Richard Liu is a global household name for the remarkable performance of his e-commerce businesses. Richard Liu Qiangdong is the founder, CEO, and chairman of NASDAQ: JD since its inception.
Liu stands out for his commitment to operate a business with integrity and honesty. His dedication has seen it grow from a small shopping bazaars stall to become the global third largest retail company in terms of revenue.
An estimate of Liu’s net worth found that it is more than $12.7 billion. His company reports high annual revenue of up to $82.9 billion. Liu has invested heavily in technology like big data, drones, and artificial intelligence in line with his vision. The plan for his company is to continue breaking the mold of the traditional business, including those on e-commerce platforms but uphold trust and customer loyalty.
Fortune Magazine singled out Liu for being a celebrity CEO with few trappings of power, although he is one of “World Greatest Leaders.” He was born in 1973 at Chang’an, a small village in Jiangsu, China. His parents were poor farmers. The village did not have modern amenities, and food was scarce.
Richard Liu applied to universities in Beijing and Shanghai while in secondary school, hoping to give him a platform to do more. He joined the People’s University of China now Renmin University a after passing rigorous entrance exams after friends and neighbor bought him a train ticket when his family could not afford.
He studied Sociology and used his free time to self-teach computer programming. He also got a job at a business that could not afford a photocopier.
Learning computers turned to an entrepreneurial venture as China’s policy shift to partly embracing capitalism led to an influx of businesses that required computer programming. His trustworthy nature made him a favorite, and he earned more money than he expected. He bought a personal computer, a cell phone and built a village home for his parents.
Liu in 1998 used his savings during two years he spent in Japan to rent a booth of 4-square meters in a technological bazaar in Zhongguancun. He called it Jingdong, and it the same that developed to JD.com. His company offers the client a promotional blitz called 618 that rivals Black Friday in the US on June 18 to commemorate the day he opened shop. Meantime his business flourished until 2003 when it closed for a while when the SARS epidemic hit China. A creative Liu used online bulletin boards to post his products. One of his customers found them and vouched for his decency and a time when people were wary of buying anything online. The act kept his business alive, and he designated an employee to post products on the internet after re-opening his retail store. Go here for additional information.
Launch of JD.com
He founded JD.com in 2004 after working hard to start an e-commerce service. He wrote the first code for the website and lived in his office to save rent. For a long time, he answered the question of customers to understand their needs and handled deliveries to control quality. His style gave him an edge over competitors.
In 2007, he turned his logistics network into a complete in-house e-commerce site. The move helped Liu in reaching untapped markets and provides customized service. Many shoppers like his business as it saved them from traveling many miles to shop. The strategy of delivering over 90% of products within 24-48 hours contributed to the atmospheric rise of JD.com.
Qiangdong has got much recognition. The latest is Forbes listing that places him at number 165 on the 2020 list of billionaires by Forbes and 40th on China’s Rich List.
Lui still works 16 hours a day, including one day a year as a delivery man. He also gets an invitation to give a speech about e-commerce and technology inventions and the World′s largest forums like World Economic Forum.
Follow Liu Qiangdong on https://twitter.com/liu_qiangdong