Richard Liu Qiangdong; JD.com Is The Future

 

Richard Liu Qiangdong is the chief executive officer and founder of JD.com. He founded JD.com in the year 2004. The business name JingDong was derived from his last name and the first name of the lady he was dating when he founded JD.com. Richard Liu was brought up in a humble background. His father was also business oriented like Richard Liu and owned a transport company and was also a trader.

An interview called “An Insight, An Idea” sits down with Richard Liu to discuss his career and how he has transformed the retail industry. His company JD.com is now one of the largest retailers in all of China and it has been very successful.

Liu Qiangdong attended college at the Renmim University of China where he graduated with a degree in Sociology. During his period of study at Renmim University, Richard Liu started a restaurant business. He ventured into this business in order to come up with funds to help cater for the hospital bills of his ailing mother. The restaurant business did not do well and he had to close it down.

The next business venture by Richard Liu was a retail store company. The company had 12 stores and some of the businesses specialized in selling computer ware. According to Liu Qiangdong, he had to close most of the businesses during the SARS outbreak in 2004 since most of the employees resorted to staying at home.

An employee who was still working with Liu Qiangdong suggested that they sell the stock they had online. This was the beginning of JD.com. Most of the physical shops were closed by Richard Liu towards the end of 2004. This was a result of a careful comparison of online shopping from physical shopping. Liu Qiangdong and his associates discovered that online shopping required less logistics and that most customers found online shopping more pleasant. Find Related Information Here.

Liu Qiangdong believes that most people choose to shop with JD.com since they do not sell any counterfeit products and they offer fair prices for products. JD.com is ranked among the top 4 online stores in China and is estimated to be worth over $60 billion. According to Richard Liu, It takes between 6-20 hours to have products delivered in China.

Wealth gives one a sense of responsibility to society according to Liu Qiangdong. He believes that it is his responsibility to give back to society and to grow JD.com.

 

See also: https://vivo.brown.edu/display/rl114

The Success Story Of JD.com’s CEO, Richard Liu Qiangdong

 

JD was established in 2004, although Richard Liu had been running a dozen brick and mortar retail stores. The idea of venturing into retail markets was not far off, as his family had a small company, although it declined.

Before Liu Quiangdong entered into e-commerce, he faced some challenges, just like any other aspiring entrepreneur. He had established a restaurant business, although it didn’t meet the desired objectives. That’s when he decided to venture into retail markets, opening several retail stores.

During the economic depression in China, all the retail stores he owned went down, forcing him to close. However, he didn’t stop there. Liu and his partners decided to go into e-commerce, and the move paid off. After operating digitally for two years, the company realized increased sales. Additionally, the costs of logistics also plummeted.

Some aspects that make JD.com stand out from the competition is that it provides authentic products, and offers highly competitive prices. Today, the company offers over 1 billion products.

Currently, the company has over 67,000 employees. Last year, the number grew by 30,000. The number is bound to increase as the CEO emphasizes the need to bolster efficiency and reduce operating costs. Thus, product turnover will shoot, unwrapping the need for more workers.

 

About Richard Liu Qiangdong

He is the founder and CEO of JD.com, the largest e-commerce retail space in China. Since its inception, Richard Liu has amassed wealth and today ranks amongst world’s wealthiest individuals with a net worth of $11 billion dollars. The company has a market share valuation of $60 billion dollars.

Richard Liu Quiangdong went to Renmin University in Beijing where he obtained a degree in Sociology. Additionally, he also attained an EMBA from the China Europe International School of Business. Following graduation, he was hired in a health company in Japan where he held various positions.

On an ordinary day, Richard Liu wakes up at 6.00 am and attends an executive meeting at 8.30 am. Afterward, he attends various departmental meetings online to ensure operations run smoothly. Later he embarks on business meetings, meeting partners and government officials. See This Article for more information.

