Richard Liu could never have imagined that a very small business could have turned into this large of an empire. Liu is the Chief Executive Officer and Founder of JD.com. He started a company called Jingdong as just a storefront in 1998. This store sold magneto-optical products. Within the first couple of years, the company exploded and he started multiple locations. It grew into twelve chain stores around Shanghai, Beijing, and Shenyang. By 2003, the stores were making nine million dollars annually.
Liu Qiangdong knew he could expand with a growing market like this, so he decided to take his passion online. This is when he started JD.com. Around 2007, he began building a national logistics system to help with the massive number of customers that were coming. He wanted even the people who were in truly rural areas to be able to order products and have them arrive in a timely fashion. This helped customers not to have to travel to another part of the area to get their packages. He wanted the shopping process to be as convenient as possible for his customers. This also helped him to better ensure the packages would be undamaged during delivery. He set a standard in customer service that was not easily matched by any other retailer in China.
Other Chines retailers were using all kinds of brands on their sites. Richard Liu wanted to do things differently. He gets the items directly from the retailers and sellers. This helps with the authenticity of the product. He wanted his customers to have only the best products.
JD.com now has billions of users and is recognized as the third largest internet company and they certainly are the largest retailer in China. They were the first company in China to reach the Fortune 500 list.
For details: www.jdpay.com/liu-qiangdong-jd-ceo-about