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