Richard Liu Qiangdong On Breaking into the E-Commerce Business

 

David Rubenstein sits down with Richard Liu Qiangdong to talk about Jingdong Mall and JD.com. Richard Liu has headed up the booming e-commerce company since it began in 2004. He was also responsible for the foundation of Jingdong Mall in 1998. This business is important because it was the foundation for JD.com. Before Richard Liu Qiangdong was able to talk about these businesses, David Rubenstein wanted to discuss some of his past business ventures.

 

Richard Liu talks about his attempt to break into the restaurant business. This was a chance for him to truly learn how valuable time is when it comes to growing the business. Unfortunately, when he was trying to grow his restaurant business he was also a business student in college. He did not have the time available to them to fully dedicate himself to that business. Liu believes that this was a contributing factor to its failure.

 

When he opened Jingdong Mall he approached that business completely different. He committed himself to it 100%. Immediately, Liu Qiangdong saw the results of such dedication. Instead of failure, the visits began to boom. The only negative effects that Richard Liu Qiangdong saw in this business was when SARS started to sweep through China. People became fearful of venturing into public locations. Richard Liu immediately began to think of ways to salvage his business. One of the new ways to do this would be to break into online retail. Visit This Page for related information.

 

2004 was a big year for Richard Liu. JD.com started selling merchandise to their first customers that year and gained a lot of support throughout China. The reason for this was because Richard Liu Qiangdong believed that if he got into the e-commerce business he did not want to conduct it like other businessmen. He had seen a lot of businesses on the Internet advertising products that were counterfeit and lackluster. He found it to be a very poor way to conduct business. Richard Liu Quiangdong did not want to be a part of that. This was when JD.com service really took off with the public. When customers realize that his company upheld their promises they were hooked.

 

More about Quiangdong on https://www.crunchbase.com/person/qiangdong-liu

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