Richard Liu Qiangdong is an entrepreneur whose business acumen has seen him become the founder of world-renowned company JD.com. Liu’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. It is not to say that his journey has been easy; having lost money in a restaurant business, Liu Qiangdong highlights the lessons he learned from this failure.
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. It has over the years given his business an upper hand as more competitors join the online retail space.
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 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. It is because it limits the expansion prospects as consumers lose trust in the brand. See This Page for related information.
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. It includes having variety at low prices to reach out to varying tastes and preferences. It 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.
Richard Liu was recently interviewed at the World Economic Forum Annual Meeting in Dallas. He is the founder of JD. Com. JD.com is the largest online retailer in China, serving more than 20 million people. Davos Kloster interviewed Richard Liu to get his perspective on e-commerce.
Liu’s parents owned a transport business in China but were poor. Liu decided at a young that he wanted to be an entrepreneur. He graduated with a degree in sociology but did not pursue a career in that field. He realized that he could not make much money from sociology and enrolled for a programming course. After getting a programming certificate, Liu Qiangdong worked at Japan Life for two years. Good work earned him promotions. He was chosen the director of business and computers at the company.
He opened a restaurant from earnings from computer programming. However, the business failed to pick up because Richard Liu only dedicated two hours to the business. At the time he was under pressure to raise money for medical treatment of his sick grandmother. In 1998, Richard Liu rented a four square meter store to sell magneto products. His products were called Jingdong. Liu Qiangdong later expanded to twelve stores when the business picked up in 2003. However, the SARS outbreak affected the business because he could not meet face-face with clients. He closed all the stores and opened an online platform. He doubtful about its success but decided to try. Qiangdong diversified products to attract more customers. JD.com is the largest online retailer in China, delivering goods within hours.
Richard Liu wants to be remembered as a good person and a good son. He cherishes the time he has spent at the company and wanted people to learn from his mistakes. Liu likes spending time with his family during his free time. He also counsels young people about starting and managing businesses. Richard Liu, a company, cannot attain success without appreciating its employees. Developing a good relationship with employees creates a friendly environment for workers. He wants to be remembered as a good employer. He encourages other entrepreneurs to work hard and be smart. View Additional Info Here.
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