18
build
34:19
an
34:19
army
34:20
of
34:20
couriers
34:21
for
34:21
their
34:21
instant
34:22
retail
34:22
business.
34:24
So
34:24
that
34:25
hasn't
34:25
really
34:26
panned
34:26
out
34:26
the
34:27
way
34:27
they
34:27
hoped.
34:28
And
34:28
that's
34:28
because
34:28
Alibaba
34:29
also
34:29
came
34:30
into
34:30
this
34:30
market
34:30
and
34:31
started
34:31
pouring
34:31
in
34:33
like
34:34
probably
34:34
by
34:34
now
34:35
70,
34:36
70
34:37
billion
34:38
renminbi
34:39
in
34:39
in
34:39
funds,
34:40
just
34:40
giving
34:41
that
34:41
away
34:41
as
34:42
consumer
34:42
discounts.
34:43
And
34:43
then
34:43
meit1
34:44
also
34:44
had
34:44
to
34:44
step
34:44
in
34:45
to
34:45
fight
34:45
and
34:45
defend
34:46
their,
34:46
their
34:46
market
34:47
share
34:47
because
34:47
they
34:48
had
34:48
70%
34:48
market
34:48
share.
34:50
Now
34:50
JD
34:50
has
34:50
sort
34:50
of
34:51
shifted
34:51
strategy.
34:52
So
34:52
instead
34:52
of
34:52
trying
34:53
to
34:54
get
34:54
the
34:54
traffic,
34:55
what
34:55
they've
34:55
said
34:56
is
34:56
what
34:57
we're
34:57
going
34:57
to
34:57
do
34:57
is
34:57
we're
34:57
going
34:58
to
34:58
go
34:58
up
34:58
the
34:58
supply
34:59
chain.
35:00
So
35:01
instead
35:01
of
35:01
us
35:02
being
35:02
the
35:02
courier
35:03
that
35:03
delivers
35:03
it
35:04
from
35:04
a
35:04
restaurant
35:04
to
35:04
your
35:05
door,
35:05
what
35:06
we'll
35:06
do
35:06
is
35:06
we
35:06
will
35:07
become
35:07
the
35:07
restaurant.
35:08
We
35:08
will
35:09
open
35:09
up
35:09
seven
35:10
Fresh
35:10
kitchens.
35:11
Now
35:11
seven
35:11
Fresh
35:11
was
35:11
also
35:12
already
35:12
a
35:13
known
35:13
brand
35:13
because
35:14
they
35:14
had
35:14
these
35:14
supermarkets
35:16
in
35:16
China
35:17
and
35:17
they
35:17
opened
35:18
sort
35:18
of
35:18
dark
35:18
kitchens
35:20
where
35:20
you
35:20
couldn't
35:21
eat,
35:21
but
35:21
they
35:21
would
35:22
prepare.
35:23
And
35:23
one
35:23
of
35:24
the
35:24
things
35:24
they
35:24
said
35:24
is
35:25
we
35:25
are
35:26
trying
35:26
to
35:27
fight
35:27
a
35:27
lot
35:27
of
35:28
dark
35:28
kitchens
35:28
that
35:29
have
35:29
appeared
35:29
that
35:29
are
35:29
offering
35:30
really
35:30
low
35:31
and
35:31
sometimes
35:31
even
35:32
dangerous
35:33
food
35:33
quality.
35:34
So
35:35
we
35:35
want
35:35
to
35:35
become
35:36
the
35:37
supply
35:37
chain.
35:37
And
35:38
thereby
35:38
again
35:39
via
35:39
JD
35:40
we
35:40
will
35:40
get
35:41
the
35:41
consumers
35:41
trust
35:42
to
35:42
order
35:42
with
35:42
us.
35:43
And
35:43
we
35:43
don't
35:43
just
35:43
deliver
35:44
with
35:44
our
35:44
own,
35:46
with
35:46
our
35:47
own
35:47
courier
35:48
service,
35:48
but
35:48
also
35:49
Mateuan
35:50
and
35:50
Alibaba
35:51
can
35:51
also
35:53
order
35:53
from
35:54
that
35:54
or
35:54
order
35:55
from
35:55
seven
35:55
Fresh
35:56
Kitchens.
35:57
So
35:57
that,
35:57
that
35:58
is
35:58
a
35:58
trend
35:58
that
35:58
is
35:59
now
35:59
happening
35:59
that
35:59
you
35:59
see
36:00
a
36:00
lot
36:00
of
36:00
these
36:00
Internet
36:01
companies
36:01
going
36:01
up
36:02
the
36:02
supply
36:02
chain
36:03
and
36:03
actually
36:04
becoming
36:05
the,
36:06
the
36:06
restaurant
36:07
business.
