As China’s economy started to slow down, the Chinese e-commerce industry became a go-to-market. Many entrepreneurs turned their attention to this industry as a way to make money.
However, there was also one man who saw how e-commerce could become something more than just a market for goods and services sold online. His name is Richard Liu Qiangdong, the founder of Jingdong Mall, currently known as JD.com. Richard Liu ventured into business operations while still at school. Even though his fast business failed terribly, he bounced back into the industry after school.
His platform JD.com was created to sell various products online, from clothing to electronics and home appliances. Although initially, the public viewed his startup with doubt, Richard Liu proved them wrong by creating an innovative business model that distinguishes itself from its competitors.
The immediate thing Liu Qiangdong did to differentiate his business model was creating a one-stop-shop for their consumers’ needs. JD.com has not stopped at just providing goods and services but also provides support such as customer service and payment methods that are comprehensive, efficient, and convenient to the customers.
As the company gained more exposure, Qiangdong started to invest in developing technological infrastructure. It was the first time for Liu and his team to venture into this aspect of business operations, but with determination, JD.com has dominated the Chinese e-commerce market by being one step ahead of its competitors.
It all seems like an overnight success, but it did not come to fruition with just a snap of the fingers. JD.com has overcome many challenges along the way, both internal and external factors. Richard Liu had to face harsh competition from Alibaba Group, but JD’s innovative business model and technological infrastructure help keep them in the game long enough to compete with its rivals. See this article for additional information.
JD.com is continuously working on expanding its operations in China and abroad. The company has been consistent with its efforts of investing in technological infrastructure to provide the best service to its consumers.
Liu was featured as an Honoree in Variety 500 entitled, “JD.com Richard Liu; Founder / Chairman / CEO”, as a result of his persistence, innovation, and hard work. During his free time, the billionaire loves to either spend time with his family or volunteering at Red Cross.
More about Liu Qiangdong on http://www.jdwl.com/liu-qiangdong-jd-ceo-about