The Path Of Richard Liu Qiangdong To Success in the World Of Retail Business

 

Richard Liu Qiangdong is a successful Chinese businessman with an estimated worth of $12 billion. He is the founder and CEO of one of the largest e-commerce companies in China, JD.COM. He navigated the world of retail business to build a big name in the industry. Richard Liu’s intuition, business savvy, and flexibility came in handy every step of the way. JD.COM now has more than one billion products and it boasts over 100 million active shoppers.

 

Richard Liu Qiangdong was born and raised up in Suqian, Jiangsu province of China. He hails from a family who values hard work. His coal-shipping parents encouraged him to work hard and excel in all endeavors. He graduated with an undergraduate degree in sociology from The Peoples’ University of China. Richard Liu recognized the importance of expanding his horizons and started teaching himself programming and other disciplines related to computer science.

 

Mr. Richard Liu graduated from university and Japan Life hired him. Qiangdong leveraged his extensive skills to work his way up to become the company’s Director of Computers. In 1998, the successful entrepreneur quit job to pursue his dream of owning a business. He started a magneto-optical products business in a rented retail space in Beijing, popular as China’s technology hub. At that age, Qiangdong streamlined the business by focusing on transforming ease of transaction, utilization of technology and customer service. His business offered authenticated and genuine products only. The business grew into twelve brick-and-mortar magneto-optical products within five years.

 

The business was doing exceptionally well until SARS outbreak made the entrepreneur to close down his brick-and-mortar stores. Pondering on the next move, an idea of venturing into e-commerce came along as a result of him being technology savvy. He started providing the magneto-optical products online. The new online business was renamed into 360Buy Jingdong.

 

In 2004, Richard Liu launched JD.COM, an e-commerce platform which offered digital electronics, IT equipment and mobile phones at first. With time, Liu Qiangdong earned the trust of vendors and partners and the products in the platform increased significantly. Today, the platform has over one billion products. Worth about $60 billion, JD.COM has become one of the largest e-commerce platforms with presence all over China and abroad.

 

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