Jingdong Mall Liu Qiangdong's entrepreneurial story

Liu Qiangdong experienced a failed venture in college. After graduation, he first went to work for a foreign company for two years, serving as a typist, business manager, logistics supervisor and other positions. But Liu was not willing, so two years later, on June 18, 1998, Liu took 12,000 yuan to rent a stall in the Yinfeng Building on Suzhou Street in Zhongguancun, named "Jingdong Multimedia", mainly selling electronic products such as recorders. He also spent 500 yuan in Zhongguancun Computer City to buy a second-hand computer, a second-hand tricycle, began his second business.

In 2000, the unit price of recorders fell dramatically, from more than 2,000 to more than 800, and gross profit fell from more than 200 yuan a few years ago to only a dozen dollars. Liu Qiangdong decided to turn himself from agent to distributor, he got the exclusive agency of Yamaha, Ricoh, NEC, etc. By 2001, Jingdong Mall had become the largest distributor of optical and magnetic products in China at that time, and opened more than ten branches throughout the country, with annual sales of 60 million yuan. Liu Qiangdong positioned Jingdong Mall as a traditional channel merchant, intending to copy the business model of Gome and Suning to operate IT chain stores.

In 2004, after SARS, Liu Qiangdong began to synchronize online and offline, but at that time, Jingdong Multimedia Network was a platform for displaying products, and could not directly buy and sell on it. In December of that year, Liu Qiangdong carefully studied the monthly chain growth curve of Jingdong's e-commerce sales that year, and he was surprised to find that although the profit of online business accounted for only 5% of the company's total profit, the monthly compound growth rate of orders reached 26%! That graph immediately made his eyes light up, so Liu decided to slowly shrink the offline chain stores and invest more in the online "Jingdong Mall".

Since 2004, the most impressive thing for Liu Qiangdong is to keep moving the warehouse. The first time he moved the warehouse, he moved from a warehouse of more than 100 square meters in Yinfeng Building to a warehouse of more than 200 square meters across the street. After only six months, it was moved to the underground warehouse of Yinfeng Building again, but after only six months, the place was not enough, so the company was mobilized to move the warehouse to Phoenix Heights.

In 2007, Liu Qiangdong smashed all the 10 million he had earned before, but there was still a gap of more than 20 million. Liu Qiangdong went to the bank, the bank took a look at Liu Qiangdong on a large warehouse, there is not a single thing is his, of course, it is impossible to loan him.

In January 2009, Jingdong received a joint capital injection of $21 million from Today Capital, Xiongniu Capital and Asian investment banker Liang Botao, which was also the first financing for Chinese e-commerce companies since the financial crisis broke out in 2008.

Since 2007, Liu Qiangdong has been recruiting and increasing his product range from 3,000 to more than 18,000.

On November 1, 2011, Jingdong Book launched its anniversary celebration, and Liu was ready to do a big job, but he didn't expect that the system would be "order can't be submitted" and "no response for half a day" at the beginning. The user experience of Liu Qiangdong a wave of the hand: within 20 days after the end of the event, all members of the iron plate and above did not submit half-price orders issued book coupons to compensate, "I also hope that book lovers are bought". This move by Qiang not only solved the problem, but also captured the hearts of several million users.

On May 22, 2014, Jingdong was listed on the NASDAQ stock exchange in the U.S. under the stock code "JD", becoming the first large integrated e-commerce company in China to be successfully listed on NASDAQ, raising nearly $2 billion.