If you are an avid entrepreneur, you would agree that Richard Liu Qiangdong is one of the most successful entrepreneurs in the world’s e-commerce industry. The entrepreneur developed a multi-billion online store from a small brick and mortar computer shop.
How did he develop the business? Following are insights that would help you comprehend. The ideas were generated from Richard Liu’s interview with the World Economic Forum, an event that united the world’s most successful industrialists and investors.
Speaking at a lunch event, which attended by more than 50 prominent businessmen, Richard Liu revisited his humble beginnings in business. Among those in attendance included the CEO of Adidas Group, Kasper Rorsted and Greg Foran, the Chief of Walmart in the US.
Richard Liu Qiangdong disclosed that his entrepreneurial career in 1998 after completing his college studies. During that period, Liu’s grandmother fell sick, and she needed money to pay up for her hospital bills.
The unfortunate ordeal encouraged Liu Qiangdong to start a business that would help him raise funds for his grandmother. He established Jingdong, a small brick and mortar store located in Beijing.
Richard Liu Qiangdong put his best effort and skills to create a fortune out of the small computer shop. By the end of its fifth birthday, Liu Qiangdong had managed to develop it into a large shop with several stores around Beijing.
In 2004, China faced the SARS calamity, a business threat that that could slow Jingdong’s development or even lead to its closure as most people were forced to remain indoors for an uncertain period.
Instead of halting his business, Richard Liu decided to align his business philosophy to match the situation. He founded JD.com, an online store which required limited contact.
How did he develop the online store? Mr. Liu Qiangdong employed three strategies to build his e-commerce store. First, he collaborated with reputable suppliers who offered genuine consumer products instead of fakes.
Secondly, he made sure that JD.com supplied all the consumer goods required by its customers. It provided furniture, clothes, food, cosmetics, and electronic appliances. Finally, Liu Qiangdong made sure that customers received their orders on time. Click here