Richard Liu Qiangdong is an entrepreneur whose business acumen has seen him become the founder of world-renowned company JD.com. Liu Qiangdong’s success rate has earned him respect across the world, and his understanding of the online business model makes JD.com, previously known as Jingdong, a success.
In his interview, he states that he always wanted to be a business owner and when an opportunity arose, he ensured that he implemented his ideas strategically to create the business. This is not to say that his journey has been easy; having lost money in a restaurant business, Richard Liu Qiangdong highlights the lessons he learned from this failure.
JD.com begun as a spare part business with a conservative business approach that lacked scalability. Richard Liu Qiangdong identified this loophole, and it was evident the lack of economies of scale resulted in low profits and high costs. He thus entered into e-commerce at the early stages where people still understood the internet phenomena. This has over the years given his business an upper hand as more competitors join the online retail space.
In his interview, Richard Liu Qiangdong discloses his personal life stating that he has a family which acts as a source of motivation. Trust in his opinion is built by delivery of products which exceed customer expectations and hence counterfeiting is not a right approach. This is because it limits the expansion prospects as consumers lose trust in the brand. View More Information Here.
The interview makes it clear that strategic management lies at the core of the business and Richard Liu Qiangdong encourages other entrepreneurs to adapt to the same. His business model runs on efficiency and integrity evidenced by the short delivery period of products at JD.com. He further encourages that businesses learn customer service and ensures that costs are low to earn more profits while delivering quality products.
In a world where competition is on the rise, Richard Liu Qiangdong discloses that he can maintain his company as a leader through various strategies. This includes having variety at low prices to reach out to varying tastes and preferences. This is supported by his business model which ensures that stock is not stored for long time frames. Richard Liu Qiangdong depicts the importance of hard work and integrity in running a business.
Related reference: https://seekingalpha.com/article/4226658-jd-com-will-richard-liu-deliver-2019
The largest online retailer in China is Jingdong. Richard Liu Qiangdong established the e-commerce entity. Since 2004, the company has been offering quality services thus being ranked as the best online e-commerce entity in China. As a prominent entrepreneur who hails from China, Richard Liu Qiangdong was honored to attend the World Economic Forum Annual Meeting which took place in 2018. During the forum, Richard Liu Qiangdong was interviewed.
As the interview commenced, Richard Liu Qiangdong was able to talk more about his entrepreneurship journey. Richard Liu Qiangdong’s fame also accrues from the manner in which he has revolutionized the retail market in China through Jingdong. Jingdong incorporated innovation and technology which resulted to Liu Qiangdong positively impacting the Chinese retail market.
The Forbes magazine also recognized Richard Liu Qiangdong as one of the wealthiest entrepreneurs worldwide. His current net worth is estimated at $11 billion thus ranking him as one of the richest businesspeople both globally and in China.
The entrepreneurship journey of Richard Liu Qiangdong began in 1998. At that time, he was selling computers in a small rental store that was situated in Beijing. Richard Liu Qiangdong expanded his business in 2003. He was now selling computers in 12 physical stores in China. One of the challenges that affected the business ventures of Richard Liu was the SARS outbreak. This outbreak was contained by ensuring that people were house-bound. The main issue arose since Richard Liu did not have a workforce and his company was now at risk. As 2004 came to an end, Richard Liu Qiangdong had to shut down all his 12 stores. Refer to This Article to learn more.
Despite the challenges, Richard Liu never gave up. He came up with an idea about selling product through online platforms. Although Richard Liu had also thought about venturing into the online retail market in 1998, he never capitalized on this investment since he thought it was less profitable. After starting his own e-commerce company-Jingdong, Richard Liu Qiangdong noticed that this business venture was more economical as per the logistics.
In an article with Gizmochina.com, “Google Invested 550 Million” with Jingdong. The partnership will include the promotion of JD.com products on Google’s shopping service. More details have now emerged that the partnership will also see Google selling its products on JD.com.
