Richard Liu Qiangdong is the founding father and CEO of JD.com. This firm is one of the largest online shops that sell products like IT, digital and mobile phones. It took JD.com about six years for it to establish itself internationally. According to Richard Liu, the firm is currently worth $60 billion.
Richard Liu studied at the Renmin University of China where he graduated with a degree in sociology. During his free time, he spent the majority of his time doing a self-training program in computer programming through freelance coding work.
When Richard Liu was in his third year, he opened a restaurant though it could not work for him as he didn’t give it enough time. He was not able to multitask between his education and the business. Later that year his mother got sick and he needed money to help her meet the medical expenses. This prompted Richard Liu Qiangdong to open another store that started by selling computer accessories. He named it Jingdong which came from the last name of his girlfriend name and his name.
After a period of six years, Jingdong had expanded by 12 more outlets. In the year 2003, there was an outbreak of SAR which forced both his staff and his customers to remain indoors. However, Richard Liu Qiangdong together with his managers decided not to go back home but instead, they stayed put where they came up with a new strategy that would eventually see them survive the year. It is during this time that one of his managers came with the idea of selling products online which they fully embraced.
By 2005, Richard Liu had closed all his stores so that he can concentrate on his online business which he named JD.com. This was after he noticed that e-commerce was more effective and efficient when compared to offline business. Online business presented a better business opportunity for him as it was cost-effective and it ensured greater customer satisfaction. Currently, JD.com is one of the largest online retailer shops which guarantee its customers great and genuine products.
About JD.com: www.cnbc.com/quotes/?symbol=JD