The origins of the web-based retailer stem from June 1998 when Richard Liu Qiangdong opened a store that focused on distributing magneto-optical products, at the time referred to as Jingdong.
This company rapidly expanded to a dozen stores in five years, and by 2003 it had extended its reach to Beijing, Shanghai, and Shenyang, with annual sales of approximately $9 million. Bearing in mind his firm’s accomplishments and the burgeoning e-commerce sector, Richard Liu decided to launch a digital version in January 2004.
JD.com’s promise of quality and validity, compounded with its comprehensive selection of product offerings, triggered such immense trades as well as designating China’s leading direct marketing business that it is often labeled the country’s Amazon.
Its economic gains established it as the third largest web corporation on Earth and the Chinese retail giant. In 2014, it held 54.3 percent of the market share. That year, it was listed on NASDAQ, and two years later, it grew into the first Chinese online unit to be named among Fortune 500 Companies.
Qiangdong’s strategy for business is believed to have strongly stimulated China’s e-commerce growth. JD.com offers abundant merchandise, from fresh food and clothing to electronics items and beauty products. It gets them directly from sellers and sells them to customers, which gives admittance over supply chain control along with product authenticity, not just making trust stronger between clientele but also reflecting that trustworthiness is emphasized above all else, catching up eventually to this exceptional rise in a highly crowded market space.
This greatly bolstered JD.com’s fortunes due to the logistics system set up by Liu Qiangdong extending assurance that shipments are never misplaced or ruined throughout the delivery versus other methods of the media process, which granted prompt access to many homes across China AND beyond, placing it among business leaders globally.
In conclusion, Richard Qiangdong Liu’s success story is one to be admired and celebrated. Starting as a small store owner in 1998, he grew his business into the e-commerce giant it is today. His strategy of providing quality products, strong trustworthiness, and an efficient logistics system has made JD.com one of the most successful companies in China and beyond, with a 54.3 percent market share in 2014. It is listed on NASDAQ two years later. This impressive rise has placed him among the world’s leading entrepreneurs, making Richard Qiangdong Liu an inspiring example for future generations. See related link for additional information.
More about Richard Liu on https://ceoworld.biz/2020/03/19/jd-coms-richard-liu-leading-the-charge-of-chinas-e-commerce-giants-during-coronavirus-outbreak/
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