Richard Liu has been a retail company owner since 1998 when he founded Jingdong. The company would go on to generate revenues of $9 million per year by the time it was closed in 2003. At that time, Liu decided to shift his focus to online sales, and that decision resulted in the birth of JD.com.
People Could Get Goods From Anywhere In the Country
One of the biggest reasons why Liu decided to shift his focus to online sales was to help those who lived in rural areas. It was often more expensive for people in sparsely populated areas to get the goods that they wanted or needed. It was also harder for people to get those goods in a timely manner or in good condition. In 2007, Liu created a new logistics system that would allow timely shipping and lower prices for those who didn’t live in major Chinese cities.
Amazon Shifted Its Business Model Because of JD.com
Unlike most companies at the time of its founding, JD.com would source and deliver products on its own. This allowed the company to ensure that everything a customer bought was authentic and in good condition. Eventually, Amazon took notice of what JD.com was doing and decided to start making deliveries itself instead of relying on outside couriers.
Liu Taught Himself How to Use Computers
While at Renmin University in the 1990s, Liu Qiangdong taught himself how to program computers. He took this step to ensure that he would be able to find work after graduating from the school with a sociology degree. He would get a business degree from the China Europe International Business School (CEIBS) prior to founding Jingdong.
Liu Qiangdong’s Twitter.