There are many things that propel us to do or decide on something. Our present condition is the product of our decisions and the consequences that come with it. During the World Economic Forum, Richard Liu Qiangdong shared some insights on how he was able to build his empire. He also revealed his primary reason for venturing into the business world.
Richard Liu Qiangdong is currently the leader and the chief executive officer of JD.com. The company is the largest growing e-commerce business in China. During the interview, Richard revealed that it was because he needs money to pay for his sick grandmother’s treatment and hospital bills that he decided to venture into business. Unfortunately, his restaurant business failed because he barely spent time managing it.
In 1998, he decided to sell computer components and rented commercial space in Beijing in China. The business went well and he named it Jiangdong. According to him, the term was coined from her x girlfriend’s last name and his first name. Selling only genuine and exclusive products, his store achieved unprecedented growth. He expanded his store and opened 12 more stores in other places in China.
But, the growth dramatically stopped and the company experienced losses when the country was struck by SARS. People were afraid to go out to avoid getting a lethal respiratory disease. as a result, he closed down 12 stores. When he learned about the potential of the online business, he shifted from selling on physical brick and mortar stores to digital retail stores. He also changed the name of the business to JD.com.
According to Forbes, the net worth of Richard Liu Qiangdong alone is approximately $7.3 billion while the company JD.com is now worth more than $60 million. Richard also diversified the business and welcomed investors. Walmart, for instance, increased its shares to 12 percent. According to Richard; JD.com has also invested in its delivery system.97 percent of its customers received their order after 20 hours while 57 percent of its clients can receive their orders within six hours. JD.com, according to Richard Liu Qiangdong will continue to learn and conduct more research to be able to stay on top of the list and continue its growth.
Liu Qiangdong: Twitter.