JD.com has been ranked as the largest e-commerce platform in China. It was launched by Richard Liu Qiangdong in 2004. During the World Economic Forum, in an interview entitled “An Insight, An Idea”, the businessman shared his story. He revealed that the name of his company was derived from combining his first name with the last name of his girlfriend at the time of starting the business. JD.com has a net worth of $57.6 billion.
On the other hand, Liu is worth $11 billion according to Forbes. One of the lowest moments in his business life was when there was a SARS epidemic in China. Due to the nature of the calamity, Richard Liu decided to close all the stores and the workers were asked to go home. However, the management team was left behind to discuss the way forward. During one of the meetings, one manager suggested that the firm should offer the goods on an online platform.
As a young boy, Richard Liu Qiangdong helped his parents to run a family business. Since his parents’ business was not doing well, he decided to start his own to help his ailing grandmother. When he joined college, he opened a restaurant which later failed because he did not have enough time to operate it. The online retail business seemed to yield more returns than the physical one and he was impressed. See Related Link to learn more.
Richard Liu Qiangdong realized that the firm was incurring a lower logistical cost and was attracting more customers. The success of JD.com attracted investments from Walmart. Currently, it has 12% stake in the online retailer. In June last year, JD.com partnered with Farfetch to invest in the country’s fashion industry.
At Renmin University, Liu specialized in sociology. At the institution, he spent a significant amount of time on improving his computer programming skills. Liu engaged in freelance coding work. Richard Liu Qiangdong later joined the China Europe International Business School. The JD.com founder got his first job after his graduation in a health company where he held the position of the director for computers and business. Tencent acquired a 15% stake in China’s Chinese-based retail store in 2014 for $215 million.