Richard Liu is the CEO of Jingdong, and he was privileged to attend the World Economic Forum Annual Meeting that was held in 2018. While at the meeting, in an interview entitled “An Idea, An Insight with Richard Liu”, he was able to shed more light on his entrepreneurship journey.
Through JD. Com, Richard Liu Qiangdong has revolutionized the Chinese retail market through forms of technology such as the supply chain innovation. Forbes has also evaluated Richard Liu’s wealth, and they stated that he is worth $11 billion, and he is one of the wealthiest entrepreneurs in China.
About Richard Liu Qiangdong
Richard Liu ventured into the business world in 1998 by engaging in the sale of computers. He had rented a small store in Beijing, and it served as his base of operation. In 2003, Richard Liu was able to expand his business, and he was now operating 12 physical stores. Unfortunately, his business crumbled after the SARS outbreak and his employees and clients were house-bound, and this posed as a risk to his company. At the end of 2004, Richard Liu was forced to close down all the 12 stores.
Richard Liu Qiangdong then came up with the idea about retailing online, and that’s when Jingdong came into play. Although Richard Liu had already thought about investing in the online retail market in 1998, he believed that the online market wasn’t profitable. After investing in the online market, Richard Liu noticed that the costs of logistics were cheaper, and he acknowledged that the e-commerce platform was one of the trends that would take the industry by storm.
Since Richard Liu Qiangdong wanted to enhance customer satisfaction, he ensured that no counterfeit goods were being sold on the JD.com platform. His business enterprise would also provide receipts to clients. While starting the online retail business, Richard Liu wasn’t financially well-off, and he began by selling mobile phones and IT products.
The Jingdong platform is currently worth $60 billion, and they hired 30,000 more individuals to work at the company. Currently, the company has a total of 167,000 employees. At the moment, JD.com is also the largest e-commerce platform in China and Richard Liu Qiangdong is also confident that Jingdong will eventually become the largest online retailer worldwide. JD.com also has more than 500 logistic centers, and whenever a customer places an order, the goods are delivered at their doorstep within three hours. Visit This Page for additional information.
More about Richard Liu Qiangdong on https://www.businessoffashion.com/community/people/richard-liu