36:08
And
36:09
I
36:09
don't
36:09
know
36:09
when
36:09
this
36:10
podcast
36:10
will
36:11
drop,
36:11
but
36:11
at
36:12
the
36:12
end
36:12
of
36:12
this
36:12
week
36:13
I
36:13
will
36:13
be
36:14
publishing
36:15
a
36:15
report
36:15
on
36:15
Tech
36:16
Boss
36:16
China
36:16
which
36:16
is
36:17
specifically
36:17
about
36:17
the
36:18
seven
36:18
Fresh
36:18
Kitchens.
36:21
A
36:21
really
36:21
interesting
36:23
development
36:24
that
36:24
is
36:24
going
36:24
on
36:25
there.
36:25
And,
36:25
and
36:26
so
36:26
absolutely
36:26
different
36:27
from
36:27
everything
36:27
that
36:27
is
36:28
happening
36:28
over
36:28
here.
36:28
And
36:29
it
36:29
always
36:29
find
36:29
it
36:29
funny
36:30
when
36:30
I
36:30
talk
36:30
to
36:30
you
36:30
because
36:30
I
36:31
will
36:31
always
36:31
get
36:31
this
36:31
idea
36:32
that
36:32
I
36:32
know
36:33
Europe
36:33
is
36:33
something
36:33
like
36:34
low
36:34
hanging
36:34
fruits
36:34
for
36:35
all
36:35
these
36:35
Chinese
36:35
guys
36:36
because
36:36
they
36:36
are
36:37
fighting
36:37
so
36:37
hard
36:38
for
36:39
dominance
36:40
over
36:40
each
36:40
other
36:41
in
36:41
their
36:41
home
36:41
market.
36:42
And,
36:42
and
36:42
whenever
36:43
they
36:43
need
36:43
some
36:43
new
36:44
customers,
36:44
they
36:44
can
36:44
just
36:45
pop
36:45
over
36:45
to
36:45
Europe
36:46
for
36:46
a
36:46
bit
36:46
and
36:47
gather
36:48
some
36:48
there
36:49
and
36:49
then
36:49
go
36:49
back
36:49
to
36:49
fighting.
36:50
Or
36:50
is
36:50
that
36:51
like
36:51
just
36:52
my
36:54
mind
36:54
making
36:54
things
36:55
too
36:55
easy
36:55
here?
36:55
No,
36:56
I
36:56
think
36:56
there's
36:57
a
36:57
lot
36:57
of
36:58
truth
36:58
in
36:58
that.
36:59
I
36:59
think
36:59
one
36:59
thing
37:00
that
37:00
we
37:00
have
37:00
to
37:00
realize
37:01
is
37:01
that
37:01
the
37:02
market
37:02
in
37:02
China
37:02
has
37:02
sort
37:03
of
37:03
become
37:03
saturated.
37:05
There's
37:05
no
37:05
new
37:06
customers
37:06
coming
37:06
into
37:07
the
37:07
market.
37:07
So
37:08
everybody
37:08
is
37:09
fishing
37:09
in
37:09
the
37:09
same
37:10
fishing
37:10
pole,
37:12
which
37:12
makes
37:12
it
37:12
so
37:13
expensive
37:13
and
37:14
which
37:15
turns
37:15
into
37:15
what
37:15
they
37:15
call
37:16
in
37:16
China
37:16
naijan,
37:17
which
37:17
means
37:18
involution.
37:19
Everybody
37:19
just
37:19
throwing
37:20
a
37:20
lot
37:20
of
37:20
resources
37:21
at
37:21
it,
37:21
but.
37:21
But
37:21
nobody's
37:22
gaining
37:22
anything
37:23
anymore.
37:23
It's
37:23
a
37:23
rat
37:23
race.
37:24
It's
37:25
like
37:25
the,
37:25
the
37:25
guinea
37:25
pig
37:26
in,
37:26
in
37:26
that
37:26
wheel.
37:27
You
37:28
don't
37:28
get
37:28
one
37:28
centimeter
37:29
further
37:29
than
37:30
that.
37:30
You
37:30
have
37:30
been
37:31
another
37:31
thing
37:32
that
37:32
is
37:32
so
37:32
that's
37:33
one
37:33
of
37:33
the
37:33
reasons
37:34
that
37:34
we
37:34
talked
37:34
about
37:34
before,
37:35
also
37:36
why
37:36
Temu
37:37
and
37:37
tech
37:37
talk
37:37
show
37:38
and
37:38
Shein
37:38
are
37:39
coming
37:39
to
37:39
the
37:40
Western
37:41
markets
37:42
now.
