The World Economic Forum hosts Richard Liu Qiangdong
In January this year, the World Economic Forum hosted Richard Liu Qiangdong in the event which united entrepreneurial titans from across the world.
During the event organized at Davos, Switzerland, Richard Liu Qiangdong opened up on how he started and advanced Jingdong to prominent e-commerce in China.
How did he start Jingdong? Richard Liu Qiangdong established Jingdong in 1998, after completing his undergraduate degree in sociology. His primary mission was to raise funds for his grandmother’s health bills.
Within five years, the renowned entrepreneur succeeded to develop Jingdong to a medium-sized supplier of computer parts. It had a dozen stores located in different strategic locations around Beijing.
In 2004, Richard Liu Qiangdong decided to convert his shop from a physical Beijing-based shop to a prominent online shop that would serve the entire Chines market. He launched JD.com, an e-commerce platform.
Different from the brick and mortar computer stores, JD.com supplied an array of consumer goods ranging from fresh vegetables to home furnishings. It was amongst the few Chinese stores using the e-commerce business model.
Since online shopping was a little bit new in China, Richard Liu Qiangdong employed several tactics to win the loyalty of customers who were accustomed to the brick and mortar shopping. One such strategy was rigorous marketing through social media sites such as WeChat.
His store supplied almost everything that was offered at the physical stores. The store obtained its products from legitimate suppliers. To win the confidence and trust of consumers, Richard Liu adopted a zero tolerance policy toward counterfeit products.
Besides selling quality goods, Richard Liu Qiangdong invested in efficient logistic services, a scheme that eliminated the inconveniences associated with delayed delivery of customers’ merchandise. JD.co was among the first retailers to implement same-day services to customers within mainland China.
The two schemes helped Richard Liu Qiangdong to build JD.com from a small start-up to leading e-commerce in less than two decades. Today, Jingdong is one of the most popular online stores in China, Indonesia, Thailand, and other parts of Asia.
In the World Economic Forum, Mr. Liu Qiangdong said that his store has started setting its foot into the global market.