Richard Liu Qiangdong has an incredible success story. The 44 years old businessman founded JD.com in 2004, which is an industry leader in the e-commerce market of China. The business first started as a brick-and-mortar business called Jingdong in 1998. Richard Liu studied for his sociology degree in Beijing and later pursued an EMBA. He has always had the interest in being an entrepreneur and it is this passion that has helped to build a multi-billion dollar company. The estimates by Forbes show that the company has a value of $ billion and its owner is at $11 billion.
Entrepreneurship has not been an easy path for Richard Liu Qiangdong. He once failed in this endeavor when he opened a restaurant while still a student in college. However, this set back did not discourage his from opening Jingdong in 1998. Even though his parents were not very successful in their transport business, they were a source of inspiration for Richard Liu to joining the business world. See This Article for more information.
What he started as a shop selling computer part, expanded into other eleven locations. It was a great achievement, but in 2003 it was threatened by SAR outbreak that kept clients in their homes out of fear of getting infected. Richard Liu Qiangdong also had to ask all his workers to go home. The situation demanded him to rethink about the model of the business, and that is when he decided to move into the online business.
He changed the name of the business to JD.com and created an online platform that allowed customers to shop for wares online. In 2004, there were other online companies selling IT parts that were in competition with Richard Liu’s company. Liu developed a strategy of gaining a competitive advantage, which was stocking genuine parts at fairly affordable prices. Within no time, the company picked up and he started bringing in other types of products.
Richard Liu Qiangdong expresses that the Chinese market is not without competition from other online companies such as Wal-Mart, but JD.com is doing better than them. The goal is not to dominate the Chinese market only but to become the leader in the whole world.
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