Chinese e-commerce firm JD vows to become top domestic player in 4 years
China’s leading e-commerce firm JD.com vowed to become the top enterprise of its kind in China within four years, according to Richard Liu, chairman and CEO of the company.
Liu made the remarks on Jan. 24 during an interview in Davos, Switzerland. It was the first time for the business tycoon to attend the World Economic Forum.
Liu pushed back against the claim that JD.com is just another Amazon, saying he had never heard of Amazon when he started his business back in 2003.
The CEO explained that it was the SARS outbreak that inspired him to move his business online, since it reduced the risk of face-to-face infections. Lower operation costs were another reason.
At first, electronic products were the main part of his business, but in 2015, Liu expanded the scope of his business to meet the growing demands of his customers.
Now, the company employs 161,788 staff and has annual revenue of $60 billion. In addition, it owns 500 logistics centers in China.
According to Liu, he is now considering to expand his business to major cities around the world. Southeast Asian countries such as Vietnam will be his next target after the company has entered Indonesia and Thailand, he said.
At present, the company is focused on bringing overseas products to China, but he hopes to introduce Chinese brands to foreign countries in the future. However, the export of Chinese brands is no easy task, and it might take 10 to 15 years, Liu added.
Currently, JD.com is increasingly expanding its investment in the logistics sector in a bid to better serve its e-commerce. “Now, we are financing the sector, and our logistics company will go public in the future,” Liu noted.
By Tan Yuan, Huang Qingxiao (People's Daily Online)