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