Weee! founder Larry Liu describes the early landscape of Chinese internet commerce when he first experimented with selling secondhand goods online.
Insight
Liu: A winning grocery delivery app cannot exceed brick-and-mortar prices
“We believe that to become the go-to grocery shopping app, we cannot be more expensive than brick-and-mortar stores.”
Insight
Liu: Hard work and talent are baseline; ultimate scale depends on luck
“Hard work and the talents are just necessary, but how high you can go, how far you can grow, really has a lot to do with the situations you are in, what happened to you, what people you met, and you can loosely say those are all luck, or fate, or destiny.”
Assertion Supported
Liu: Automated e-commerce price arbitrage remains viable across platforms today
“You can still do that today, and you can do, like, even more, right? So now there are, like, cross-border companies. You can actually scrape those companies and list down on eBay.”
Insight
Liu: E-commerce arbitrage makes money but creates minimal fundamental value
“It's a good vehicle to probably make some money, but we fundamentally did not solve any problems or create much value.”
Insight
Liu: US group-buying was a workaround for poor grocery access, not entertainment
“The fundamental reason people were doing this was because they couldn't have easy, affordable access to the food they love. I remember that's what I felt like the fundamental problem People were trying to solve using these group bias, but it was not the right …”
Insight
Liu: Founders should pivot execution on right goals, but quit fundamentally wrong ideas
“So if it's the right thing and you are just not doing it right, you should not give up. You should try to find a way to do it right. However, if it's not the right thing, You should not try to make it better, because it's not the right thing. You should stop r…”