Jack Ma, CEO of China’s largest retail website is on the way to make history with the biggest IPO in the US stock market to date, making his words much more valuable than anyone else. And he has spoken again.
Speaking at the Softbank World 2014 event, his business philosophy is developing the next generation business model. – putting customers first before the employees and placing the businesses owners last. He went on the explain that in this fast paced society, employees will have to attend to the customers in the shortest response time possible, who will then in turn be the ones providing revenue for the company.
How will the employees do that? That is where the big data technology comes in. With the accumulation of customer’s preferences and style, the employees will be able to work about all the preferences of the customer to provide them the service that they want – the selling point now is the value of money unlike the conventional chase for the lowest cost price. He went on to mention that there will be no need for any great ideas or plans from the business owners – what is needed is just the correct people with the initiative for the provision of service to the customers, and make it into an autonomous process.
What will be the outcome of this business model? Ma predicts that Alibaba may eventually hit a gross merchandise value of US$1 trillion, which even the merchandise giant Wal-mart will not be able to meet. The unique selling point for Alibaba is because unlike Wal-mart, the operating model from Ma will not require the massive manpower that is needed to generate the $476 million revenue that Wal-Mart made.
While these are the visions that he has predicted, Ma insists that he has no idea how he managed to make Alibaba such a big success.
Well, we all know it’s his vision that matters.