37:42
Another
37:42
thing
37:42
of
37:43
course
37:43
that
37:43
is
37:43
happening
37:43
is
37:44
if
37:44
in
37:44
the
37:45
US
37:45
they
37:46
raise
37:46
the
37:46
import
37:46
tariffs
37:47
for
37:47
these
37:47
platforms,
37:48
then
37:49
they
37:50
will
37:50
shift
37:50
their
37:50
attention
37:51
to
37:51
Europe
37:51
and
37:51
they
37:52
will
37:52
push
37:52
harder
37:53
on
37:53
Europe.
37:53
So
37:54
that's
37:54
one
37:54
of
37:55
the
37:55
two
37:56
reasons
37:56
why
37:56
they
37:57
are
37:57
so
37:58
active
37:58
in
37:58
our
37:59
markets.
38:01
If
38:01
you
38:01
had
38:02
Tibet,
38:04
is
38:04
JD
38:04
one
38:05
of
38:05
the
38:05
players
38:05
that
38:05
you
38:06
see
38:06
being
38:06
successful
38:07
in
38:07
Europe
38:07
besides
38:08
Timu
38:09
and
38:09
she
38:09
and
38:10
AliExpress,
38:11
do
38:11
they
38:11
really
38:11
have
38:12
an
38:12
understanding
38:12
for
38:12
the
38:13
market
38:13
and
38:14
a
38:14
chance
38:14
here
38:15
or.
38:16
Yeah,
38:16
I
38:16
think
38:17
there's
38:17
a
38:17
couple
38:17
of
38:17
things
38:18
that
38:18
we
38:18
should
38:18
take
38:18
into
38:18
account.
38:19
First
38:19
of
38:19
all,
38:19
they
38:20
don't
38:20
have
38:20
any
38:20
brand
38:20
awareness.
38:22
They
38:22
also,
38:23
I
38:23
think
38:23
couldn't
38:24
use
38:24
the
38:24
name
38:24
JD
38:25
because
38:25
there
38:25
was
38:25
already
38:26
a
38:26
JD
38:27
Sports
38:27
store.
38:28
So
38:28
they
38:28
had
38:28
to
38:29
use
38:29
something
38:29
else
38:29
which
38:30
became
38:30
Ochama
38:30
and
38:31
is
38:31
now
38:31
Joy
38:31
Buy.
38:32
But
38:32
they
38:32
have
38:32
to
38:32
build
38:32
that
38:33
from
38:33
scratch
38:33
that
38:33
that
38:34
brand
38:34
awareness.
38:35
And
38:35
especially
38:35
if
38:36
the
38:36
sites
38:37
remain
38:37
in
38:37
beta
38:38
and
38:38
are
38:39
a
38:39
bit
38:39
dodgy,
38:39
you
38:40
won't
38:40
gain
38:41
people's
38:42
trust.
38:42
So
38:44
I'm
38:45
not
38:46
so
38:46
positive
38:46
about
38:49
the
38:49
future
38:49
of
38:49
Joy
38:50
Buy
38:50
unless
38:50
they
38:50
really
38:51
start
38:51
upping
38:52
their
38:52
game.
38:53
Also
38:53
in
38:53
their
38:53
marketing
38:54
communication,
38:55
I
38:55
see
38:55
much
38:56
more
38:58
in
38:58
this
38:59
economy
38:59
deal
39:00
because
39:01
they
39:01
are
39:01
so
39:01
experienced
39:02
in
39:03
China
39:04
because
39:04
they
39:05
are
39:05
so
39:05
strong
39:05
in
39:06
their
39:06
supply
39:06
chain
39:07
and
39:07
especially
39:08
in
39:08
the
39:08
product
39:09
categories.
39:09
That
39:10
media
39:10
market
39:11
and
39:11
Saturn
39:11
are
39:12
also
39:12
of
39:12
course
39:12
very
39:12
strong
39:13
in
39:13
home
39:13
appliances
39:14
and
39:14
consumer
39:15
electronics.
39:16
So
39:17
I
39:17
see
39:18
more
39:18
potential
39:18
success
39:19
there.
39:20
But
39:20
then
39:20
again,
39:20
it
39:21
depends
39:21
on
39:21
how
39:22
they
39:22
handle
39:22
this
39:23
because
39:23
I
39:24
think
39:24
JD
39:25
is
39:25
a
39:25
classic
39:26
case.
