Richard Liu is the founder, chairman, and CEO of JD.com, the biggest retail business in China. Currently, it is ranked number four by market value among the biggest companies in China. However, the company is working towards getting to number one position. Richard Liu Qiangdong has put sufficient measures that will see the business move to the top position.
JD.com was established in 2004, although Richard Liu Qiangdong began his business career in 1998. Before, he was dealing with physical businesses, which were never as successful as his Internet-based business. The name JD.com is coined from his name and that of his first girlfriend.
The idea to make JD.com, a fully internet-based business came from one of his managers from a business he was running before. At a time when they had closed down to focus on establishing a business that would thrive, the idea of internet business came up, and they decided to test it. Online business existed in China before but had a bad reputation due to numerous cases of counterfeit products and price cheating.
When Richard Liu decided to engage in online business, he wanted to do it with a difference. He studied the market and identified most of the weaknesses that other traders have. He, therefore, established an online business that addressed the needs of the customers. He ensured that JD.com deals with legit products and every product was accompanied by a legit invoice to avoid cases of price cheating.
From an interview that he conducted recently at the World Economic Forum Annual Meeting, Mr. Liu revealed that his success came from offering solutions to some of the challenges that customers were experiencing at the time. In 2004, they only had a few products in the line of digital goods and IT products, but in 2010 they had added almost every product that was on the market. Find More Information Here.
JD.com is currently worth over $60 billion and has over 167,000 employees. In 2018 only, the company employed over 30,000 new workers. Richard Liu is currently working towards taking the company to other parts of the world such as Southern Asia, Europe, and America.