With the rise of e-commerce, one of the traditional physical location, brick-and-mortar style business models that have taken a significant hit has been the bookstore industry. Across the entirety of the world, bookstores have seen major declines in all areas of sales due to the fact that online bookstores have become so prevalent and convenient for customers to use.
Traditional bookstores have really struggled to keep up and it has led to mass closings of many locations that still exist in a physical location. This would seem to be an impossible situation for the bookstore industry, but a number of booksellers in China are seeing a huge resurgence in their successes due to partnering with China’s leading e-commerce retailer, JD.com.
JD.com has sold books in its own business model for a number of years but now the retailing powerhouse is working hard to offer solutions to traditional book retailers. Forty-nine book retailers all together have joined forces with JD.com in order to gain access to the retailing power player’s extensive resources in terms of logistics and procurement of books to name just a few.
This August, JD.com announced their new “JD Blockchain Platform”. Enterprise-sized customers can use this platform to build and host their own blockchain apps in a way that is more convenient, transparent, and secure. This technology allows its users to make their operational procedures more efficient and gives their customers more visibility into them. One specific way this is being used it to trace food from where it was grown to throughout the supply chain.
The technology was previously available only to JD.com for use in its business model is now available to these brick-and-mortar retailers and it is making a huge difference for these companies to be able to take advantage of such an advanced supply chain that is the proprietary territory of JD.com.
This entire move to supply aid to these traditional bookstores is all a part of a larger initiative that JD.com has been promoting heavily as of recent. The goal is to offer the extensive resources that JD.com has to a number of countless small and medium range businesses that can benefit from accessing the kind of technology that only JD.com has available to it. This has been making huge differences for the bookseller industry and many more industries as well. See This Page for additional information.
Related Article: https://www.chinamoneynetwork.com/2018/10/18/jd-com-opens-up-its-logistics-network-to-users
Richard Liu Qiangdong attended 2018’s edition of the World Economic Forum Annual Meeting, where he talked about his 20-year journey in the world of retail. Liu is the founder and the Chief Executive Officer of JD.com, one of the largest e-commerce platforms in China, currently worth $60 billion. Liu graduated from Renmin University of China, earning a degree in sociology, and later attended the China Europe International School Business. Prior to opening his own store he owned a restaurant, but it was his venture into retail in 1998 that saw him achieve great heights of success.
Liu Quiangdong opened a small 4 square meters store selling computer accessories in 1998. Due to the success of his business he was able in quick fashion to open a total of 12 stores by 2003. However, due to the SARS outbreak in China, both his customers and his staff for forced to remain house-bound, which put his business in jeopardy. By the end of 2004, Richard Liu closed all 12 of his stores and out of necessity, afterwards Richard Liu Qiangdong decided to focus on online retail, which marked the launch of JD.com. Due to a limited budget, the platform initially only sold IT products, but every year new products and categories were added.
Nowadays, the company has 167,000 employees and 500 logistics centers. JD.com is able to deliver 57% of their orders within 6 hours and 97% within 10 hours. It takes as little as 3 hours to get a product delivered in Beijing, and 10 to 15 days to deliver to Washington. The platform’s most popular products are consumer goods, fashion, and foods. Read This Article to learn more.
When talking about his goals to expand JD.com, Liu Qiangdong notes that expansion will take several steps, the first of which is bringing the best products to China, and then expand to Southeast Asia, the Middle East, Europe, and ultimately America. He also points out that despite the fact that in the past the rhetoric was that American companies have a hard time breaking into the Chinese market, he believes that the roles have reversed and that nowadays it is more difficult for a Chinese company to break into the United States market.
More about Richard Liu Qiangdong on https://www.aacsb.edu/about/advocacy-and-awareness/member-challenges/influential-leaders/recipients/richard-qiangdong-liu