When Richard Liu Qiangdong decided to establish JD.com two decades ago, the online retail scape was packed with companies which sold counterfeit products causing customers to shy away. As if not bad enough, Richard Liu did not have enough capital and as such only dealt with computer accessories.
Resilient despite challenges
Speaking in an interview at the World Economic Forum, Richard Liu said that even though such challenges are enough to make most budding entrepreneurs give up, he also faced a string of personal challenges which forced him to stay strong. For instance, his grandma was in need of urgent treatment, and he also needed money to pursue his EMBA at the China Europe International business school, leaving him no options but to push on.
Fortunately, as a man with natural entrepreneurial instincts, Liu Qiangdong knew that the only way to break the ice in the online retail business was to earn the trust of potential clients. The main way to do so was to sell authentic products only and ensure that they had receipts so prospects can have a channel to lodge their complains if any. This worked and two decades later, JD.com has grown to become one of the most successful e-commerce platforms not only in China but in the whole of Asia.
JD today thanks to Richard Liu Qiangdong
Besides authenticity, Jingdong is also renowned for its super-fast delivery services. According to statistics, the company delivers 50% of its orders within China in less than 6 hours and 97% of international orders within 7-15 days. All this success can be attributed to Richard’s great leadership skills and his ability to lead the company into partnerships with profitable brands in the world.
Today he has a net worth of over $7.5 billion. However, as noted, it was not easy as he had quite a rocky start. During the interview, he revealed that he had to even teach himself how to code. Before JD.com became a success, he also took on several jobs. For instance, he once worked with a health product company known as Japan life. Visit This Page for additional information.
Looking at his success right now, there is indeed no doubt that all the hardships he went through to make Jingdong a reality were worth it. Today he is the CEO of a company with a market value of over $60 billion, and one of the biggest e-commerce companies in Asia with regards to revenue.
In an article on AACSB.edu, Liu was listed as one of the “Most Influential Leaders”. As a testament to Liu’s admirable business practices, he has received numerous national and international awards for his entrepreneurship, business influence, innovation, and leadership.
Additional Reference: https://seekingalpha.com/article/4226658-jd-com-will-richard-liu-deliver-2019