Taobao's greatest contribution is understanding consumer habits

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Sina Finance News: The 2014 China Green Companies Annual Meeting "The Age of Change: Reality and Vision" was held in Nanning, Guangxi from the 20th to the 22nd. Alibaba Group CTO Wang Jian spoke at the "Big Data" Transformation of Enterprise Operation and Management Roundtable Forum.

He said that Alibaba's understanding of the big data era is still primitive, but in a sense, it will not exceed Suning's understanding of e-commerce. Wang Jian said that Suning Group should be respected, but Suning's understanding of e-commerce is indeed insufficient.

The following is the transcript of Wang Jian’s speech:

Wang Jian: Before big data was developed, its impact on enterprises can be traced back to the impact of the Internet on enterprises. To make it clear and let everyone understand the impact of big data on enterprises, there are three things that may be indispensable.

One is the Internet. The hottest words on the Internet are cloud computing and big data. The reason is very simple. An Internet company must be a data company. Alibaba held a meeting in 2008 and suddenly realized that it was not an e-commerce company but a data company. This had a huge impact on the company.

The second thing has a huge impact on enterprises. When you find yourself as a data company, you suddenly find that you are missing something, something that turns data into wealth. What do you rely on? Cloud computing. You must get value from data at the lowest cost to survive. So imagine that if you can't get value at the lowest cost, you can't survive. This is the most basic.

The second thing we understood is that computing must become a public service. Starting in 2008, for our company, we used another angle to express Alibaba. We once said that there are not many people who don’t go to Taobao. Taobao’s greatest contribution to Chinese society is not to let people buy things there, but to the consumer’s habits in our own hands. Consumer habits are data, which is the other way around. Sometimes Jack Ma would say that companies use data to sell things, and Alibaba sells things for data. This is the most basic difference, and it is also something we have come to slowly.

Alibaba's micro-loan business best reflects the value of data, or Internet data. I won't talk about big data or the value of Internet data. In the past, when it came to loans, the most important thing for banks was to investigate credit and to obtain collateral. These were the two things. Investigating credit is a traditional way of looking at data. You can also say that it is data, but why is it traditional? It has nothing to do with the Internet. How do we use data to turn it into the credit of an enterprise? We use the data that has been deposited on our platform in the past. It is not the data we collect, but the data that has been deposited. This data was useless in the past, but because we turned it into a model and turned it into credit, it became the wealth of this small enterprise, which enabled us to provide loans to 700,000 people with more than 300 employees. This is the utility and value of data.

On the other hand, the impact on our organizational structure is huge. In the past, we used this method to do things, but now we want to do things in a different way. This has a huge impact on our organizational structure. What do I want to express? If you talk about data today, don't think that big data is transformed from data to big data. It's not like that. In fact, today is actually a transformation from the so-called information society to the data society. It may be better to say it this way. What does this sentence mean? In the past, because there was no Internet and no computing power, the data you could get had to be something that everyone thought was immediately valuable. Everyone used to call it information. Today, because of the huge computing power of the Internet, you can get a lot of data today. You don't pursue the value of data today, but it can bring greater value the next day. From the first day, everyone knows about data. It is a transformation from information to data. With the Internet and computing power, you can imagine that on the first day, you will ask for the most useful information, but after two days, you will find that what seems useless today has become the most useful thing. Google (536.1, -20.44, -3.67%) is the best example. You can earn thousands of dollars with a click of the mouse. In the era of Microsoft (40.01, -0.39, -0.97%), no one turned the mouse into wealth, but in the Internet era, it has become wealth. This is a very typical example. If you only collect information, it will not become your wealth today, but what you got last year seemed worthless can become wealth. This is a very important understanding of Alibaba itself.

Today, although many consumers like it, our understanding of data is still very superficial. I once told Mr. Ma that Alibaba's understanding of data is still very primitive. From another perspective, Alibaba's understanding of data is no better than Suning's understanding of e-commerce. We should respect Suning Group, but Suning's understanding of e-commerce is indeed insufficient.

The meaning of this statement is that everyone's understanding of this matter is still very shallow. We have great respect for data. I just want to express our very primitive state. In this industry, we have just started today. Strictly speaking, there are no experts. Everyone is facing new problems, but don't underestimate the challenges. There are two misunderstandings. One is that we think that we can talk about data in the past and talk about it in a bigger way today and bring the methods back. Second, talking about data without the Internet and cloud computing is also a big misunderstanding.

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