Richard Liu Qiangdong: The Growth Of A Retail Titan In China

 

Not all business ventures start out the way that we want them to. Richard Liu Qiangdong is no difference. His original business venture was a restaurant as a sociology student for Renmin University in China. He had saved up a lot of money from his tutoring jobs and various other business endeavors. He believed that he could use that money to fund a restaurant. Unfortunately, while he did have the startup funds, he was not able to put in the amount of time that is necessary to grow a business like this. Restaurants are notoriously difficult to get up off of the ground. The amount of money that they make is very thin on the margins and it takes an involved manager to make a profit.

This is one of the stories that Richard Liu Qiangdong tells Weforum in a recent interview with David Rubenstein entitled “An Insight, An Idea”. He looks back at this time with thought, believing that it set him up to be successful with JD.com in the future. Some years later after he had graduated from college, Richard Liu decided to try again.

Over the years he had worked for a variety of companies that taught him a lot about what he wanted out of his own business. In 1998 he opened Jingdong Mall. Jingdong Mall would eventually be the online retail company JD.com. In 2005 he was forced to move the small electronics business online because of low sales due to a recent outbreak in SARS. Moving the store online would prove to be the smartest decision he could make.

Currently, JD.com is regarded as a massive retailer for China. Chinese citizens go on to the website every single day to order necessities and trust them to deliver those items very quickly. In fact, during the interview Richard Liu explains that JD.com has a very quick turnaround when it comes to their delivery. See This Page for more information.

In a lot of cases, they can get items to customers in as little as two hours. It is staggering how quickly they have streamlined the process and Richard Liu Qiangdong believes he can go on a global scale. Only time will tell how successful he will be in this new arena.

 

See Also: https://www.aacsb.edu/about/advocacy-and-awareness/member-challenges/influential-leaders/recipients/richard-qiangdong-liu

JD.com Makes Donations To Disadvantaged Children

 

Many people know JD.com because they are the biggest online retailer in China, the most highly populated country in the world. JD generates literally billions of dollars every year. However, the company is also known for being very charitable. Jingdong is another name that the company goes by. They have given away very large sums of money to help people in China who do not have very much. One example of this is a recent campaign where they donated money to buy school bags, books and clothing for children that have been left behind.

There has been a big problem in China of parents who live in rural parts of China moving away from their children so they can find a job in a big city. The children are usually raised by their grandparents in these situation. The places where these children live are often very cold. Visit This Page to learn more.

Therefore, it is imperative that these children have the proper clothing so they are able to stay warm. JD.com wants to help these children by buying them the items that are essential for their survival. There are an estimated seven million children who have been left behind by their parents in China. However, this number used to be much higher than it is now.

Jingdong also has a partner in this project. They are teaming up with Wardrobe of Love. This is a charitable organization that focuses on clothing poor people in China. The union of JD.com and Wardrobe of Love has been a very successful one. They have been able to distribute a large amount of clothing and other essential supplies to the children who need them. They have both said that they would like to work with each other again in the future on similar projects.

JD.com has always stated that they are always trying to think of new and innovative ways to help people in China to have better lives for themselves. This project has been a success. However, JD.com knows that there are still many people who need help. Therefore, they will be launching similar projects in the future.

More about JD.com on https://finance.yahoo.com/quote/JD/

Richard Liu Qiangdong- Founder And CEO Of JD.com

 

Richard Liu is the founder and Chief Executive Officer of JD.com, one of the largest e-commerce platforms in China. Since its establishment, JD.com has experienced a rapid growth to become a leading online retailer in China and beyond. JD.com is now worth $57.6 billion, with Liu reportedly having a net worth of $11 billion according to Forbes.

Richard Liu is a self-made business person. He graduated with a degree in sociology from the Renmin University of China in 1996. However, he spent the majority of his time learning and studying computer codes and honing his computer skills. He then joined the China Europe International Business School, where he earned an E.M.B.A. After graduation, he was hired by Japan Life where he worked as a director of computers and director of business during his two-year tenure.

An interview called “An Insight, An Idea”, weforum.org sat down with Richard Liu to discuss his career and how he has transformed the retail industry.

In 1998, Richard Liu ventured out on his own and started selling magneto-optical products. He named the business “Jindong”. The business initially progressed well, expanding up to an impressive 12 stores across China. According to Richard Liu, he was motivated to start his business to raise money to support himself and his poor family, especially his sickly grandmother. Unfortunately, the SARS epidemic threatened his stores, after all the staff and clients opted to stay indoors. The experience forced Richard Liu to rethink his business model and reinvent its future.

In 2004, Richard Liu Qiangdong moved from his brick and mortar stores and created JD.com, where he started selling electronics alongside other products through the website. By 2005, he had completely moved online, and his journey to become one of the largest trading platforms in China was well on its way. Richard Liu realized that online sales were cost-effective and involved fewer logistics. Additionally, it was more efficient for the customers, and with that, e-commerce became his new passion. Refer to This Article for related information.

The success of JD.com can be attributed to the business’s ability to sell genuine products and produce receipts for clients. The business changed the consumer’s experience by expanding its online store from IT products only, to digital products, mobile phones, and consequently, almost everything by 2010. The company now has a market value of $60 billion and employs around 167,000 people.

 

See also: https://www.prnewswire.com/news-releases/jdcom-green-planet-sustainable-week-300733604.html?tc=eml_cleartime