Richard Liu Qiangdong is the founder and Chief Executive Officer of JD.com, one of the largest e-commerce platforms in China. Since its establishment, the e-commerce retailer has seen an impressive growth. The growth has attracted notable partners into the creative and lucrative business idea.
For instance, in March 2014, Tencent, the WeChat owner acquired a 15 percent stake in JD.com for $215 million, and as part of the agreement, WeChat promoted JD.com on its social network. Two months into the deal, JD.com went public as one of the biggest NASDAQ floats of the year, with a net worth of almost $60 billion.
Richard Liu started JD.com in 2004, after a SARS outbreak, that rendered his physical shops almost useless. Before that, the sociology graduate from the Renmin University of China has spent some time growing his computer skills. After graduation, Richard Liu worked for Japan Life as a Director of Computers and Director of business. He attempted to venture into the restaurant business but failed, and in 1998, he opened a computer shop.
The business experienced a robust and swift growth. Liu operated a total of 12 stores before the SARS epidemic broke out and rendered his business redundant. The outbreak forced Richard Liu to rethink his business strategy, and between 2004 until 2005, Richard Liu transformed the business to an online platform. Initially, the business only sold computer parts, before moving to digital products, and eventually, almost everything.
According to Mr. Qiangdong, the success of his business can partly be attributed to his desire to provide quality services for his consumers. He chose not to sell counterfeit products, and instead, go a step ahead to produce genuine receipts for the clients. Operating online was also cheaper and efficient for customers compared to physical stores. See This Article to learn more about Richard Liu.
Today, JD.com is one of the largest employers. It provides employment for over 167,000 people, and is one of the biggest publicly traded internet-based companies. Currently, JD.com delivers its products globally. In China, 57percent of the deliveries are done in 6 hours, and 90 percent in 10hours. Notable investments by JD.com include the 2017 $397 million investment in Farfetch, a luxury online retail platform, which operates over 700 boutiques and brands across the world.