How Entrepreneur Richard Liu Built One Of The Largest E-Commerce Companies In The World
Richard Liu is an influential entrepreneur in China. He founded JD.com which is China’s largest e-commerce site and the biggest retailer overall by revenue. He founded the company in 2004 and is its chairman of the board and chief executive officer.
His first business as a physical retailer he started in June 1998. This company sold magneto-optical products such as drives and CD-ROMs. He started this company in Beijing and within five years had 12 stores in that city, Shanghai, and Shenyang. This company, Jingdong, was earning $9 million a year. Since e-commerce was taking off, Liu Qiangdong launched JD.com to take advantage of this trend.
His company is committed to authenticity and quality. It sells a huge variety of products and is sometimes called the Chinese equivalent of Amazon. JD.com has the third-largest revenue of any internet-based company in the world. Its share of China’s online market was 54.3% in 2014. In 2014, it was listed on the NASDAQ and in 2016 it was listed as a Fortune 500 Company.
Liu Qiangdong’s business model has led to an e-commerce boom in China. JD.com sells fresh produce, electronics, cosmetics, clothes, and much more. It buys products from suppliers and then resells them to consumers and other businesses. This means that JD.com controls its supply chain and can authenticate everything it sells. This practice increases consumer trust and has led to unrivaled growth.
Since JD.com has a national logistics network, it can deliver product shoppers orders rather than relying on third-party providers. This means that goods aren’t lost in transit or damaged. This network includes AI, robotics, and the “Internet of Things” to reach over a billion people in China and elsewhere in the world. This led to JD.com becoming one of the global leaders in e-commerce.
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