In the World Economic Forum in Davos in 2018, David Rubenstein, co-founder of the Carlyle Group, had a conversation with Richard Liu, the founder and chairman of JD.com, China’s largest online retailer. During the interview, Richard Liu, also known as Liu Qiangdong, talked about his company’s history: How it started? And, how it got to be the behemoth it is today?
After finishing college, Liu set out to start his own business: a retail company that sold computer accessories out of a physical location. He named the company JD after both his first name and the last name of his girlfriend at the time, who was his first love. The business did well, and the company expanded to 12 physical stores.
However, when the SARS outbreak happened around 2004, this had a major impact on Liu’s business. To protect his employees, Liu Qiangdong had them close up most of his physical stores and decided to give online sales a try. For one year, he had his business operate both online and offline, and by the end of the year, Liu compared the results, only to find that the online avenue was much more successful. Attributing this success to lower logistical costs, more efficient operations, and a better overall experience for customers, Liu concluded that e-commerce was the future and took his entire business online, completely shutting down his offline business.
At the time of JD.com going online, the largest Chinese online retailer was
Dangdang. The company first started by specializing in IT products; they didn’t
have enough capital to work in everything, so they chose to specialize in a
niche they already had ample experience in. Later, they included digital
technology into their catalog, followed by mobile phones. They kept adding a
new product every year, and it wasn’t until 2010 that they had a comprehensive
catalog that almost covered everything.
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Qiangdong has been recognized by the “Business of Fashion Top
Performing Businessmen of 2018”. An award that is very
well deserved by Richard Liu Qiangdong. It is a reflection of his consistency
and excellence in his business.
Through a relentless focus on cost and efficiency, JD.com has experienced
phenomenal growth over the past decade and a half: For a period of time, JD.com
grew by about 100 percent annually. Today, the company is worth more than 60
billion dollars and employs near 200,000 individuals. It offers a wide
selection of products: more than one billion.
Find more information
about Liu on https://jdcorporateblog.com/about-liu-qiangdong/
1998, Richard Liu Qiangdong would found Jingdong, and Jingdong would simply
become JD.com in 2004. Richard Liu became an entrepreneur because he needed a
way to make money without leaving home or pursuing a government position.
Liu was also motivated
as a businessperson because he wanted to provide a better life for himself and
Liu Qiangdong Grew Up Poor
Liu Qiangdong’s parents had a transportation business that ultimately failed
from a financial perspective. Therefore, they were unable to provide him with
much more than basic food and shelter. They were also unable to care for his
sick grandmother, and it was a constant struggle trying to find medication
without a lot of money to pay for it. Go To This Page for more information.
Grew Into a Powerhouse
of 2019, Richard Liu estimated that his company was worth about $60 billion, and
he also said that his company had more than 160,000 employees. Each year, the
company adds about 30,000 employees to help with a variety of tasks such as
sourcing goods and shipping products. His goal is to turn JD.com into the
company in China, and he thinks that this can happen within the next few years.
Can Be Shipped Around China Quickly
Liu Qiangdong said that he could get
a product to a consumer to China within six hours. This is true in both large
cities and rural areas throughout the nation. Liu said that it would take about
10-15 days to receive an order from JD.com in the United States.
Liu obtained an undergraduate degree in sociology before obtaining a graduate
degree in business. He learned to program computers on his own while an
undergrad, and Liu Qiangdong supported
and his family by doing freelance computer work.
More about Liu on https://www.businessoffashion.com/community/people/richard-liu
There is a growing trend of consumer demographics right now in the market. These consumers who more health-conscious, more worried about the things they allow to get inside their body, and more concerned about the impact of the products on the environment and the planet as a whole. JD.com saw this growing demographic and launched several initiatives for this specific market segment.
Before the year ends, the company collaborated with Mitsubishi Chemical to launch the largest hydroponics factory in China. The factory is an expansive 11,040 square meters and integrates closed seedling production, solar technology, and artificial lighting. It has the capacity to produce various vegetables like green and red lettuce, cabbage, coriander, spinach, and several other vegetables commonly found in Chinese tables. The produce is top quality, fresh, environment-friendly, and nutritious.
JD.com, China’s fastest growing, and largest e-commerce retailer also pioneered the Running Chicken program in the economically challenged in Hebei Province’s Wuyi County in China. The program grows a free-range chicken in a 27-hectare farm tended by local residents in the area. It allows the locals to earn a substantial amount of income to improve the quality of their lives and their families.
Compared to battery grown chicken, free-range chicken is happy chickens that get to enjoy adequate sunshine and free roam at the farm. As a result, the chicken tastes better and are more nutritious. The pioneer project is a success and as a result, JD.com recently launched two more similar initiatives. These are Swimming Duck, which commenced in Jiangsu Province and the Flying Pigeon, which began in the Hebei Province in China.
Details JD On Twitter : https://twitter.com/jd_corporate
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