If you are an avid entrepreneur, we guess that you have heard of Richard Liu Qiangdong, a renowned entrepreneur in the world’s e-commerce industry. He is the founder of Jingdong, a prominent online store with a projected market valuation of $67 billion.
Jingdong, famously known as JD.com, serves millions of customers based in China, Thailand, and other parts of the world. Recently, the company’s founder hinted at possible expansion into Europe and the United States.
How did Richard Liu rise from his financially weak background to his current status? Ensuing is a comprehensive illustration of his entrepreneurial journey derived from his interview with the World Economic Forum.
In line with the interview, Richard Liu Qiangdong started his entrepreneurial journey in 1998. This was after he completed his sociology degree from the People’s University of China, and a postgraduate from China Europe International Business School. He gained his initial business experience through two years of employment with Japan Life, a company which dealt in the sale of medical products.
He established a computer shop branded as Jingdong with a mission of raising funds for his grandmother’s hospital bills. Despite the modest start, Richard Liu Qiangdong managed to open several branches that supplied computer parts in Beijing.
Unfortunately, in 2004, China faced the SARS outbreak, and people were advised to remain indoors, a move that led to the closure of many brick and mortar businesses. However, the unfortunate event did not kill his entrepreneurial future. Instead, it inspired him to start JD.com.
How did he grow JD.com within a short period? In an interview entitled “An Insight, An Idea with Richard Liu”, at the World Economic Forum interview, Liu Qiangdong shared two primary strategies to expand his online venture.
First, the internet entrepreneur focused on supplying quality-approved genuine products. His company strictly adhered to a zero-tolerance policy on counterfeit products. He bought his stock directly from the manufacturers rather than the less reputable suppliers who sometimes supplied fake products. Visit This Page for additional information.
Besides the genuine products, Richard Liu Qiangdong made sure that his clients received their orders at a reasonable time, and they received the exact products that they ordered. The two tricks helped JD.com to win the hearts of millions of customers.
More about Richard Liu Qiangdong on https://www.sentaclinic.com/dr-richard-liu/