The field of shopping has dramatically changed over the years due to rapid technological advancements and excellent, innovative ideas from legendary entrepreneurs like Richard Liu. He is the founder, CEO, and chairman of one of China’s largest online retail platform JD.Com. Liu Qiangdong’s transformation and the robust growth of his business is an intriguing story that is worth to read.
Richard Liu attended Renmin University where he graduated in 1996 with a degree in sociology. Besides, Richard Liu Qiangdong was passionate about technology and computers that he spent most of the time in the university learning how to code and working as a freelancer working on computer programs. Soon after graduation, Liu joined China Europe international business school to pursue an Executive MBA after which he delved into the workforce. Liu began his career as an employee at a Japanese company selling medical products. He was in charge of computers and director of business during his two years with the company.
Soon after quitting his job Richard Liu Qiangdong joined the world of business where he started ventures in the healthcare industry and hospitality industry. Both ventures failed terribly. However, Liu found his breakthrough in 1998 when he set up a shop named Jingdong in Beijing selling a myriad of electrical products and computer spare parts. Within five years Jingdong had expanded to over ten stores spread across the major cities in China. However, the SARS epidemic hit the country threatening the thriving of Richard’s business.
In 2004, the SARS outbreak forced Richard Liu Qiangdong to reconsider his brick and mortar business model. He transformed Jingdong into an online shopping platform which he named JD.Com. The online shop model worked so well for his business and in 2005, he closed all the physical stores and focused on a purely online-based shop. Since then, his company has grown dramatically attracting numerous investors and partners offering lucrative deals.
Walmart and Wechat are some of the most significant partners of JD.Com which have significantly increased the net worth and the revenue collected by the company. Currently, Richard Liu is estimated at a net value of $7.5 billion by Forbes and his company over $57 billion.
In an article with Seeking Alpha entitled “JD.com: Will Richard Liu Deliver In 2019?”, it indicated that the positive vibes manifested by the management during the 3Q 2018 earnings conference call bodes well for a brighter 2019.
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