The Business Life For Over 80 Years
There is a lot to the story of JD mall because Richard Liu Qiangdong, the founder, believes that his life leading up to the creation of the company are equally important to its success. His inspiring interview with David Rubenstein, “An Insight, an Idea with Richard Liu” gives a better description of how this transformation took place with Richard Liu himself. According to Richard Liu Qiangdong, he started a business in college. This business was a restaurant, which is notorious for failure. On top of that fact, Richard Liu did not visit the restaurant very often or do any sort of substantial managing. This meant that the business was doomed to failure.
Richard Liu Qiangdong gives the impression that this was a time where he needed to grow up and truly learned the business before he was able to succeed. He finished business school and started selling pharmaceuticals. It was a time for him to really get his priorities straight as to what was most important for him. Eventually, he got his confidence up and felt as though he was ready to start again. This was when he found it Jingdong Mall. Jingdong Mall’s opened its doors in 1998 that would eventually transition to JD.com in 2003 because of a SARS scare. SARS was all over China at the time and people were becoming more interested in online retail. See Related Link for additional information.
The only problem that Richard Liu had with this transition was that retailers were taking advantage of the shift into online retail. Many of the products that they were offering were shady knockoffs or created from lower grade material. Some of these retail stores offer guarantees that were not back. Chinese customers felt betrayed by their own market during this time. Richard Liu Qiangdong felt as though he needed to bring back some integrity to online retail and help set some roles. It felt as though this was a time where the Chinese e-commerce really started to flourish. JD.com became a front-runner among all of these other retailers and grew at an exceptional rate. This is one of the reasons why Richard Liu has been marked as such a success.