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.”
See also: http://www.ftvcapital.com/team-member/richard-liu/
Richard Liu Qiangdong is one of the online investors who has been renowned for his efforts to improve the services that he offers to his customers through the incorporation of innovative strategies in his work. He is the owner and the founder of the JingDong, currently known as JD.Com is the largest online retail store in China.
Richard Liu Qiangdong established this organization in the year 1998, which was immediately after finishing his undergraduate education. He had graduated with a bachelor’s degree in sociology, but like any other young individual in the country, it was quite difficult for him to snatch employment and so he decided to engage in business.
An interview called “An Insight, An Idea” with webforum.org sat down with Richard Liu to discuss his career and how he has transformed the retail industry.
A restaurant was the first enterprise that Richard Liu Qiangdong established in 1996. This never went as he had planned and he was forced to shut it down due to its poor performance. He later got employed I one of the political firms in the city of Beijing, but he felt that there were some dreams in his life that he could never actualize if he remained employed. He quit the job and began the JingDong Company. This name was derived from that of Richard Liu Qiangdong and his girlfriend. This firm performed very well, and he even decided that he would establish some branch store in various parts of China.
However, the glory of this enterprise started diminishing in 2003 when there was an outbreak of SARS. At that moment, the Chinese government ordered that there would be no movement in and out of town until the epidemic was over. This affected Richard Liu Qiangdong’s business negatively, and his revenue reduced drastically. This challenged him to design some way in which he would protect himself and his company from such losses in case such curfews are ordered again by the government. See Related Link for additional information.
The solution that came to Richard Liu Qiangdong’s head was the transformation of the business so that it would become an online store. This would enable the customers to access the products and services from their homes using the internet connection. This was the best decision that Richard made for the company since JD.Com has never suffered from such occurrences again.
See also: https://finance.yahoo.com/news/richard-liu-high-flying-ceo-100429011.html?_fsig=uIMv3xJkNFuLMYw_z6Ocsg–