Richard Liu, a business mogul and Technology Enthusiast

Richard Liu founded Jingdong and has been its chairman and CEO since its establishment. Born in a poor rural area and reared in relative poverty, Richard Liu has built his firm from a modest booth in a shopping bazaar to the world’s third-biggest retailer by revenue. Liu earned a degree in Sociology from the People’s University of China in 1996 but spent much of his time studying computer programming with interest in the emergence of the potential of the new internet. Liu then earned an EMBA from China Europe International Business School, Jindong, one of the world’s largest e-commerce platforms; thus, it has made Liu one of the most prosperous men in China.

Liu Qiangdong founded Jingdong, a magneto-optical shop in Beijing, in 1998. His outlets flourished swiftly until 2003 when the SARS crisis in China halted his development ambitions and jeopardized Jindong’s future. Liu started to ponder the possibilities of an online company as the number of internet users grew to roughly 1 billion globally, leading to the earliest incarnations of JD.com. The e-commerce portal began selling magneto-optical equipment in 2004 and rapidly expanded to include electronics, phones, laptops, and other tech things. Liu renamed 360buy.com in 2007 and JD.com in 2013 for an estimated $5 million. Furthermore, Jingdong is a Fortune Global 500 company and a significant rival to Alibaba. The platform had 301.8 million active users in Q1 2018. Tencent owns twenty percent of JD.com.

Controlling the service quality was one of Liu’s primary competitive advantages. In 2007, Liu took his e-commerce site’s whole logistics network in-house. The move enabled Liu to personalize his e-commerce service for his customers and open up previously untapped areas like third and fourth-tier towns where consumers traditionally had to drive kilometers to shop. This plan has paid off, as 90 per cent of the company’s deliveries are now same-day or next-day.

Conclusion

Liu’s contribution to JD.com and the Chinese online ecommerce business has been well appreciated. He was designated as both the 2011 Chinese Business Leader and One of Fortune China’s 2012 Chinese Businessmen by China’s central television network CCTV. Liu is now listed 165 on Forbes’ list of 2020 billionaires, 40 on China’s Rich List of 2020, 25 on the Richest in Tech 2017 list, and 48 on Fortune’s list of “World’s Greatest Leaders. Even though Liu is often called to speak at significant global events regarding themes like ecommerce, technology breakthroughs, and sharing his company growth story to encourage others, he still works one day a year as a delivery person for JD.com.

Follow Richard Liu at Twitter: http://Twitter.com/liuqiangdong

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