To ensure that all his clients were satisfied, Liu made sure that Jingdong Mall would only supply original products. JD.com has been screening every product thus ensuring that the consumers are not issued counterfeit products. At the moment, the net worth of Jingdong is priced at $60 billion. Jingdong Mall’s enormous growth rate is courtesy of the sound leadership of Richard Liu.
Learn More: https://cn.nytimes.com/technology/20180619/google-china-jd-com/
Richard Liu Qiangdong is a Chinese businessman and entrepreneur. The entrepreneur launched JD.com, an e-commerce platform, in 2004 and established it to become one of the largest e-commerce platforms in China. He has talked about his journey in e-commerce in various platforms.
While in college, Richard Liu Qiangdong started a restaurant which did not operate for long because of his busy schedule with his studies. Various financial struggles saw Mr. Richard Liu venture into business. At one point, his grandmother was sick and his family was not in a position to get her proper medical care. He also would have wished to further his studies abroad then but he couldn’t because of the financial challenges he was facing.
Mr. Richard Liu founded a computer accessory business in Beijing, a business that blossomed to grow into 12 shops. However, his businesses closed down following the SARS outbreak in China. He then ventured into e-commerce initially providing digital electronics, mobile phones and IT equipment. He realized that e-commerce had the potential to revolutionize the retail business industry.
The business grew from providing a few products to provide over a billion products. Jingdong is estimated to worth US$57 billion. Richard Liu affirmed the company’s efforts to offer speedy and efficient delivery services to customers throughout China. JD.com now makes deliveries within 3 hours in Beijing and 6 hours in other corners of China. The business has established a foot print in China as an online shopping stop for people from all walks of life.
Richard Liu Qiangdong has built his name in the industry with Forbes listing him as a billionaire with a net worth of about US$11 billion. Because of Qiangdong’s success in selling other goods online, Richard Liu Quiangdong has now been ranked by Business of Fashion as a top 500 “Most Influential Person In The Fashion Space”. Fashion is, of course, a $2.4 trillion market on its own.The entrepreneur is not thrilled by wealth and instead, he views it as a responsibility to serve his community better and puts him in a better position to be a better father, husband, son and brother.
The renowned e-commerce investor looks to take his e-commerce global. Already, the company has unrolled its services in some countries outside China and he looks to take it to the Southern Asia, the Middle East and the United States. He wants to make the business the largest in the world in a few years. Visit This Page to learn more.
More about Richard Liu Qiangdong on https://dentistry.uth.edu/directory/profile.htm?id=6826e3bd-18bb-4e2a-a87a-f3b9c93134d1
Richard Liu Qiangdong is the founder of JD.com. He is the chief executive officer of this company. This company is one of the largest e-commerce business in the country of China. It is worth $57.6 billion. He built the company from scratch. Richard Liu studied in the University of Prestigious Renmin. In 1996, he graduated from the campus with a degree in sociology. Richard Liu was hired in a health company where he worked for two years. He served different roles including director for computers and director for business. He has a variety of honors. It is referred to as 2017 variety 500 honorees.
Richard Liu Qiangdong then started a shop selling Magneto optical products. This was after his failure in the restaurant business and making health products sale. He named the business Jing dong. By the year 2003, he had set up 12 stores.SARS outbreak threatened his business. He came up with JD.com which was born due to everyone being housebound. This was fully functional in the year 2004. In the year 2005, he shut all the physical stores and focused on e-commerce. Richard Liu added the consumer goods and the electronics. In 2010 they had all the products in the market. The most popular product that they sell is consumer goods and fashion.
There were many counterfeit products online. People also cheated on the prices of the products. This was a contributing factor to his company growing rapidly. Liu offers after sale services. This include shipping the products to the customers. They ship goods globally. In other countries, it takes them a few days. He says that their goal is to be number one in China. They also have a goal of venturing into other countries. This includes Asia, Europe and United States of America. See Related Link to learn more.
