Liu Qiangdong: Artificial intelligence or leading the retail industry to the ultimate era

At today's Lenovo Tech World conference on July 20, Liu Qiangdong, Chairman and CEO of JD.com, for the first time publicly discussed the concept of the fourth retail revolution, driven by artificial intelligence. In his speech, Liu emphasized that while the essence of retail—user experience, cost, and efficiency—will remain unchanged, AI and robotics are set to completely transform the industry. Liu highlighted that JD.com has achieved remarkable growth over the past decade, maintaining an average annual growth rate exceeding 140% for 13 consecutive years. He noted that JD's initial vision was shaped by the founder's experiences and the challenges faced in the early stages of the business. At the start, he observed fragmented information, opaque pricing, and inefficient logistics processes. These inefficiencies led to multiple handling stages for products, increasing costs and reducing efficiency. JD.com's approach has always focused on improving user experience, reducing costs, and enhancing operational efficiency. Liu explained that the company has lowered the overall retail operating costs by 70% compared to traditional retailers. Additionally, JD's inventory management system is highly advanced, with an inventory turnover period of just 37 days for its 4 million stock keeping units (SKUs). This level of efficiency is unprecedented and made possible through innovative technology. Looking ahead, Liu announced that JD.com is embarking on a new phase of technological advancement, leveraging AI and robotics to redefine retail. He envisions a future where traditional retail processes are streamlined, reducing handling stages from seven to two, and eventually to one. This shift not only promises significant savings in social resources but also creates immense value for the industry, suppliers, and consumers. Liu shared several examples of how AI is already transforming JD's operations. Unmanned warehouses are being developed in Beijing, aiming to eliminate human involvement entirely in the near future. Autonomous delivery trucks and drones are being designed to address rural logistics challenges, significantly reducing costs. Liu expressed confidence that these innovations will enable JD to achieve substantial growth without a corresponding increase in employee numbers. Beyond retail, Liu underscored the broader societal impact of AI. For instance, JD's drone initiative in Sichuan Province aims to construct 150 small airports, enabling the rapid delivery of local produce to cities across China. This effort addresses long-standing logistical barriers that have hindered economic development in remote areas. Moreover, Liu discussed the transformative potential of AI in finance. JD Finance's digital lending platform, launched in 2016, has seen exponential growth, reaching nearly $10 billion in monthly loans. Despite its scale, the platform maintains an impressively low bad debt rate of 0.3%, showcasing the power of AI-driven solutions. Liu concluded by expressing optimism about the future of technology, emphasizing its role in enhancing consumer experiences and creating tangible benefits. He encouraged collaboration among partners to harness technology for greater innovation and societal progress. In summary, Liu's speech outlined a bold vision for the future of retail, powered by AI and robotics. He believes that this transformation will not only redefine the industry but also contribute to broader social and economic advancements.

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