JD.com is now the biggest e-commerce company in China and probably one in the whole world. It was valued in early 2018 for $12 billion and became one of the first Chinese companies that successfully joined NASDAQ. CEO and founder Richard Liu Qiangdong built the company from scratch with is an innovative mind and the passion to change the shopping landscape of China. Here’s how Richard Liu started his journey as China’s e-Commerce King.
Richard Liu Qiangdong was born in the Jiangsu province to a coal-shipping couple. His parents encouraged him to study and get a degree because they believe that’s what’s going to make him successful someday. Because of this mindset, Richard Liu finished Sociology at Renmin University. During his academic days, he also taught himself things related to computer science.
The first step in Richard Liu Qiangdong’s professional career is the job that he got from Japan Life, a provider of natural supplement. He became the Director of Computers thanks to the skills that he got from learning computer science lessons. However, Liu Qiangdong’s entrepreneurial calling was strong, so he decided to leave the company and create his own business. Within a year, the brick-and-mortar store Jingdong was born. He sold computer parts and other electronic products, emphasizing quality and avoiding counterfeit products.
After five years, Jingdong’s reputation for selling original items paid off and it became a highly profitable chain with 12 branches nationwide. Richard Liu Qiangdong’s investment paid off and the business was profitable. But because of the 2003 SARS outbreak, Richard Liu decided to close the stores in order to protect the health of his employees and started selling online using his platform. He sold his products both through online and offline means. After two years, since the online purchase produced more satisfied customers and saved a lot of costs, he decided to just stick to online selling and named his platform 360 Buy Jingdong.
With the success of his platform, a lot of new businesses notices the possibility of collaboration. Richard Liu saw it too and offered a partnership with new business owners. Because of this, more products are now available online, and more people are buying because of more diversified products. This is where Richard Liu decided to change the site into JD.com, the shop that is known in whole China today. View Related Info Here.