Richard Liu Qiangdong Talks about his Business Journey
The businessman is the pioneer of JD.com and works at the organization as its chief executive officer. One of his latest business decision was to invest in a Chinese based company known as Farfetch. He has invested millions of dollars in the fashion industry and that has earned him a position in the BoF 500 list. JD.com has grown over the years and is now considered one of the largest e-commerce sites in China. The firm is currently valued at $57.6 billion. Richard Liu is listed in the Forbes Magazine as one of the billionaires in the world. Walmart has a 12% stake at JD.com.
Richard Liu was interviewed in Davos during the World Economic Forum. He expressed his excitement for meeting his partners there. When asked when JD.com was started, he revealed that it was in 2004. The name was derived from combining his first girlfriend’s last name and his first name. Even at a tender age, he helped his parents do a transport business which was a sole proprietorship.
He acquired his higher education in a college based in Beijing. Richard Liu Qiangdong started a restaurant while studying at the institution. After some time, the business failed when he was in his third year because he barely got time to run the restaurant. The entrepreneur later started a retail business in a small store with the aim of helping his family. The business involved selling various computer accessories. With time, he opened twelve stores in different locations.
After the SARS Epidemic hit the country, Richard Liu Qiangdong closed all the stores, and the workers were required to stay at home as talking to each other face to face was very risky. However, the managers were left to discuss the way forward in the office. One of the managers suggested that they should offer the various accessories on an online platform to reduce the risk of spreading the SARS Epidemic. When asked whether the person who gave the suggestion was still working for him, he said that the manager was already a billionaire after his successful business ventures. According to Liu, he discovered that the online stores were more effective and easier to run due to low logistical costs and the customers were happy about it.