Richard Liu Qiangdong sat down with Weforum.org in their interviewer David Rubenstein talks about the good and the bad when it comes to growing a business like JD.com. JD.com started out life as the very small Jingdong Mall. This was the second endeavor for the owner Richard Liu, he had previously owned a restaurant that failed. He explains to David Rubenstein that some of the reasons why the restaurant failed as it did were because he did not have enough time to pour the adequate amount of resources into the business. He took that experience to heart when he began the growth of JD.com. In 2005 there was a huge SARS scare in mainland China. People became fearful to leave their house and Jingdong Mall was in trouble.
Richard Liu wanted his employees to be safe but he also wanted his business to remain profitable. He decided that the best way to do this would be to move the business to a virtual environment online. The company did very well in the early days and Richard Liu Qiangdong decided that he wanted to expand their item inventory. He did this very slowly so that the company could control the quality of items that they were released out to their customers. In the interview, Richard Liu talks about the fact that taking the time to do this was one of the main reasons why the company ended up securing the number of customers that they were able to secure within those early years.
For Richard Liu Qiangdong, it became important that his company could be trusted. He is hoping that one day he will be able to bring that air of honesty to the global market. He sees companies like Amazon.com and wants to make JD.com a direct competitor. JD.com is the current primary retailer for the Chinese public. They have seen a lot of growth over the last few years. While the company continues to grow, it is uncertain whether Richard Liu Qiangdong will reach that goal. If the past success of JD.com is any indicator of any potential triumphs, it is looking good for the online retailer.