Richard Liu Qiangdong; JD.com Is The Future

 

Richard Liu Qiangdong is the chief executive officer and founder of JD.com. He founded JD.com in the year 2004. The business name JingDong was derived from his last name and the first name of the lady he was dating when he founded JD.com. Richard Liu was brought up in a humble background. His father was also business oriented like Richard Liu and owned a transport company and was also a trader.

An interview called “An Insight, An Idea” sits down with Richard Liu to discuss his career and how he has transformed the retail industry. His company JD.com is now one of the largest retailers in all of China and it has been very successful.

Liu Qiangdong attended college at the Renmim University of China where he graduated with a degree in Sociology. During his period of study at Renmim University, Richard Liu started a restaurant business. He ventured into this business in order to come up with funds to help cater for the hospital bills of his ailing mother. The restaurant business did not do well and he had to close it down.

The next business venture by Richard Liu was a retail store company. The company had 12 stores and some of the businesses specialized in selling computer ware. According to Liu Qiangdong, he had to close most of the businesses during the SARS outbreak in 2004 since most of the employees resorted to staying at home.

An employee who was still working with Liu Qiangdong suggested that they sell the stock they had online. This was the beginning of JD.com. Most of the physical shops were closed by Richard Liu towards the end of 2004. This was a result of a careful comparison of online shopping from physical shopping. Liu Qiangdong and his associates discovered that online shopping required less logistics and that most customers found online shopping more pleasant. Find Related Information Here.

Liu Qiangdong believes that most people choose to shop with JD.com since they do not sell any counterfeit products and they offer fair prices for products. JD.com is ranked among the top 4 online stores in China and is estimated to be worth over $60 billion. According to Richard Liu, It takes between 6-20 hours to have products delivered in China.

Wealth gives one a sense of responsibility to society according to Liu Qiangdong. He believes that it is his responsibility to give back to society and to grow JD.com.

 

See also: https://vivo.brown.edu/display/rl114

The Success Story Of JD.com’s CEO, Richard Liu Qiangdong

 

JD was established in 2004, although Richard Liu had been running a dozen brick and mortar retail stores. The idea of venturing into retail markets was not far off, as his family had a small company, although it declined.

Before Liu Quiangdong entered into e-commerce, he faced some challenges, just like any other aspiring entrepreneur. He had established a restaurant business, although it didn’t meet the desired objectives. That’s when he decided to venture into retail markets, opening several retail stores.

During the economic depression in China, all the retail stores he owned went down, forcing him to close. However, he didn’t stop there. Liu and his partners decided to go into e-commerce, and the move paid off. After operating digitally for two years, the company realized increased sales. Additionally, the costs of logistics also plummeted.

Some aspects that make JD.com stand out from the competition is that it provides authentic products, and offers highly competitive prices. Today, the company offers over 1 billion products.

Currently, the company has over 67,000 employees. Last year, the number grew by 30,000. The number is bound to increase as the CEO emphasizes the need to bolster efficiency and reduce operating costs. Thus, product turnover will shoot, unwrapping the need for more workers.

 

About Richard Liu Qiangdong

He is the founder and CEO of JD.com, the largest e-commerce retail space in China. Since its inception, Richard Liu has amassed wealth and today ranks amongst world’s wealthiest individuals with a net worth of $11 billion dollars. The company has a market share valuation of $60 billion dollars.

Richard Liu Quiangdong went to Renmin University in Beijing where he obtained a degree in Sociology. Additionally, he also attained an EMBA from the China Europe International School of Business. Following graduation, he was hired in a health company in Japan where he held various positions.

On an ordinary day, Richard Liu wakes up at 6.00 am and attends an executive meeting at 8.30 am. Afterward, he attends various departmental meetings online to ensure operations run smoothly. Later he embarks on business meetings, meeting partners and government officials. See This Article for more information.

 

More about Liu on https://www.forbes.com/profile/liu-qiangdong/#711217232c0d