The recent reports indicate that JD.com, one of the largest retail outlet is gearing for a significant competition with its main rival and fierce competitor, Alibaba. The founder and Chief Executive Officer of JD.com, Richard Liu Qiangdong notes that the organization has implemented some important and strategic plans that will enable the organization to rubber stamp its authority in the Chinese market, which has more than one billion citizens.
The first strategy that Rich Liu has noted is that the company is investing heavily in understanding consumer behavior and buying trends. Through a thorough research that has been done by skilled members of the organization, it is clear that a large number of Chinese individuals are changing their consumption habits. They are not buying the products as they used to buy sometimes back but they have now become much focused and details in highlighting the goods they want.
For example, people with huge amount of income are ordering customized goods and services. They are not buying what a retail outlet is offering but they are coming with their own designed products that they would like an organization to purchase. Richard Liu Qiangdong has already established that customers don’t want to have a similar bag placed on the table. They want to have their own unique bag that other people cannot get anywhere else in the fashion industry. The ability to have a unique brand sets them apart from other customers.
Richard Liu continues to highlight that not only the people with huge amounts of money are demanding customized products and services but they are also pushing the organizations to provide them quality products while at the same time offering customer experience. Due to the amount of money these customers are spending, they want to be treated in a unique way.
JD.com understands that the future of the retail industry will be determined by the ability of an organization to meet the needs and interests of consumers. This explains why Richard Liu Qiangdong has established new luxury products in the market, with the sole aim of providing user experience to the customers buying luxury products. This is a competitive strategy that will help the entity to outperform other organizations in the same industry.