Best Buy is just too Western! They do not stock enough Chinese brands, and Chinese people do not want to buy foreign brands.
When I started selling air conditioners early on, customers were willing to pay an extra 200 yuan to buy from Suning. Why? Service was good.
China has the best opportunities. A domestic market with 1.3bn people will help create more Fortune 500 retailers.
Suning from a management concept and technology point of view isn’t simply an appliance company.
Suning Appliance has no problem of financial risk. Do you think I’m risky? I’m definitely not risky.
We don’t believe the market can be dominated by one company in e-commerce in China – namely Alibaba. The Chinese market is very wide and deep, with a huge population.
Best Buy went and hired a lot of Shanghai staff, but went and westernised them. They only work eight hours a day!
In business, every phase of things counts. Companies that just yell out a low price today to win business aren’t going to make money in the long term.