JD.com is one of China’s largest ecommerce platforms owned by Richard Liu Quiangdong. He’s worth over ten billion dollars personally on paper, and his company is worth over 30 billion dollars as of today. In an interview in 2018 with Rubenstein titled “An Insight, An Idea”, Richard Liu told him that he started JD.com in 2004.
Back in the 2000’s, most students wanted to go into government, but he didn’t want to do that, so he set up his own business where he sold computer accessories. Liu created up to 12 stores at that time in 2004, but then the SARS epidemic hit, and he didn’t want his staff to talk face to face with customers, so he decided to close the shop.
One of the managers said they should sell online to lower the risk of SARS, and he (jokingly) is already a billionaire. They spent one year selling in person and selling online to compare the figures, and when online proved to be better then he just went with selling online full time. He had merely heard of DangDang at the time but had never heard of Amazon. Refer to This Article to learn more.
The thing that he did to make his company grow so rapidly was to make the decision not to sell counterfeit products online and would issue proper invoices and receipts. Richard Liu was selling mostly computer parts because they had limited amounts of cash. It was I.T. products, digital products, and mobile phones for sale at first. Richard Liu now has about 200,000 employees and is adding about 30,000 per year.
The biggest market value amongst his competitors is TenCent, then Baidu, and then JD.com. Richard Liu Qiangdong’s goal is to simply be number one on the market. When he had his first office in China, he had just four words written in Mandarin on the column and they read, “I Just want to be number one.” Richard Liu thinks that the value he creates for society should be the focus, and this takes time to develop.
More about Liu on https://www.forbes.com/profile/richard-liu/#77b17bbf2677
Few companies in China have reached the amazing level of success that JD.com has reached. In fact, JD.com is considered to be one of the largest retailers in the Chinese market. They are worth upwards of $50 billion and headed up by entrepreneur Richard Liu Qiangdong. Recently Richard Liu sat down with an interviewer from Weforum.org. They wanted to discuss how he achieved such tremendous success. One of the first things that many of you want to understand are the foundations of JD.com. According to the interview, JD.com was originally named Jingdong Mall. The purpose of this business was to provide customers with tech products. They were physically located and not yet online. Richard Liu tells us interviewer that they had no more than a dozen stores at a time. Refer to This Article for more information.
The stores were very prosperous but in 2003 there was a threat to their financial security. The SARS virus was running rampant through the Chinese population and a lot of people were hesitant to go out and buy products. Alternatively, Liu Quiangdong did not want to subject his employees to the virus. He decided to move the operation to an online business. 2004 was the launch of JD.com. Originally, JD.com continue to sell the items that Jingdong Mall did. Richard Liu tells his interviewer that he decided very quickly into the process that he wanted to offer more items. This was something that he had to do very slowly. Liu was very discerning about the materials that were offered to the online community and he wanted the time to make good decisions. It took over six years to make the transition but now JD.com offers a wide variety of items.
One of the most exciting things to him is the future prospects of JD.com. Richard Liu Quiangdong is excited about the international business. He believes that JD.com has a lot to offer to the global community. Their discerning taste when it comes to top materials will breathe new life into the online retail market. One of his biggest competitors is said to be Amazon.com. Richard Liu has voiced that he will be interested to see where the road takes him.
More on https://www.wealthx.com/dossier/qiangdong-liu/