JD.com is a massive Chinese commercial retailer. They have single-handedly changed the Chinese e-commerce business. The businessman behind all of this progress is Richard Liu Qiangdong. Recently he gave an interview to Weforum.org. The interviewer wanted to discuss the success of JD.com. Originally, JD.com was Jingdong Mall. It was a brick-and-mortar retail store that allowed customers to purchase computer parts and computer accessories. They were doing quite well and had expanded to 12 different locations. In 2003 the SARS outbreak hit, and they were forced to downsize their public staff. Richard Liu and his advisers decided that they should attempt to focus on online sales. This would be a turning point for the company.
In 2004 JD.com started offering products to customers through their online retail store. Again, the store was offering computer-based products. Liu Quiangdong wanted to expand into other markets and slowly began to incorporate new items. Eventually, the company began a trend of steady growth. After six years, the company had incorporated products from almost every market. This increase in loyal customers was because JD.com offered them a guarantee with their products. Many of the items that were featured on JD.com were only of the best quality with their own guarantees. Many of the Chinese online stores at that time were offering counterfeit items and low-quality material. JD.com saw a lot of growth over these years. Currently, they are worth almost $60 billion.
Richard Liu Quiangdong has been able to grow JD.com because he did not always succeed in the past. His foray into the restaurant business fell flat while he was still in his college program. He explains to his interviewer that the restaurant’s failure was because he was not able to devote the necessary time to that business. There needs to be a healthy balance between your commitments and the dedication that you have to your business. Richard Liu believes that he has found that balance with JD.com. Quiangdong will continue to expand the business and hopes to reach into the global market soon. While his biggest competitor is Amazon.com, he believes that it will not be difficult for JD.com to surpass the retail giant in the future. Read This Article for more information.
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