1973 was the year when Richard Liu Qiangdong was born in the Republic of China. His parents were renowned business people who operated in the business of transporting coal within all the regions of the country. Since he was young, Richard Liu Qiangdong had been aspiring to become one of the prominent politicians in his country.
Richard Liu had a passion for politics and hence when he attained the age of joining college, his parents took him to the People’s University of China, an institution that was linked to the production of the political elites in the country and the whole world. In the institution, Liu was pursuing a bachelor’s degree in Sociology and Political Science, and hence he expected that with the combination of the disciplines, all the employers would be scrambling to employ him immediately after finishing school.
While still in College, Liu had joined some classes where he studied computer programming and hence he had started earning some good money while still learning. He would assist his fellow students in fixing their tech issues, and in return, he could get paid some cash. That was how he survived in college without a lot of financial hassles and struggles. However, things turned out to be a bit different after Richard Liu Qiangdong completed his degree. The employment that he had been very confident about turned out to be a meager fantasy. He tried to seek employment from various organizations in the city, but all of them turned a deaf ear on him.
As a result of frustration from the unemployment, he took some loan from his family business that was run by his father and with the assistance of the little savings he had made from the computer programing income, he started a restaurant in Beijing. This turned out to be a nightmare to Richard Liu Qiangdong since shortly after the establishment of the entity; it collapsed as a result of consistent loss-making. Go Here for more information.
He closed the business and contemplated opening a technology-related organization. That was how Richard Liu started the JD.Com organization, a firm that has been very vibrant in the provision of tech services to customers all over the Republic of China and globally.
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The business of e-commerce can be quite harsh if one does not understand the ins and outs of the process. In fact, many new businesses in this portion of the economy do not do as well as their traditional physical counterparts. The reason for this is because they are often faced with a huge amount of competition in their early days and they need something to set themselves apart from the rest.
Richard Liu Qiangdong managed to beat the odds with his company JD.com, originally known as Jingdong Mall. Richard Liu sits down with Weforum.org to discuss the change in structure that may JD.com what it is today. His interviewer, David Rubenstein wanted to discuss a previous restaurant venture that he believes helped shape the future for Richard Liu Qiangdong.
Richard Liu tells Mr. Rubenstein that the restaurant that he previously owned went under. What he learned from that experience is that he should not divide his time. He was a student when he opened it and he was looking for a way to quickly earn money. He learned that if he wants his businesses to succeed, he needs to be present. When he opened Jingdong Mall he took this under advisement. His constant involvement in the growth of the business is one of the reasons why it spread to 12 locations. The electronics company was doing really well up until the SARS outbreak in China in 2003. This was when Richard Liu Qiangdong needed to think about other ways to make money. See Related Link to learn more.
JD.com did so well because they started offering a wide array of products. Richard Liu tells Mr. Rubenstein that he did not add categories on a whim. He went through and systematically added them after thoroughly reviewing the product choices. It was a painstaking process it took him nearly 6 years to complete but it was worth it. His customers felt secure with their purchases and it led them to recommend his company to their close family and friends. Liu hinges his success on being a reputable company. This is also something he tells his interviewer that he hopes to take global.