Richard Liu Qiangdong’s, JD.com, Corners the Market

The Founder, Chairman, and Chief Executive Officer of JD.com, Richard Liu Qiangdong, currently heads the largest and most successful e-commerce company in the world. Launched in 2004, JD.com, or JingDong, derived from a combination of Richard Liu Qiangdong’s last name, and the last name of a former girlfriend. Before becoming a pioneer in the world of e-commerce, Richard Liu Qiangdong tried his hand as a restauranteur, ultimately failing in this sector. During this time, Richard Liu was also a student in Beijing, attended classes for two hours each week, but in desperate need of finance due to a variety of family ills, he opened his first retail business. This move was in sharp contrast to the paths of many of his contemporaries, who instead decided to pursue government careers, as well as positions abroad. Due to his financial situation, this was not feasible for Richard Liu Qiangdong.

Beginning as a small operation, Richard Liu Qiangdong retail store saw success almost immediately, and he quickly expanded to twelve locations. In 2003, his career path would forever be altered, as the SARS epidemic began claiming the lives of multitudes of his countrymen. The SARS outbreak made it difficult to continue conducting business in the traditional manner, and, heeding a suggestion made by one of his managers, he decided to dabble in e-commerce. While the move to e-commerce was initially a supplemental one, upon reviewing the figures, he and his team discovered that online retail might, indeed, be the wave of the future. Over the course of the next year, Richard Liu Qiangdong closed down all of his physical locations, thus, completing the transition. While today, the e-commerce giant, Amazon, is a household name, during the early years of JD.com, there were a number of controlling entities in existence. By recognizing the chaotic environment of e-commerce at the time, Richard Liu Qiangdong and JD.com made a number of adjustments that allowed the company to rise to the top of the online retail market. Today, as China’s largest online retailer, JD.com boasts a market value of over $60 billion, while employing more than 150,000 people.

Visit his LinkedIn : https://www.linkedin.com/in/richard-liu-54849942/

Leave a Reply