Since its launch in 2004, Chairman and CEO of JD.com, Richard Liu has played an integral role in growing the company into one of the foremost e-commerce entities in all of China. Today, JD.com is estimated to be valued at nearly $60 billion, while Richard Liu’s own net worth is estimated to be $11 billion. He is a graduate of the Renmin University of China, where he earned a degree in sociology.
During this time, while taking about two hours a week of course work, he began setting the foundation for what would eventually become the Jingdong empire. Beginning with a single brick-and-mortar store that exclusively sold electronics, his rapid success allowed him to expand to multiple locations in a very short period of time.
Richard Liu Qiangdong’s first major obstacle occurred during the SARS outbreak of 2003, which significantly halted face-to-face communications throughout China because of the highly contagious nature of the disease. Faced with the possibility of having to shut down his business operations, Richard Liu and his managers decided to implement an e-commerce service in order to supplement the losses affecting his physical retail locations.
After a close analysis, the figures showed the incredible growth potential of the e-commerce sector. In the initial phases, Richard Liu Qiangdong’s company operated in a dual capacity, selling products from the physical retail stores, as well as online, but by 2005, he’d decided to put all of his resources into e-commerce and JD.com was born. The name JD.com, short for Jingdong, was created using part of Richard Liu’s last name and that of a former girlfriend. Get Additional Information Here.
Today, JD.com’s major competitors are other e-commerce giants, such as Wal-Mart and Tencent, both of which have invested in Richard Liu’s company. Despite competing with some of the world’s largest corporations for e-commerce supremacy, he still views himself as his only major competitor.
In the near future, Liu plans to take his company further into Southeast Asia, Europe, and eventually, the United States. JD.com currently employs more than $167,000 people, after adding more than 30,000 in 2017 alone. In an article with WSJ, “Chinese Retailer JD.com Turning Its Logistics Network Into Broader Delivery Service”, Jingdong talked about new package-delivery service will compete with private express carriers in a crowded market in China for parcel transportation. This marks the next step in leveraging the nationwide logistics network that JD has built over the past decade.
More about Richard Liu Qiangdong on http://www.ftvcapital.com/team-member/richard-liu/