A failed restaurant business in mid-twenties would have been a setback for many, but for Richard Liu Qiangdong, the founder and CEO of JD.com. it was a stepping stone for his next initiative. After a short time of selling healthcare products, Richard Liu stepped into retail, setting up his own ‘Jingdong’ store that sold computer accessories in Beijing, China.
The retail expanded to about twelve stores when Richard faced the next big challenge in 2004, in the form of SARS epidemic that broke out and made face to face interactions with customers who could possibly infected a risky proposition for his employees. The downside was not meeting customers meant drop in revenues and that was a serious challenge.
One of his managers proposed selling to customers online, thus mitigating the risk and still maintaining revenues. Richard Liu quickly pounced on the idea and swiftly observed that online sales were cost effective and spotted the future in e-commerce. Over the next few years, JD.com grew quickly into a online retail giant, taking on big names like Baidu, Tencent and Alibaba in China. Read This Article for additional information.
Growth did not come easily, though. When JD.com started out, the online retail market was plagued with counterfeit products, price mismatches and delayed shipments. The company was short on cash and had to use its resources efficiently. JD.com established policies that won trust among customers and sold only genuine products and delivered shipments to match the price. Delivering on commitments built trust and grew the company fast in the crowded online retail market. Today, in urban china, JD.com could deliver a product order in as little as 6 hours and it could just 3 hours in Beijing !! Customers know exactly when they will get their product. Richard Liu wants to pilot JD.com to the coveted number one spot in the next few years.
Richard Liu, the founder of JD.com holds a graduate degree in Sociology from Renmin University of China and also has an Executive MBA from the China Europe International Business School. Richard Liu Qiangdong views wealth more as a responsibility than as a burden or a blessing. JD.Com is committed to bringing high quality products to China, though JD.com does have a global business and delivery model.
More about Richard Liu Qiangdong on https://vivo.brown.edu/display/rl11