39:27
But
39:27
when
39:27
we
39:27
talk
39:28
about
39:28
E
39:28
commerce
39:28
in
39:28
China,
39:29
we
39:29
often
39:29
talk
39:30
about
39:31
how
39:32
ebay
39:32
screwed
39:33
up.
39:33
When
39:33
they
39:33
came
39:33
to
39:33
China
39:34
because
39:34
they
39:34
didn't
39:34
localize,
39:35
they
39:35
thought,
39:36
oh,
39:36
we're
39:36
just
39:36
going
39:36
to
39:36
take
39:37
the
39:37
US
39:37
Side,
39:37
we're
39:38
going
39:38
to
39:38
roll
39:38
it
39:38
out
39:38
in
39:38
China
39:39
and
39:39
we're
39:39
going
39:39
to
39:39
make
39:39
lots
39:40
of
39:40
money,
39:41
which
39:41
didn't
39:41
happen
39:41
because
39:42
nothing,
39:43
whether
39:43
it
39:44
was
39:44
payment
39:44
methods
39:45
or
39:45
communication
39:46
or
39:46
they
39:47
didn't
39:47
have
39:47
a
39:47
way
39:48
to
39:48
discuss
39:51
the
39:51
deal
39:51
with
39:52
A
39:52
merchant
39:52
because
39:53
they
39:53
wanted
39:53
to
39:54
have
39:54
everything
39:54
closed.
39:54
They
39:55
didn't
39:55
want
39:55
to
39:55
go
39:55
to
39:56
deals,
39:56
go
39:56
offline
39:57
or
39:57
off
39:58
platform.
39:59
So
39:59
they
39:59
did
40:00
everything
40:00
wrong.
40:00
And
40:01
basically
40:02
it
40:02
was
40:02
about
40:02
lack
40:03
of
40:03
localization.
40:05
Not
40:05
enough
40:05
local
40:06
people,
40:07
not
40:07
enough
40:07
knowledge
40:07
about
40:08
the
40:08
local
40:08
market.
40:08
And
40:09
what
40:09
I
40:09
see
40:09
with
40:09
Ochama
40:10
and
40:10
Joy
40:11
Buy
40:11
is,
40:11
is
40:12
the
40:12
same
40:12
mistakes
40:13
that
40:13
the
40:13
Americans
40:14
made
40:14
when
40:14
they
40:15
came
40:15
to
40:15
China.
40:16
So
40:16
they
40:17
have
40:17
to
40:17
be
40:18
doing
40:18
much
40:18
better
40:19
there
40:19
both
40:19
in
40:20
Joy
40:20
Buy.
40:20
And
40:20
I
40:21
hope
40:21
that
40:21
when
40:21
they,
40:21
they
40:22
get
40:22
more
40:22
involved
40:23
in,
40:23
in
40:23
economy
40:24
that
40:25
they
40:25
also
40:25
do
40:25
it
40:25
there.
40:26
But
40:26
I
40:26
think
40:26
that
40:26
in
40:26
economy
40:28
least
40:28
have
40:28
the
40:28
local
40:29
employees
40:30
that
40:30
they
40:30
can
40:31
build
40:31
on.
40:32
Yeah,
40:33
absolutely.
40:34
Yeah,
40:34
I'm
40:35
going
40:35
to
40:36
watch
40:36
that
40:36
closely
40:37
because
40:37
I
40:37
really
40:37
wonder
40:38
how
40:38
this
40:38
will
40:39
affect
40:40
the
40:40
growth
40:41
of
40:41
mediamarkt
40:41
as
40:41
well
40:42
because
40:42
they
40:42
have
40:42
been
40:42
doing
40:43
exceptionally
40:43
well
40:44
over
40:44
the
40:44
last
40:44
two,
40:45
three
40:45
years
40:47
because
40:47
they
40:47
started
40:48
out
40:48
sluggishly
40:49
into
40:49
E
40:49
commerce
40:50
and
40:50
then
40:50
had
40:50
quite
40:51
a
40:51
boost.
40:51
And
40:52
I
40:53
wonder
40:53
if
40:53
this
40:54
will
40:54
continue
40:55
now
40:55
or
40:55
if
40:55
it's
40:56
going
40:56
to
40:56
have
40:57
a
40:57
little
40:57
break
40:58
in
40:58
there
40:59
which
40:59
will
41:00
take,
41:00
which,
41:01
which
41:01
the
41:01
Chinese
41:02
managers
41:03
maybe
41:03
need
41:03
to
41:03
take
41:04
to
41:04
understand
41:04
the
41:04
European
41:05
market
41:05
and
41:05
then
41:06
focus
41:06
on
41:06
the
41:07
right
41:07
things.
