Richard Liu is the founder and chairman of JD.com, one of the biggest e-commerce companies in China. JD.com was started in 2004. Speaking in an interview during the Annual World Economic Forum, Richard Liu Qiangdong stated that he decided to name the company Jingdong after combining his last name and that of his girlfriend.
He studied Sociology at the Renmin University in Beijing. While pursuing his studies at the University, Richard Liu started a restaurant business but it never had any breakthrough. By then it was difficult to juggle between running the business and concentrating on his studies. He then ventured into the retail business where he sold computer accessories while still at the University, his deep interest in business was fueled by the need to generate money for his poor family. Money was also needed to meet the medical bills of his sickly grandmother.
Richard Liu’s business suffered a huge blow following the SARS epidemic. He was forced to shut all the existing physical stores. However, one of the managers suggested to him about starting an online business of the same. After giving it a try, Richard Liu discovered that this online option was more convenient than the physical one as it was less costly and had an improved customer experience.
Over the years, the company has grown rapidly to become one of the largest e-commerce companies in China. Richard Liu’s main goal was to fight the rise of counterfeit goods offered online by providing a platform that generates customer satisfaction through the sale of quality products and services. At first, due to a fixed budget, JD.com could only manage to sell one range of products mainly IT-related goods. With time, different lines of products were added to the company. Currently, JD.com is valued at a whopping $60 billion.
The company has also provided thousands of employment opportunities to the people of China. Under the leadership of Richard Liu Qiangdong, JD.com is achieving more and has managed to be at par with giant e-commerce companies like Alibaba. The company received a boost after WeChat agreed to promote JD.Com’s products on its website, the company records close to a billion monthly users.
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