Richard Liu Qiangdong is currently the biggest retailer in China. Overall, it is ranked as the fourth largest company by market value in China. In the future, the founder and CEO, Mr. Richard Liu hopes for a situation where it will be the largest business in China and consequently the largest in the world. From his analysis, the Chinese economy will be the biggest, and therefore the biggest business in China will automatically become the largest in the world. Richard Liu Qiangdong built JD.com in 2004 after closing down physical business he was running from 1998. He engaged in the sale of computer accessories, but due to dynamics brought by the outbreak of SARS in China, he came up with a solution of trying e-commerce business since he would not have to close operations in case of such an outbreak.
Between 2004 and 2010, this business recorded significant growth by managing to stock almost every product that was on this Chinese market. Today, JD. com is a publicly traded company under NASDAQ. It is also ranked as one of the Fortune 500 Global. In a recent interview, Richard Liu revealed that his intention is to see this business become the largest in the world. To achieve this goal, he is willing to invest in product development and logistics. By making sure that customers have a wide pool of products to choose from, he will be giving them a unique shopping experience that will attract them to the business.
Currently, JD.com offers customers over 1 billion products. In the interview, Liu revealed that he is keen on investing in sectors that seem to be attracting the largest portion of sales. Industries such as fashion and consumer products are the best-performing meaning that this will be a battleground for any e-commerce retailers who would like to succeed in the future. JD.com has also opened up numerous opportunities for other businesses outside China to access their customer base. Companies such as Farfetch have been granted “level one” entry into the JD’s app, and now over 300 million active shoppers can access over 3,000 fashion brands from Farfetch.