There is a company called WeChat which was being established. The owner acquired a 15% stake in JD.com. The deal is to advertise the company in the social media. It will boosts JD.com with almost a billion active users. After two months the platform became viral. JD.com now competes with Alibaba.
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Jingdong is starting a new research center that will develop futuristic automation technology that will be used to create smart cities. This research center is located in Xiongan, China, and was announced at the Beijing event on October 18, the 2018 Global Smart Supply Chain Summit. Named the Urban Smart Logistics Institute it will create urban logistics systems, urban logistics hubs, cloud computing platforms, big data, and other technology.
There were several founding members of this JD.com research center. These are Beijing Jiaotong University, Nankai University, Beijing Wuzi University. the Institute of Comprehensive Transportation at the National Development and Reform Commission, Sinotrans & CSC, Shanghai Maritime University, and the Shanghai Municipal Engineering Design Institute.
Quite a bit of the urban traffic emissions is released by freight vehicles in China. They also take up around a third of road capacity, leading to congestion on the roads in urban settings. Since urbanization is polluting the environment and a big cause of climate change Jingdong Mall is seeking to build a supply chain that gets as many freight vehicles off the road as possible.
The first thing this research center will focus on is underground logistics systems. Jingdong wants to build underground pipes that contain tracks which will allow packages to go underground from the factory to urban logistical hubs scattered around a city. This will eliminate much of the traditional logistic systems which take up too much space in a city. Click Here to learn more.
With smart cities, the goal is to make the best use of all the space in the city as well as conserve resources. The Jingdong research team says that building a 3-dimensional underground smart logistics system will change the industry for the better. It helps to reduce traffic congestion, is more environmentally-friendly, and save precious urban space.
Jingdong is the largest retailer in China so they ship a lot of packages every day. They are a very innovative company, such as building the first fully-automated fulfillment center on the planet. They can also deliver packages by drone and are exploring new propulsion technologies which will get packages delivered even faster in the future and at a lower use of energy.
See also: https://cn.nytimes.com/technology/20180619/google-china-jd-com/
If there is an equivalent for the “Amazon of China”, Jingdong Mall is the best candidate. Jingdong Mall, also known as JD.com, has launched its platform in Thailand.
Jingdong has partnered with Central Group. The e-commerce platform is called JD Central and it’s been established after operating for three months. The partnership will offer direct sales as well as market models as it features various product categories including home appliances, music, and books. Vincent Yang of JD.com said the launch of JD Central marks the onset of another step in JD’s journey to serve clients in Southeast Asia. The company already operates in Indonesia and Vietnam. Fashion companies keen on expanding their horizons in Thailand should observe JD Central since fashion is in the leading category.
Jingdong Mall is an e-commerce firm headquartered in Beijing. It’s one of the leading B2C online retailers by transaction input. It’s also a Fortune 500 Company and a rival to Alibaba-run Tmall. In 2018, the company garnered 301.8 million users. Liu Qiangdong established JD.Com in 1998. Its retail platforms were launched in 2004. It began as an online optical store then diversified into selling electronics, computers, and mobile phones. In 2007, the firm changed its domain name to 360buy.com. In 2013, it rebranded to JD.com and publicized its new logo. View Related Info Here.
JD.com uses the Jingteng Plan to offer brand owners accurate target market and diverse channels to sell their products. They also provide authentic goods at low prices as well as quality assurance. Clients come first. Jingdong has 170 million users while Tencent has more clients in WeChat and QQ. The plan assimilates consumer behavior data as well as social data. It also incorporates marketing solutions for social data. The user portraits and personalized creativity are some of Jinteng’s projects.
Jingdong is one of the leading companies in high tech besides AI deliver via drones, robots, and autonomous technology. It possesses the largest drone for deliveries with the strongest capability in the universe. It’s recently launched a testing program for robotic delivery services as well as drone delivery airports and operating driverless delivery via launching its autonomous truck. Over the years, JD.com has increased shares in mobile consumers in China. It invested $397 million in a luxury e-commerce platform called Farfetch in 2017.