The 44-year-old entrepreneur founded JD.com in 1994 but the company gained recognition in 2004. This was after a few attempts in other areas of business, for example, he started a restaurant business when he was still in college but it failed. He founded JD.com after college when all other graduates were going abroad to further their studies. He also started the company to try and raise money for the upkeep of his family and for his grandmother’s medication because the family was too poor to afford it.
The company started with 4 physical stores that rose to 12 over time. The stores specialized in the sale of IT, mobile phones and electronic products. The business had started to show great hope for the future until when an epidemic hit China and he had to dismiss his employees to avoid the risk of infection. Fortunately, he listened to one of his managers who suggested they do things online. The business boomed becoming the now known JD.com.
When he was founding the company, Amazon was still not known and his biggest competitor was Dangdang. Dangdang was the number one retail China. His company grew so rapidly because he practiced authenticity, provided invoices to the customers and requested feedback after every service offered. JD.com has a market value of 6billion dollars as of 2018 records and about 167,000 employees. The company is number three in China after 10 cents and Baidu.com in terms of market value.
The company’s delivery system is best in China delivering within 3 hours around Beijing, 6 hours around China and 20 hours to the rural areas. Its delivery system outside China has not been established well enough but is being worked on but deliveries still take pear lace outside China, for example, it will take 10 days to deliver a package to Washington D.C. The company has plans of bringing in all the quality products from around the world and also wants to set their business in S.E Asia, Europe and America. At the moment, JD.com’s biggest competitor is Wal-Mart. However, JD.com is better than Wal-Mart in the fact that they have more brands available.
Details Liu via Twtter : https://twitter.com/liu_qiangdong?lang=en