When you talk of online trading in china then the name Richard Liu Qiangdong cannot be omitted. Richard Liu is the founder and the chief executive officer of JD.com also known as the JingDong Mall. JD.com is the leading e-commerce platform in China and in the world at large. This company was founded in 2003. Liu’s entrepreneurship journey is an inspirational one as he started from the bottom and now he is one of the renowned businessmen in China. He is also a billionaire as per Forbes listing 2019 with net worth of $ 5.3 billion.
Richard Liu was born in 1973 in Suqian, China a province known as Jiangsu. He is a holder of bachelor’s degree in sociology which he got it from Renmin University, China. After completion of his undergraduate studies in 1996, he joined China Europe International School and pursued computer programming and later graduated with an EMBA. See This Article for more information.
Richard Liu started practicing his entrepreneurship skills while he was still a university student. He started by venturing into a restaurant business by investing his little cash which he earned from family loans and his side hustles. Unfortunately, his business collapsed after some months. After Richard Liu Qiangdong completed his studies, he worked with one of Japanese health product enterprise as a director of business and computers. After gaining some working experience, Rich launched his own company, Jing dong mall and served as a supplier of magneto optical products, in 1998.
His business was doing well and he had 12 stores countywide by 2003 when he faced a big challenge as a result of the SARS outbreak. This outbreak forced staff and clients to stay at home and at this juncture Richard Liu had to think outside the box. Since Liu was knowledgeable in the field of computer programming, Liu launched his online retail website in 2004 and this ensured his clients were able to access services and products while they are in their houses. It is in the same year when he launched the JD.Com which is now the leading online trading website in china. Today Richard Liu is the leading entrepreneur in China.
Related Article: https://www.scripps.org/physicians/18780-richard-liu?tab=overview
The world of e-commerce has been expanding at a rapid pace in the last few years, and one of the companies that have been contributing majorly to the transformation that has been taking place in the e-commerce space is JD. The company was started by Richard Liu Qiangdong in the year 2004, even though he started selling products through the physical stores much before that. He achieved a lot of success by selling products through the stores, but due to the situation of the country during the SARS outbreak, Richard was left with very little options to continue with his business strategy. He decided that it is time he took some major business decisions and switched from selling offline to shifting the entire business online.
Thus, JD.com was created, which went on to become a full-category online retail store and sold not only consumer electronics but also other consumer goods. The marketing strategy implemented by Richard at the time helped JD in pushing its rank in the e-commerce industry. Richard Liu Qiangdong studied sociology from the famous People’s University of China and then went on to study business from the reputed Chinese institute named China Europe School of Business. Go To This Page for more information.
Richard Liu Qiangdong always wanted to become a businessman and start a business venture of his own, and it is for this reason he always looked out for business opportunities. The first business venture he started was a restaurant, but it went on to be a failure. However, he didn’t give up and continued to exploit his business skills to unearth new opportunities in the financial world. Today, Liu Qiangdong is amongst the wealthiest Chinese on the planet worth over twelve billion dollars and counting.
In an article on AACSB.edu, Liu was listed as one of the “Most Influential Leaders”. As a testament to Liu’s admirable business practices, he has received numerous national and international awards for his entrepreneurship, business influence, innovation, and leadership.
Richard Liu Qiangdong is of the opinion that JD has the potential to become number one and he is doing everything in his power to achieve that. But, to be successful, he is not only looking to beat the competition with innovation but also take care of the environment. He is introducing a new packaging system that would help the company save on packaging and also offer incentives to consumers for using such packaging.