During The COVID-19 Pandemic, JD.com’s Richard Liu Is Leading The Way For Other Titans Of Chinese E-Commerce
For the Q4 earnings call, Richard Liu, Chief Executive Officer of JD.com, reviewed his corporation’s help with the coronavirus pandemic since it happened directly before Chinese New Year. Recently, there have been allegations of Amazon overcharging on necessities like hand sanitizer and masks, along with many faulty items claiming to be protective against the virus. In light of this, American tech firms should contemplate mirroring their Chinese equivalents.
China’s leading e-commerce organizations are knowledgeable about tackling outbreaks. Richard Liu’s JD.com and Jack Ma’s Alibaba were just getting started when SARS (severe acute respiratory syndrome) spread in 2003, prompting China to carry out a blockade akin to the current one.
Alibaba was primarily dedicated to business-to-business (B2B) operations, setting up a bridge between Chinese sellers and American buyers. When China received advisories from numerous governments, shops shifted to the web, causing Alibaba’s success to go up 50% in the same year. 2003 also marked the debut of Taobao, a consumer-to-consumer (C2C) platform that quickly surpassed eBay as the number one C2C platform in China and served as the jump-off point for Alibaba’s transition into consumer sales.
Not yet referred to as JD, Liu’s business was a humble chain of stores in Beijing that offered little electronic items such as CDs. He initially wanted to grow it to have 500 locations, but the SARS outbreak extinguished his dream and obliged him to close all but one store to conserve resources. Notwithstanding, the most demanding obstructions are often the ones that motivate imagination. Liu Qiangdong applied this opportunity to set up his business on the web and eventually become one of China’s biggest e-retailers.
As numerous cities across China instituted partial lockdown measures, online delivery services went from comfortable modern-day luxuries to vital assets in the fight against the virus and curbing its transmission. Ensuring an uninterrupted flow of essential resources was critical, not only for medical supplies and preventative materials but also for fresh produce and other daily necessities.
In conclusion, e-commerce giants like JD.com are still in their infancy, but when the time comes for them to step up and address similar problems that American tech firms have faced, they will be well prepared. Richard Liu is an exceptional Chinese business magnate. Richard’s company is on par with Amazon and Alibaba, the two of the largest companies in the world. The growth of JD is consistent, and its profits are increasing quarter-on-quarter. As he leads other Chinese business titans like Jack Ma, more Chinese tech firms should spread their wings and become international giants, just like Richard Liu has done with his e-commerce business JD.com.
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