In 1998, Richard Liu started a journey that would turn out to be one of the best things to have ever happened in the business world. A little known young man was about to make a record that would surprise the world. It is in this year that Liu decided to leave formal employment and concentrate on building his business empire. The progress of this journey is what we see today in JD.com, the largest retail business in the world. How did he manage to create a business that would have such a significant impact in the world of e-commerce? What exceptional decision did he make in order to stay ahead of everyone else? Let look at the entrepreneurial journey of Richard Liu.
After quitting formal employment, Liu was ready to conquer the world in the business sector. He rented a small retail store in Beijing to operate his little technology business. He started by selling digital products such as magneto-optical products and other computer accessories. Richard Liu was ready to outdo any other person who was in business at the time. What he did was to offer superior services to any other that was available from other businesses. Some of the things he did to make his company stand out include ease of transaction, better customer service, use of better technology and creating an efficient business environment. With all these benefits coming from his business, there was no way that any other business would stand in his way of becoming a highly successful business person.
Although there were many other vendors in his niche, Richard Liu performed better than others because he invested in quality. At a time when the market was full of fake and overpriced items, he decided to make genuine products, sold at the right price his core business agenda. With this move, Liu did not only distance himself from others but also earned the loyalty and trust of customers. He became the go-to guy for authentic and high-quality products.
By taking unique and innovative steps, Richard Liu managed to take over the retail business in a very short time. His name became a household name. Today, it is not a wonder that his company is estimated to be worth over $60 billion.
For details: variety.com/exec/richard-liu/