Richard Liu Qiangdong visited Dallas in January 2018 and spared some time to share on what had fueled the tremendous success that has been witnessed in his business over. He is the brain behind JD.com. Reports by Forbes indicate that it is leading the China online business market with a net worth of $11 billion.
He attended the World Economic Forum to get a feel of all that goes on in different parts of the world. He’s even shared his career journey in the business world and how he has transformed the retail industry, in an interview entitled “An Insight, An Idea with Richard Liu”.
His interest in politics fueled his desire to set up the firm two years after completing his undergraduate studies in Sociology. He learned how to code and spent a couple of years working as a freelance coder. He joined the China Europe International Business School where he earned an Executive MBA. Richard Liu joined Japan Life and grew through the ranks before he eventually became the director of business and computers.
Richard Liu hails from a humble background as his parents had to ship coal across China to put food on the table. He first ventured into the business world when he set up a restaurant while in college. He mentioned that his capital was from the proceeds of his coding engagements. He didn’t dedicate enough time to the restaurant leading to its collapse. See This Page for more information.
He got back to the world of business in 1998 when he set up Jingdong. The store was the go-to place for magneto optical products and in five years’ time he had established 11 other similar stores. When SARS struck he could not make contact with his clients and he contemplated setting up an online business. Richard Liu Qiangdong chose to close his offline shop after making comparisons with the online space. Better customer satisfaction and the greater efficiency of online businesses appealed to him the most.
Liu introduced digital and IT products to his portfolio and was able to reach more clients at a reduced cost. At the moment, customers can find every kind of product in the billion dollar business empire. Deliveries are made in less than 24 hours with 57% of clients receiving their products in less than 6 hours. As he made his closing remarks, Richard Liu Qiangdong mentioned that he had every intention of leaving a lasting legacy for both his family and for other entrepreneurs.