The reason is that only the newcomers laugh, and no one hears the old ones cry.
When Sun Tongyu was crying, one of the high-spirited newcomers was Zhang Yong.
Zhang Yong was originally the vice president and CFO of Shanda, a game company that was in full swing at the time. Cai Chongxin took a fancy to him and hired him to serve as Taobao's CFO.
When I came here, I found out that Taobao’s CFO is not only in charge of finance, but also business. Later, he even took over the position of COO.
Among the projects that Zhang Yong was in charge of as COO, there was an unfinished half-assed project. It was originally a business department-level project. After more than half a year, it failed all the time. The original person in charge resigned, and the business department was disbanded. People, become a garbage item that everyone can't avoid.
This rubbish project, named "Taobao Mall", will be renamed "Tmall" in the future.
In March 2009, Zhang Yong took over Taobao Mall. At that time, Taobao Mall was just a dispensable accessory of Taobao.com, without any reputation in the market, neither merchants settled in nor consumers cared.
In order to build up the reputation of Taobao Mall, Zhang Yong thought of many ways, but all of them had little effect.
Later, Zhang Yong discussed with his team that a big promotion should be held in the second half of the year, and the date should avoid the two shopping seasons of National Day and Christmas, so he chose the middle position. Finally, I chose a date that is best remembered: Double Eleven Singles' Day.
After arduous promotion, Zhang Yong's team finally got a group of merchants who are willing to cut prices together on this day, and all participating merchants add up—27.
Faced with such a bleak figure, everyone has no hope, it is better than nothing.
But the final promotional effect was completely unexpected. Most of the products were sold out early in the morning, and the store had to replenish them quickly.
After a day of inventory, 27 merchants sold a total of 52 million, which is 10 times the usual amount.
This phenomenon has also aroused extensive media reports and heated discussions among netizens, making it known to almost everyone at once.
With this wave of publicity, the situation was completely different in the second year, with 711 participating brands and sales reaching 936 million.
By 2013, the fifth year of the Double Eleven Festival, there were thousands of merchants participating, and the turnover had increased 700 times compared to 5 years ago, reaching 35 billion yuan.
And this festival has already surpassed the territory of Tmall, and has become a day of carnival for the whole network. Every year on the evening of November 10, girls from thousands of households will wait for the arrival of the early morning of the 11th like a long-lost lover, and frantically snap up everything. thing.
The Double Eleven created by Zhang Yong has become a miracle in the history of the world's Internet development.
In 2013, Ali started the listing process again (previously, Alibaba B2B had withdrawn from the Hong Kong stock market in 2012).
Since the Hong Kong stock market at that time did not recognize "AB shares" (that is, two types of shares, A and B, were issued at the same time, and the voting rights of A shares and B shares were different), Ali chose to go public in the United States. And this listing is no longer a separate B2B business, but the entire group.
On September 20, 2014, Alibaba completed its second listing on the New York Stock Exchange.
On the same day, Alibaba's stock price soared by 38.07%, making Jack Ma the richest man in China in one fell swoop.
And Alibaba, with a market value of 231.4 billion US dollars, has become the fourth largest company in the world after Apple, Google, and Microsoft.