The recent interview featured on Weforum.org discusses the creation of the Chinese retail giant JD.com. The interview was conducted by Mr. Rubenstein on behalf of the website. Richard Liu Qiangdong is featured in the video interview. Richard Liu is the founder and operator of the company.
Liu Quiangdong has contributed to its substantial growth over the years. Immediately, one of the first things that Mr. Rubenstein wants to know about the company is where Richard Liu got the name from. JD.com is a shortened version of the original name Jingdong Mall. Richard Liu smiles and explains that it is the mash-up of his name with a former flame. The relationship did not last but the company has done exceedingly well. In fact, it is one of the largest businesses in China currently.
Liu Quiangdong admits to the fact that he originally started Jingdong Mall as a way of bringing in income for his family. They had recently suffered the failure of a transportation business and were low on funds. His grandmother had raised him, and she was in need of money for medicine. He took this as a sign that he should step up and care for his family, so he started the business. Jingdong Mall did quite well at the beginning. It originally was only one location, but Richard Liu expanded it to more than a dozen. Eventually, he saw that there was a lot of value in the online market. This coupled with a recent outbreak of the SARS virus catalyzed him to move into that market. Go Here for more information.
Richard Liu tells Mr. Rubenstein that one of the biggest hassles that he had throughout this entire process was establishing rules in the online community. In 2004 there were not a lot of rules on retail entities. Many of the customers that he spoke with had complaints about other retailers. They were misrepresenting their products, or they were selling counterfeit items. It was a bit of a hassle to establish rules. Richard Liu did not want his company to participate in shady dealings. Liu wanted to represent his products with honor. He believes that this is one of the reasons why JD.com has been so successful.