Richard Liu Qiangdong has a long story in business dating about 20 years back. He revealed a lot about his journey to success in a business forum in the United States. He is the CEO and Founder of JD.com, one of the largest e-commerce platforms in China.
While still in college, Richard Liu’s family struggled to make ends meet. At one point, his grandmother got sick and they couldn’t afford quality medical care for her. The successful entrepreneur could have wanted to further his education abroad but he couldn’t because of the financial challenges his family was going through. While in college, Mr. Qiangdong started a catering business but it was closed shortly after.
In 1998, Richard Liu Qiangdong decided to open a computer accessory shop in Beijing. The business grew rapidly to expand into 12 shops. However, the business had to close down due to the SARS epidemic. At that point, he decided to change his business model and start selling online. He realized that e-commerce was the future of retail business.
JD.com launched officially in 2004 providing IT equipment, mobile phones and digital electronics. At the time, e-commerce was still not mature in China and it was full of counterfeit products. Richard Liu Qiangdong decided to change and serve as an example of how a legitimate e-commerce platform ought to operate. The products sold on the platform were thoroughly authenticated and invoices were issued on purchases. The platform was named after the names of the successful businessman and his wife. Click Here to learn more.
Jingdong grew rapidly to have over 1 billion products by 2017. The wide variety of products has given the platform a competitive edge because it is now a one-stop shopping destination with consumer goods being the most moving products. Liu Qiangdong aims to take the business to the next level and make it the biggest shopping platform in the world in a few years.
Richard Liu Qiangdong plans to lead the company through a series of expansion endeavors and ultimately see it serve the US customers better. The entrepreneur is a family man who is always trying to be the best husband, father and son. According to Forbes, he is worth about $11 billion.