The business life of Richard Liu Qiangdong
Richard Liu Qiangdong is the founder and CEO of JD.com, the largest retailer in China. Liu was born in Jiangsu province of China, and his parents owned a small coal shipping business. He attended the People’s University of China and graduated with a degree in sociology. He taught himself computer coding and other computer science disciplines and secured employment with Japan Life as a director of computers after graduation. He worked with Japan Life until 1998 when he left to start his own computer accessories business. Even as he concentrated on selling computer accessories, Richard Liu was determined to come up with easy methods of transacting, obtaining better customer service methods and utilizing technology in streamlining the operations of the business.
Although he faced competition in this business, Richard Liu Qiangdong managed to set himself apart from the rest by selling genuine products. China’s e-commerce industry had a negative reputation over price cheating and fake items. Richard Liu Qiangdong recognized the problem and decided to come up with a solution. He earned trust and loyalty from customers who relied on his business for authentic and high-quality products at the right price. In a span of five years, Richard Liu had managed to open up 12 physical stores in different parts of Beijing. In 2003, there was a SARS outbreak that creating a huge shift in the retail business environment. Many small businesses including that of Richard Liu suffered greatly. However, Liu was quick to realize that there was a change in customers’ behavior and moved quickly to embrace e-commerce as the exclusive mode of doing business.
In two years, Richard Liu Qiangdong closed to the physical stores and embarked on online business only. Since 2004, Liu has been building JD.com. Today, it is listed among NASDAQ-100 and Fortune Global 500. When the company launched its IPO in 2014, its stock value increased by 15 percent. It has attracted numerous stakeholders such as Google. The company is currently expanding to other locations in Asia and Europe. As the founder of this company, Richard Liu is committed to making the e-commerce industry even more effective by applying innovative technologies that will address the pertinent challenges that consumers face. Already JD.com is using drones to deliver products to its customers in the fastest time possible.