Richard Liu Qiangdong is the CEO, founder, and creator of JD.com: an online retail store with not millions, but billions of products available for purchase online. 57% of all items ordered get delivered within 6 hours in China, and 97% within 20 hours.
JD.com is one of the top ten market cap companies in the world behind Amazon, Baidu, Alphabet, and a few others, but has a market cap of over 30 billion dollars currently with their stock trading at $22. Life was not always this good for Richard Liu, as he noted in his Davos, Switzerland interview. “My family worked in rural China by the canal, and my grandmother was sick, so I needed money to buy her medicine. I went to college in Beijing and tried to open up a restaurant. It failed miserably … belly-up. Go Here for additional information.
But I learned a valuable lesson about business, which is that you must devote a lot of your time into something in order for it to succeed.” Now Richard Liu has a personal net worth of around ten billion dollars, after his online electronics store started taking off well and Richard Liu was able to add new product categories year after year consecutively. “Our main competitor right now would be Walmart … Our focus right now is on price and efficiency. Our prices are similar to Costco in the U.S., and we care constantly working on efficiency in order to provide better quality service to our customers.”
With billions of goods for sale compared to Walmart’s mere millions, Liu and his team are actively seeking to expand into different parts of the world like Southeast Asia, and eventually Europe and America. “America is a very hard market to break into, and I hope that it becomes easier so that we can all sell together.”