In the last few years, the e-commerce industry has taken off in a way never imagined. The convenience that the e-commerce companies provide to the customers is unimaginable, and it has helped the growth of the e-commerce sector tremendously. One of the iconic companies in the e-commerce sectors that have achieved considerable heights of success in the past decade is China-based JD. Richard Liu Qiangdong founded it in the year 1998 when it was still a physical retail operation running out of a small shop in Beijing. However, under the leadership of Richard Liu, the small retail operation selling magneto-optical products grew majestically and helped become a chain of stores across the country.
The physical retail operation that Richard Liu Qiangdong started in 1998 was shifted to online retail entirely when the business suffered from tremendous losses during the time China was facing a SARS outbreak. At the time, the employees and the customers were unable to come to the stores and the huge overhead expenses were too much to bear for the company with no revenue. Eventually, the physical retail operations were completely shut down, and the name of 360buy started the e-commerce site that we know today as JD.
It was an immediate hit among the customers and the attractive business and marketing strategies that Richard Liu implemented helped JD become one of the largest e-commerce companies in China. With time, the company has been able to expand its inventory and has over a hundred million active users in China. The customer base of the company is increasing with every passing day, and more and more people are joining it as it continues to offer attractive offers and discounts. Richard Liu Qiangdong believes that the modern-day companies should make use of the technologies available to stay competitive and provide users with convenience and benefits they seek.
Richard Liu recently gave an interview in which he discussed the challenges he came across while starting as an entrepreneur and how he overcame the struggles. He said that modern-day entrepreneurs should not let go of their dreams and must pursue it with perseverance and determination to achieve their goals.
Liu Qiangdong: Twitter.