Preferences of Consumers in the Fashion and Luxury Industry?
Richard Liu is the CEO and founder of JD.com which is the largest e-commerce business in China with assets worth $57.6 billion. Liu has a degree in sociology from the University of Renmin. He spent most of his time at the University freelancing so as to advance his programming skills. After graduating, he worked at Japan Life a health product company and later he opened his own shop known as Jingdong that sold magneto-optical products.
When Jingdong had reached some scale, the country was hit by SARS epidemic which forced the company to switch from physical stores to online stores. This is how JD.com was born and it continued with the sale of electronic goods. Richard Liu has closed all its physical stores to focus on e-commerce. It has partnered with offline stores such as Walmart so as to improve delivery and customer experience.
When Richard Liu was asked in an interview about the major challenge facing the fashion industry, he answered by saying in the past, a brand used to cover many consumers. But currently, the consumer taste and preference is changing so fast because consumers are looking for more niche brands. He added that consumers are looking for something unique that will portray them different from other people around them. Currently, people spend most of their time looking for fashion.
He was also asked about the role of JD.com and other e-commerce platforms in helping customer reach their tastes and preferences. He claimed that e-commerce platforms help the offline companies to build their brands and also act as a sales platform. They help the organizations develop and strengthen their brands.
When he was asked about his plan to expand its services outside Kenya. He answered by saying that they are spending most of their resources to ensure that foreign brands are brought to the Chinese market. They are also planning to develop global sales channels that will enable the company to sell products produced in China to the international market. This will make Chinese brand known to the outside world.