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.