Did you know that China has one of the largest consumer markets in the world? Therefore, traditional shopping is inefficient in this market, and executives such as Richard Liu Qiangdong are providing alternative ways to shop. For two decades, he has been the face of JD.com — to both millions of customers and other market stakeholders. In order to make his company a unique entity in the world of many options, Richard Liu Qiangdong has adopted the following approaches. First, his company is the first-ever company in the vast world of e-commerce to eliminate intermediaries in this market. He believes that sourcing all the products from the producers and creating a variety shop has revolutionized the market.
Liu believes that this market model has also created a responsibility channel. If the product, for example, is of low quality, it is possible to trace the problem, as opposed to the other model where producers sell commodities directly. Second, Liu is also the first executive in this unique market to be vocal on the need to sell quality products. In his assessments, Richard Liu Qiangdong realized that a majority of potential customers were skeptical about using virtual markets to buy products because there was no quality assurance. However, through investing in structures, it is now possible to buy quality products in any online store. Consumers in Asia believe that creating a movement in e-commerce where companies protect the customers is Liu’s greatest contribution.
Richard Liu Qiangdong, however, points out that although his campaign has placed consumers at the center stage of the market, there is more to be done. In addition to revolutionizing the virtual market, the executive believes that investing in better technologies is an important way to improve the customers’ experiences. Richard Liu Qiangdong, therefore, has adopted the following mechanisms. First, he has started working with tech-based companies such as Intel in creating labs — which will enable the company to understand the consumption behaviors and therefore improving the experience. Second, Liu has also signed tens of deals that enable his company to reach more people — through improved delivery systems. He is a believer that a better delivery system is the backbone of virtual markets.