Recently, Richard Liu Qiangdong, who is the founder and the Chief Executive Officer of the Chinese leading retail outlet, JD.com, had an interview with BoF, where he was highlighting some of the challenges facing the fashion industry in China. This was a good platform for Liu Quiangdong to highlight the strategies that has helped his company to flourish in an industry that has other fierce competitors such as Alibaba and other online retail platforms that are targeting the same customers.
According to the experienced business expert, the fashion industry has significantly changed such that it is becoming difficult and complicated to determine what customers want, especially when it comes to matters fashion industry. Richard Liu Quiangdong notes that, some years ago, customers had similar tastes and preferences. This means that almost everybody who is concerned about fashion could be highly interested in a similar trend. There was no difficulties in determining what customers are buying at a particular time.
However, the tastes and preferences have been segregated such that the Chinese people are no longer interested in a similar fashion or trend in the market. People are illustrating varying tastes and preferences. Each person is unique and diverse in his or her own way when it comes to fashion. People are even becoming more specific on what they need. Most of the customers are looking for niche brands, some of which are difficult to find.
Richard Liu Qiangdong notes that the fashion selling companies are not determining what customers will buy but customers are influencing such organizations on what they should stock in their stores. See Related Link for additional information.
The challenge has even been brought about by the middle class individuals who have higher purchasing and bargaining power over the sellers. Some of the customers are going to an extra mile of ordering customized fashion products. Fashion selling companies are forced to stock huge products which is enabling them to have a lot of brands, which can cover many people. Richard Liu goes on to highlight that one brand cannot fit all such that organizations have to go to the extra mile of investing in other different brands so that they can enhance their relevance in the dynamic fashion industry.
As a testament to Liu’s admirable business practices, he has received numerous national and international awards for his entrepreneurship, business influence, innovation, and leadership. AACSB.edu considered Richard Liu Quiangdong As One Of The Most Influential Leaders.