Richard Liu Qiangdong is the talent behind the globally successful e-commerce platform, Jingdong, which is the largest retailer in China besides being the most profitable internet company. JD.com, with a net worth of $57 billion is among the two biggest e-commerce companies in China with the company expanding in size and command, courtesy of their innovative business approach. The success of JD.com has not only made Richard Liu Qiangdong a notable figure in China’s corporate world but has also made him a billionaire with a net worth of $11 billion.
Liu Qiangdong has also been recognized by the “Business of Fashion Top Performing Businessmen of 2018”. An award that is very well deserved by Richard Liu Qiangdong. It is a reflection of his consistency and excellence in his business.
At only 44 years old, Liu Qiangdong’s fortunes makes him one of the richest young business executives in China and the world in large. However, building Qiangdong’s e-commerce empire was an uphill task and a battle of wills as he had to overcome a myriad of challenges. As Richard Liu recounted in an interview at the World Economic Forum (forum), there were rough times that tested his willpower and aptitude but his innovative mind saved the day. Much to the dismay of an enchanted audience at the WeForum, Liu Qiangdong narrated his brush with foreclosure during the SARS outbreak in 2003. The SARS outbreak spelt doom to Liu’s budding business because it meant that employees and customers would not interact without contracting the virus.
At the time, Richard Liu Qiangdong’sbusiness consisted of 12 stores in Beijing, where he sold magneto-products and computers parts. He had started the enterprise in 1998 by opening 1 store and had managed to expand to 12 stores by 2003 when the disastrous outbreak occurred. Upon the SARS outbreak, Liu had to close the 12 stores and decided to operate from 1 store. However, this was highly ineffective and Richard Liu had to think beyond the obvious to save his business. View Additional Info Here.
Subsequently, Richard Liu Qiangdong decided to take his business online and he, therefore, formed JD.com. Today, JD.com is one of China’s most efficient e-retailer, delivering more than half of their orders within 6 hours and 97% within a day. Richard Liu Qiangdong is an alumnus of the Renmin University of China where he studied Sociology and also holds an EMBA from the China Europe International Business School. Before starting Jingdong, Richard Liu worked as the Head of Computers and Head of Business at Japan Life.