Liu Qiangdong is an entrepreneur who founded the JD.com business in the year 2004. JD.com is a multi-billion company currently worth $57.6 billion. It is now one of the largest e-commerce business serving over 100 million users. Its growth rate is rapidly making the Alibaba; it’s an enormous rival. Liu has distinguished himself and established himself, and he has become an internet celebrity in China and Forbes say that he has a net worth of $12 billion as of 2018.
Richard Liu was born in a family of coal-shipping parents in China’s Jiangsu province. His parents taught him the value of hard work and encouraged him to do well in all he does. After his primary and secondary, studied sociology from Renmin University of China and graduated in 1996. He spent the time to fine-tune his programming, and he then enrolled for further educations with an EMBA from China Europe International Business School.
Upon graduation, Richard Liu was employed by a Japan Company dealing with health products where eventually he became director of computers in the company. In 1998, he left to start his venture. Liu rented space and called it, China’s Technology Hub. He realized a niche where there was a lot of business selling fake electronics. He took that opportunity to sell only authorized products to set himself apart from the competitors and to gain customers trust and loyalty. He succeeded and even opened twelve retail locations of his magneto-optical retail store. See This Article to learn more.
The transition from physical stores to online only
China’s outbreak of SARS in 2003 which shook the foundations of many retail shops, turned out to be a blessing in disguise for Liu Qiangdong. His business future was threatened, but Richard Liu was able to adapt and change with the change, and in 2004, he started JD.com
Business growth and expansion
Initially, he sold the magneto-optical products he initially sold in his brick and motor business. With time, business people saw profitability associated with his platform and wanted to sell their products on it. He leveraged these new business relationships into a long-term partnership. It wasn’t long, and JD.com sold a variety of goods. It has grown and expanded immensely. Today, Walmart is a shareholder of JD.com with 12 percent.
Visit his profile on https://www.linkedin.com/in/richard-liu-45113b47?originalSubdomain=cn