Richard Liu Qiangdong started JD.com over ten years ago. He is the CEO of this company which is the largest online retailer in China currently. Richard Liu has come a long way from where he first started in business in 1998.
Richard Liu grew up poor with his family, and they owned a small business.
This was his introduction to the business world. During his college years to make more money for his low-income family, he opened up a restaurant in Beijing. Unfortunately, due to him not being able to spend enough time there, the restaurant failed.
In spite of the failure, Richard Liu did not allow the setback to slow him down. He opened up one retail store and only sold computer accessories called Jingdong Mall. Jingdong ended up doing very well, and he was able to open another 11 stores eventually.
As SARS took over the news and spotlight of China during this time, he conducted meetings with his managers trying to find a way to survive during this severe time. Liu made sure all of his employees were at home, and the managers were the only ones in the stores during the virus outbreak. The idea to continually sell his products with easier access, even during an epidemic, is where the thought of selling online came from. Visit This Page for additional information.
For the next two years, Richard Liu and his staff kept track of the numbers and watched how logistics, customer satisfaction, and efficiency made a more significant profit by stretching the business market from brick and mortar stores as well to an online market. They continued to sell IT products, but they eventually added cell phones and computers. As the company grew, they were able to add a different product every year, propelling JD.com as a contender for one of the largest businesses.
Richard Liu states that his business became so effective because they did not sell counterfeit items, they kept detailed receipts for themselves and the customers and there was a better experience overall for the customer. Today the company is worth over $60 billion and employs more than 167,000.