Richard Liu is the founder, chairman, and CEO of JD.com, which is one of the largest e-commerce platforms in China that specializes in sales of computers and computer accessories. During an interview conducted by the World Economic Forum Annual Meeting, Liu was able to give an insight on how to build a successful business without fear of failure. JD.com was started in 2004, and the name comes from Liu’s first name and his girlfriend last name. Liu first started working in his family transport business before joining a college in Beijing. While in school, Richard Liu started a restaurant business that failed miserably due to time constraint.
He later started a retail company that had a store around the city selling computer accessories. Richard Liu said that he was motivated to do business due to financial challenges facing his family. He states that at one point his grand mum was sick and the family was unable to raise money for medication. Therefore, Liu realized that he needed to make money. However, when the SARS epidemic hit the country, Liu had to close the store for fear of losing workers. This was when the idea of selling the computers on an online platform was born.
Richard Liu’s company took six years to put all the products online and focused on selling original products. Currently, the company enjoys a market value of $60 billion and 167,000 employees. Richard Liu has indicated that JD.com will be the top seller market for computers in China.
The company has an excellent market valuation, finance, technology and logistics, which will help it to emerge the top market in China. The firm can ship product around the world including Washington, London, Paris and many more within 15 days. But local shipment will only take an average of six hours in major cities and 20 hours in remote areas. Most of the popular product purchased by consumers on the JD website include fashion, food and consumers’ goods. The company has about 500 logistics centers. The company is focused on going global with their core business: e-commerce, technology, and logistics. View Related Info Here.
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