The Interview with Richard Liu Qiangdong
Richard Liu Qiangdong is the CEO of JD.com, and Liu recently did an interview with Weforum.org. This is a site that does interviews with entrepreneurs and innovators. In this interview, Liu spoke about how he rose to success and became on of the richest men in China.
How Liu Got His Start
Liu was raised by two hard-working parents who owned their own business. From his parents, Liu Qiangdong
was able to attain a good work ethic and an understanding of business. Liu went to college to study sociology, but he did not believe that he was going to have a good financial future in this field.
On the side, Liu studied computer programming. After graduating college, Liu embarked upon his first venture as a businessman. He invested his funds in a restaurant, but the restaurant was not successful. Liu did not let that stop him, he continued to try new business ideas until one worked out.
How JD.com Got Its Start
Liu Quiangdong decided to start a distributing business that met with much success. After a few years, Liu’s business was able to open 12 different stores throughout China. Unfortunately, there was a SARS outbreak in 2003 that threatened the livelihood of Liu’s business. In order to stop his stores from closing, Liu decided to start selling his products online. That idea was so successful that Liu was able to later expand to sell more items through his e-commerce shop. Read This Article for additional information.
Soon, Liu was able to close all of his stores, and sell all of the items online. That is how JD.com got its start. Liu had no idea that his idea to close down his stores would lead him to incredible success. Liu is now on his way to be one of the most successful businessmen in the world.
From the time Richard Liu Qiangdong ; founder and CEO of JD.com, started operating a small shop in the city that was selling electronics and other components to now when he is operating one of the largest e-commerce organization in China, he is fully aware that there a significant number of challenges that face the market. However, some of the challenges, such as SARS outbreak, could only affect brick and motor businesses while modern businesses have their own share of problems.
As a testament to Liu’s admirable business practices, he has received numerous national and international awards for his entrepreneurship, business influence, innovation, and leadership. AACSB.edu considered Richard Liu Quiangdong as one of the Most Influential Leaders.
Richard Liu notes that one of the challenges facing the modern fashion industry is the growing number of people in the middle income bracket. In as much as the number of people with huge income is beneficial to the company, there are other problems that these people bring to the company. One of the challenges is that they are very demanding and enforce their rules and regulations. Fashion organizations are no longer in charge of the industry but the middle class individuals decide what to be sold. See This Page for more information.
The second challenge that is affecting the online companies, especially those selling fashion products is that there only a few number of individuals who have adopted online platform as their buying places. As companies invest heavily on the e-commerce platform, the number of those individuals buying goods through these platforms is not increasing. People in the villages don’t buy their products through the e-commerce platforms because of trust issues. Some of them don’t even know about the e-commerce retail outlets due to low technical knowledge.
Richard Liu Qiangdong notes that the other challenge is that brick and motor retail outlets remain to influential shopping areas for a large number of individuals in the country. There are many people who always want to buy their products in the traditional shops where they can see and touch the products they are buying. There is always a perceive notion that brick and motor retail outlets are trusted than online retail outlets.
Lastly, Richard Liu notes that a large number of people have significantly changed their consumption habits to the extent that they are demanding customized products. This is making it hard for organizations to keep in touch with the changing consumption habits.
Source article: https://www.forbes.com/profile/liu-qiangdong/#711217232c0d