Richard Liu Qiangdong spoke in World Forum Annual Meeting about how JD.com came into existence, the future of JD.com, personal life and China Economy. What caught the attention of many people though is, his personal life and the inspiration behind JD.com. JD.com is the largest e-commerce platform in China.
In 1998, Richard Liu was financially distressed. His grandmother was ailing and she needed treatment. His family could not afford to get her medical care. He would have also wished to go abroad and study, but his finances could not allow. He was left with one option, to start a business. He founded a computer accessory shop. The venture worked out well for Richard Liu Qiangdong and it expanded into 12 shops.
The business suffered a major hit during the sars outbreak in China. The nasty development turned his life around. While reminiscing on the sales they made when the business was operational and thinking about the way forward, the idea of selling products online came along. Together with his workers, they decided to give it a shot. Back in the day, e-commerce was “chaotic”, full of counterfeit products and frauds. Richard Liu decided that he would only offer authenticated products through the platform to gain the trust of customers. He also started issuing invoices for purchases to streamline payments.
The business did quite well and he found out that e-commerce was the future. With scarce resources, he added one product line every year. Currently, the platform has over 1 billion products beating all e-commerce platforms in China. JD.com is now worth over $60 billion. It has 167,000 employees. It is also working to expand to Southern Asia and also increase its presence in China. The company has penetrated almost every part of China with the launch of JD Logistics.
Currently, Richard Liu is one of the richest people in China with a worth of $11 billion. He now can only imagine his humble beginnings. He attended Renmin University of China where he graduated with a bachelor degree in sociology. He has EMBA from the China Europe International Business School. According to the entrepreneur, JD.com is the future of the world.
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