 

More about Liu on https://www.forbes.com/profile/liu-qiangdong/#711217232c0d

 

JD.com To Implement Smart Logistics In The China’s Urban Centers

 

JD.com; known as Jingdong Mall is starting a research center based in Xiongan to specialize in making futuristic automation technology for logistics in Chinese cities. The announcement of the Urban Smart Logistics Institute took place on October 18, at the JD.com Logistics’ 2018 Global Smart Supply Chain Summit held in Beijing, China.

The Institute will cover first class design for the logistic hubs in urban areas, huge data and cloud computing systems and urban logistics systems to name but a few. The founders of the Institute include Beijing Jiaotong University, Shanghai Maritime University, National Development and Reform Commission. Others are Shanghai Municipal Engineering Design Institute, Nankai University, Beijing Wuzi University, Sinotrans & CSC, and the Institute of Comprehensive Transportation.

Jingdong Mall came up with the idea of the institute after doing thorough research on the urbanization of China. JD.com found out that the urbanization is affecting the environment through pollution, which in return affects people’s lives. Additionally, the research showed that traffic emissions produced by freight vehicles consume up to one third of the road capacity. The institute aims at coming up with the solutions to these problems through designing an environment friendly and efficient framework for logistics in the congested urban areas. To implement these strategies, the institute will implement subterranean tracks, underground logistic systems and integrated pipe corridors. This system will ensure that the urban logistics are smooth and efficient. Additionally, the aboveground space will be open free from the common logistics system. Read This Article to learn more.

Chen Xiangsheng, the Director of the Chinese Academy of Engineering pointed out that the cities that use the available resources and space always remain smart and the Institute will change the urban areas in a great way. He added that the plan by Jingdong to implement the three –dimensional smart logistics system by using the underground space and opening the above ground is a unique style. He said that the system would increase urban space, solve environmental problems, and ease traffic congestion.

Jingdong is the largest Chinese retailer and the only large-scale e-commerce company worldwide that offers delivery of product to for its customers. Jingdong is one of the world’s leaders in automation and smart logistics.

 

Visit: https://corporate.jd.com/home

The Road To Success For The RealReal

Online luxury consignment store, The RealReal delivers its luxury consignment experience to consumers online, in their luxury consignment offices and in their brick and mortar stores.

The leader in the vibrant resale market for luxury goods, the RealReal works with in-house brand authenticators, gemologists and horologists who day by day scrutinize thousands of objects.

Julia Wainwright launched the company in 2011 after researching the second hand luxury market and discovering the deficiencies in the market.

At the present time, the company’s more than 1,000 specialists, known as “the RealReal Experts,” assure any purchased item is not a knock-off but genuine.

Wainwright pointed out the importance of authenticity at the RealReal. Points to consider include checking the stitching on a handbag and examining the leather smell to be sure it smells like leather and not more like nail-polish remover.

Since its launch, the web site has caught the attention of more than eight million members. Half of all purchases are made by first time buyers and half of the site’s sellers have never consigned, according to a story in the New Yorker, (www.newyorker.com/culture/on-and-off-the-avenue/the-realreals-radical-vision-of-secondhand-luxury).

Inventory items range from a Gucci hoodie, Chanel ankle boots to luxury designer fashion, luxury resale and works of art.

To make consigning easier, services such as items from homes being picked up at no cost; drop off services and direct shipping are available. And at the brick and mortar stores, customers can meet with experts to gain knowledge of authenticity.

Luxury consignment offices are located in Chicago, Los Angeles, Dallas, Miami, New York, San Francisco and Washington, D.C.

The RealReal recently announced a pop-up shop in Las Vegas at Caesars Palace. The shop will make items available such as women’s and men’s fashion, jewelry, home furnishings from designers such as Chanel, Hermes, Cartier and more.

The San Francisco-based RealReal recently announced a $50 million round of funding from the private equity firm Great Hill Partners. A year earlier The RealReal received a $40 million Series E round of funding which was led by Greenspring Associates.