After a few setbacks earlier in his career, Richard Liu Qiangdong has his feet firmly set on the ground, making significant strides in entrepreneurship and establishing a multi-billion e-commerce platform. Richard Liu’s present success is a far cry from past restaurant businesses failure. Currently worth $57.6 billion and listed among the most significant e-commerce platforms in China, JD.com e-commerce platform is a market leader.
The Humble Beginnings of JD.com
Richard Liu started Jingdong in 1998, with all operations involving the sale of computer products from physical stores in Beijing. It was in the year 2003, and with the stores numbering twelve by then. A SARS outbreak threat shifted the sales strategy and the management of the firm leaning on e-commerce to prevent closure. In what started as a safeguard measure for the Jingdong establishment. The commencement of JD.com saw the abandonment of the physical stores by the beginning of the year 2005. Additionally, more products featured on the platform, both consumer and electronics, with an emphasis placed on the quality of goods on sale.
E-Commerce: Trend of the Future
In comparison to physical stores, e-commerce demonstrates better customer experiences while at the same time bringing down the cost of doing business. Favorable outcomes indicate efficiencies that come from the improvement of logistics. Consequently, e-commerce success sees a rise in competition in the industry, as other investors take up space.
Factors Influencing Rapid Growth of JD.com
In a market with a characteristic of rampant price cheating and low-quality products, JD.com’s decisiveness in terms of high-quality products and issuance of proper invoices to clients helps the firm’s credibility. Deliberate steps taken to increase the variety of products availed on the platform is a drawing point for clients. Further, calculated moves from the year 2004 indicate there is a plan to advance IT, digital, and mobile phones products. The firm is growing in terms of investments and workforce.
What Next for Richard Liu’s E-Commerce Platform
Richard Liu Qiangdong firmly sets making JD.com a market leader in the E-commerce platform; with an agenda on valuation, and relevance of the firm in terms of the contribution it makes to the society. Success arises on the back of financial stability, superior logistics, and awareness that any new technology takes time to develop.