Richard Liu Qiangdong is one of the online investors who has been renowned for his efforts to improve the services that he offers to his customers through the incorporation of innovative strategies in his work. He is the owner and the founder of the JingDong, currently known as JD.Com is the largest online retail store in China.
Richard Liu Qiangdong established this organization in the year 1998, which was immediately after finishing his undergraduate education. He had graduated with a bachelor’s degree in sociology, but like any other young individual in the country, it was quite difficult for him to snatch employment and so he decided to engage in business.
An interview called “An Insight, An Idea” with webforum.org sat down with Richard Liu to discuss his career and how he has transformed the retail industry.
A restaurant was the first enterprise that Richard Liu Qiangdong established in 1996. This never went as he had planned and he was forced to shut it down due to its poor performance. He later got employed I one of the political firms in the city of Beijing, but he felt that there were some dreams in his life that he could never actualize if he remained employed. He quit the job and began the JingDong Company. This name was derived from that of Richard Liu Qiangdong and his girlfriend. This firm performed very well, and he even decided that he would establish some branch store in various parts of China.
However, the glory of this enterprise started diminishing in 2003 when there was an outbreak of SARS. At that moment, the Chinese government ordered that there would be no movement in and out of town until the epidemic was over. This affected Richard Liu Qiangdong’s business negatively, and his revenue reduced drastically. This challenged him to design some way in which he would protect himself and his company from such losses in case such curfews are ordered again by the government. See Related Link for additional information.
The solution that came to Richard Liu Qiangdong’s head was the transformation of the business so that it would become an online store. This would enable the customers to access the products and services from their homes using the internet connection. This was the best decision that Richard made for the company since JD.Com has never suffered from such occurrences again.