41:07
But
41:08
yeah,
41:08
we'll
41:08
see.
41:09
Anyway,
41:10
one
41:10
more
41:11
thing
41:11
that
41:11
I,
41:11
I
41:11
should
41:12
mention
41:13
that's
41:13
a
41:13
consumer
41:14
side
41:14
of
41:14
things.
41:15
So
41:16
of
41:17
course
41:17
media
41:17
market
41:18
is,
41:19
is
41:19
already
41:20
selling
41:20
a
41:20
lot
41:20
of
41:20
Western
41:21
brands.
41:22
Now.
41:22
JD
41:23
is
41:23
also
41:23
selling
41:23
these
41:23
Western
41:24
brands
41:24
in,
41:24
in
41:25
China.
41:25
So
41:25
if
41:25
you
41:25
combine
41:26
this
41:26
volume,
41:26
that
41:27
means
41:27
that
41:27
JD
41:28
will
41:28
have
41:28
a
41:28
higher
41:30
bargaining
41:31
power.
41:32
Now
41:32
on
41:32
top
41:32
of
41:33
that,
41:33
if
41:33
you
41:33
see
41:34
these
41:34
Chinese
41:35
brands
41:35
coming
41:36
in
41:37
to
41:37
do
41:38
the
41:38
markets,
41:39
the,
41:39
the
41:39
thousand
41:40
brands
41:40
that
41:40
Richard
41:40
Liu
41:41
mentioned
41:41
that
41:41
he
41:41
wants
41:41
to
41:42
take
41:42
globally
41:44
nowadays,
41:45
a
41:45
lot
41:45
of
41:46
these
41:46
Chinese
41:46
products
41:47
are
41:47
really,
41:47
really
41:47
good.
41:48
We
41:49
still
41:49
sometimes
41:50
say
41:50
Made
41:51
in
41:51
China
41:51
is,
41:51
is
41:52
our
41:52
shoddy
41:52
goods,
41:53
but
41:53
the
41:53
stuff
41:54
that
41:54
they
41:54
are
41:54
selling
41:56
is
41:56
really
41:56
good
41:56
stuff.
41:57
So
41:57
what
41:57
I
41:57
expect
41:58
is
41:58
that
41:58
for
41:58
the
41:59
consumers,
41:59
whether
42:00
it's
42:00
a
42:00
Western
42:00
brand
42:01
or
42:01
a
42:01
Chinese
42:01
brands,
42:02
that
42:02
the
42:02
prices
42:03
might
42:03
go
42:03
down.
42:05
And
42:05
that
42:05
is
42:05
an
42:06
interesting
42:06
development
42:07
for,
42:07
for
42:07
you
42:08
and
42:08
me.
42:09
Yeah,
42:10
absolutely.
42:10
And
42:10
for
42:11
the
42:11
competitors
42:12
as
42:12
well.
42:13
So.
42:14
Yeah,
42:14
okay.
42:15
I
42:15
guess
42:15
we
42:15
will
42:16
just
42:16
keep
42:16
on
42:16
talking
42:17
every
42:17
half
42:17
year
42:18
and
42:18
talk
42:18
about
42:19
things
42:19
that
42:19
are
42:19
now
42:20
happening
42:20
in
42:20
the
42:20
Chinese
42:21
communities
42:21
is
42:21
world.
42:21
But
42:22
thanks
42:22
for
42:22
today,
42:23
Ed,
42:23
and
42:23
thanks
42:23
for
42:23
joining
42:24
me.
42:24
You're
42:24
welcome.
42:24
Thank
42:25
you.
42:25
Right,
42:26
thank
42:26
you
42:26
all
42:26
for
42:26
listening.
42:27
Of
42:27
course.
42:27
And
42:28
next
42:28
week
42:29
be
42:29
sure
42:30
to.
42:31
Yeah.
42:32
Drop
42:32
in
42:32
again
42:32
and
42:33
follow
42:33
me
42:34
when
42:34
I'm
42:34
talking
42:35
about
42:35
agentic
42:35
commerce
42:36
and
42:36
how
42:36
it
42:36
affects
42:37
brands
42:37
in
42:38
the
42:38
modern
42:38
world.
42:38
We'll
42:39
see
42:39
then.
42:39
Right.
42:40
For
42:40
now.
42:40
Bye
42:40
bye.
42:46
You
42:46
listened
42:47
to
42:47
let's
42:48
Talk
42:48
Marketplace,
42:49
the
42:49
Marketplace
42:50
podcast
42:50
with
42:50
Ingrid
42:51
Lommer
42:51
and
42:51
Valerie
42:52
Dichtel.