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.