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Richard Liu’s Secrets To Success In The Online Retailing Industry

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Born in 1973, Richard Liu Qiangdong attended Renmin University and is the founder of Jingdong (JD.com). Statistics issued by Forbes magazine rank him among the wealthiest individuals in China, with a net worth of approximately $11 billion.

 

Like many other successful entrepreneurs, Richard Liu tried venturing into other business earlier but failed. In 1998, Liu opened a physical store and started selling computer products and parts. In 2004, Richard Liu did away with physical shops and set up his first online shop. With its rapid growth, the online shop appeared on the NASDAQ list in 2014 despite operating on losses that year.

 

In a World Economic Forum’s interview, Liu listed some of the challenges he faced when he got into the business world. The SARS epidemic was his primary challenge. When infected, he became worried about his clients and workers because he knew the disease was highly contagious. As such, he had to close his physical shop and open one online. Read This Article for related information.

 

Competition from already established online shops like Amazon.com was also a challenge Richard Liu faced. However, the thing that made his company win clients was its avoidance of selling counterfeit products. The company, hence, earned trust among clients and this helped it grow through its initial years to the giant it is today. According to the CEO, the secret behind winning more clients is by earning trust from the few that a company already has and value creation for their money.

 

Currently, the company ships its products internationally. JD.com has hundreds of logistics centers globally. A client in New York would receive their goods within two weeks after placing their order. The company’s primary aim is to grow into the world’s biggest online retailer.

 

At the end of the interview, Richard Liu offers advice to the young generation and entrepreneurs. He derives these pieces of information from his experiences in the business world. His first advice Liu gives is creating value for clients’ money and avoid the sale of counterfeit products. Maintaining integrity is also another advice he offers. Lastly, he advised young entrepreneurs to ask for mentorship from their elders and abide by their instructions.

 

Source Article: https://www.forbes.com/profile/liu-qiangdong/#711217232c0d