Richard Liu Qiangdong is known across the globe for the massive success he achieved with his e-commerce company, JD.com. It initially started with a small four square meter shop that Richard Liu leased in Beijing at China’s Technology Hub, also known as the Silicon Valley of China. The retail store initially sold only magneto-optical products, but later on, went on to sell several other electronic products and appliances as well. The success of the store made it possible for Richard Liu to start a branch of stores in a different part of the country. The name of the company was JD Multimedia at the time, and in 2004, when entire China was suffering from SARS, Richard Liu considered it the right time to enter the booming online market.
By the end of the year 2005, all the retail stores that Richard Liu operated were closed down, which also gave him the time to focus on diversifying the online business that he started in 2004. Richard Liu founded the e-commerce business to be really interesting, and he was able to devise effective cost-cutting, marketing, and sales strategies that were giving great results. It also helped the company to grow at a faster pace. In the next few years, it went on to become the close competitor effectively to the giant Alibaba.com, which leads the e-commerce market in China today. Richard Liu Qiangdong understands that it is not easy to grow at a continuous pace in the competitive market as China without adapting to the changing market and consumer trends. It is for this reason; he has kept the management and advertising campaigns of the company dynamic, which changes as per the market and consumer trends.
Richard Liu Qiangdong understands consumers like no others. Since he has worked from the bottom stage, he knows how consumers think. Thus, he is the best person to create winning strategies for the company. He also feels that adopting technology will allow the company to minimize errors that can cost the company a lot of money. In addition, the company is replacing old technology with newer and greener technology.
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