Richard Liu attended a World Economic Forum early this year to talk about his entrepreneurial journey and his largest e-commerce company in China, JD.com. He revealed a lot in regards to the company’s strategies, worth and plans. The company started officially in 2004 but prior to that, there is a whole story that led to its inception.
Richard Liu attended Renmin University of China and while at school, he started a catering business which closed down soon afterward, lack of good management being a root cause because he was too involved with his studies to get time to manage it. His family was going through hard financial times and even her grandmother could not get medical care because of the financial constraints. Richard Liu set on a new path by starting a magneto-optical product business at the heart of Beijing. The business grew rapidly to expand into twelve brick and mortar retail spaces before the 2000s SARS outbreak disrupted it.
The successful entrepreneur leveraged his intuition and technology savvy to start selling products online. At the time, e-commerce was not as developed as it is today and it was associated with counterfeit goods and fraud. Richard Liu realized the need to offer authenticated products only and to issue proper invoices for payments. He focused on ease of transaction, improved user-experience and above-par customer service to establish his online business. In 2004, the online business started operating as JD.com with a few products including mobile phones, digital electronics and IT equipment on board. The e-commerce platform grew tremendously and by 2010, it had everything online shoppers could ever need. Today, it boasts more than one billion products giving customers a wide variety of options to choose from.
According to Richard Liu Qiangdong, some of the goods that have proved to be top-selling include consumer goods. The e-commerce company is valued at approximately $60 billion with a presence across all corners of China. With its extensive and sophisticated logistics network, JD.com can deliver products within three hours in Beijing and six hours to other parts of the country. The company is now planning expansion endeavors to increase its presence globally.
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