In 2018, the World Economic Forum invited Richard Liu Qiangdong to its annual meeting, an event that unites global leaders, successful entrepreneurs, policymakers, and thought leaders to discuss critical economic agendas.
During the event, Richard Liu Qiangdong, a successful entrepreneur in the world’s e-commerce industry shed light on how he started and grew his company, as well as its future goals.
How did he start JD.com?
Richard Liu Qiangdong started JD.com, also known as Jingdong in 1998, two years after completing his undergraduate studies from Renmin University of China. At that time, Jingdong was a brick and mortar store selling computer parts. Richard managed to open over 12 computer shops in different parts of Beijing within five years.
In 2004, China was hit by SARS, an airborne disease that forced people to remain indoors. As a result, Richard Liu’s computer accessory shop ran short of customers, and its sales started declining.
Unlike many business people that were forced out of business, Mr. Qiangdong closed down his 12 shops, and he launched JD.com, an online platform that could supply electronics, home appliances, foodstuff, clothes, cosmetics, and many more consumer products.
How did Qiangdong grow his e-commerce store?
Mr. Qiangdong employed two strategies to grow his e-commerce. First, he supplied authentic goods at a reasonable price. The tactic helped him to outwit his competitors who sold fake products at an exaggerated price.
Secondly, JD.com delivered customer orders within the shortest time possible. Most customers could receive their orders within the same day. Today, Jingdong is the largest e-commerce store in Asia and other parts of the world.
What are Liu Qiangdong’s future plans?
During the World Economic Forum event, Liu Qiangdong disclosed that his company was planning to start serving the entire global e-commerce market. Already, JD.com has launched e-commerce platforms that serve the United States, the United Kingdom, France, and Europe.