Despite having grand ambitions of joining the helm of the political class in China, Richard Liu Qiangdong’s dreams were shuttered by the high unemployment rate in his home country. This was after he had completed his college education at the People’s University of Beijing and found that there were no employment opportunities that were readily available to absorb him.
An interview called “An Insight, An Idea” sits down with Richard Liu to discuss his career and how he has transformed the retail industry. His company JD.com is now one of the largest retailers in all of China and it has been very successful.
Like any other young school leaver, Richard Liu Qiangdong had no idea that he would become the prominent businessperson that he is today. After completion and staying for a while without any invitation for employment, he decided that he would start a business, which would sustain his needs and those of his fiancé, whom he had found a few years earlier. He began a restaurant business using some money that he had saved while in campus, together with a loan that he took from his family’s business. See This Article for more information.
Unfortunately, the hotel business never turned out as he had expected. It kicked off with a considerable loss, which persuaded the closure of the firm. He was left with a lot of debt that he had accumulated from the time he established the restaurant to the point at which the business collapsed. Things turned out very rough on him, but he never despaired. Liu believed that he had a lot more to achieve in life and hence he decided to try another venture.
During his college life, Richard Liu Qiangdong had obtained some computer programming skills, which he had enhanced by solving programming challenges for his fellow students at a small charge. These were the skills that he decided that he would try to invest and see whether things would be better for him. He opened a store that he would use to supply technology software and hardware for the tech clients in Beijing. This shop thrived very well to the extent that he decided to open some branches in the city and also in other parts of the country.
The business remained physical until in 2003 after the outbreak of SARS. This outbreak adversely affected the production of the firm, and hence Richard Liu Qiangdong decided to transform the store into an online store. He also renamed it from JingDong to become JD.Com.
Related information about Liu on http://www.dcvelocity.com/articles/20181018-jd-com-unveils-plans-to-study-underground-urban-fulfillment-network/
There is an interview with Weforum.org featuring well-known businessman Richard Liu and his interviewer David Rubenstein. In this interview, they talk about the creation of Richard Liu Qiangdong’s company Jingdong Mall, or as it is more commonly known JD.com. The success that Liu has seen in the world of business has been something that is mildly unprecedented. He has grown his company from absolutely nothing to one of the go-to retailers for Chinese customers. This interview was an attempt to shed light on the business practices that he feels have been most beneficial to his development.
One of the most serious questions that David Rubenstein asks Richard Liu Qiangdong about is his previous failures in the industry. While some people look at failures as a low point in their life, it is common for successful businessmen to review these failures as an opportunity to learn. Richard Liu explains to David Rubenstein that he believes that his opportunity with a restaurant as a student was one of those times. He explains that the failure of that business was due to the fact that he was unprepared for the role and did not have the necessary time to meet all of its business obligations. Get More Information Here
Jingdong Mall was a completely different situation. He started it as a small electronics company and moved it to an online business when SARS became a huge problem in China. The online business was very successful. Jingdong Mall had been doing really well as a physical entity but JD.com saw widespread permeation. People all over China were looking to JD.com to meet their retail needs. It became apparent to Richard Liu very quickly that he would need to expand the products that they offer.
One of the reasons why JD.com was so popular was because they offered something that other companies in 2004 did not, peace of mind about their products. A lot of products at the time were coming in to customers as counterfeits and they did not trust online companies. JD Mall changed that sentiment and began offering more widespread products. Richard Liu believes that is one of the cornerstones of the company’s success, creating a trust-bond with the consumers.
View source: https://www.forbes.com/profile/liu-qiangdong/#711217232c0d
JD.com, or Jingdong, is the largest retailer in China. China is changing too. It’s becoming more filled with sustainable types of urban development.
The landscape is changing so much that JD.com has come up with a really good idea. Why not create a technical institute that is solely dedicated to studying logistics within a given city? Why not have employees, PhD’s, city planners, as well as others gather together in one place where they can eagerly pursue the best possible system for delivering goods as economically as possible from within a “smart city.”
Jingdong Mall has created an institute in Xiongan where data can be stored, and data storage is perhaps the biggest part of the uphill battle when it comes to the field of logistics. At its most basic core, logistics is essentially just the careful study of this data to develop routes/plans that have all the possible headaches pre-removed, if you will.
One interesting aspect of the Logistics center will be its studies into the subterranean transport realm. Underground tracks, or even large pipes, are used to move packages from one spot to another from within such systems. True Logistics involves taking a look at the many ways in which something can be transported whether that something is transported above the ground or below it! Who knows, Jingdong could become to pipe shipping, what Amazon might become to Drone shipping in America. The possibilities are endless. This is especially true when you have a dedicated institute just for logistical studies.
There is a double-sided sword as far as benefits go when utilizing these more economical forms of transporting. Not only does Jingdong gain more satisfied customers, but the urban development that is currently going on within most Chinese cities can not only continue but become part of the retail system.
There is no arguing the fact that Chinese cities are becoming faster and smarter every day. JD.com pay careful attention to matters such as optimized logistics and sustainable business practices will be the ones that are integrated the most effectively within these new Chinese city designs. See Related Link to learn more.