In 2017, China’s largest e-commerce retailer, JD.com, filled 30,000 job openings, and now employees more than 160,000 people. Richard Liu Qiangdong, JD.com’s Founder, Chairman, and Chief Executive Officer, founded the company in 2004, after running a successful brick-and-mortar electronics retail company. He is a graduate of the Renmin University of China, where he majored in sociology, and also holds an EMBA from the China Europe International Business School.
Before becoming a successful entrepreneur, Richard Liu attempted to open a restaurant but was ultimately unsuccessful. Undeterred, he considered his options. While many of his peers sought governmental positions, he decided that his future would remain in business. For a short period, he worked for the health company, Japan Life, and upon leaving, decided to open his first physical retail store. Refer to This Article for additional information.
Selling only electronics initially, the store was a resounding success, allowing him to expand relatively quickly, eventually operating twelve stores in the Beijing area. In 2003, the SARS outbreak put a halt to physical interaction between customers and providers, and, at the behest of a former partner, decided to take his company online. .
After a year of working both, e-commerce and physical retail locations, Liu decided to pursue online retail on a full-time basis. By 2005, JD.com was a solely an online entity.
Under the leadership of Richard Liu Qiangdong, JD.com was able to rise above its competition. Expanding into consumer goods and fashion, JD.com became one of the premier e-commerce platforms due to its efficiency, as well as its choice to stray away from counterfeit products, which, at the time, was not commonplace. Today, Richard Liu’s most significant competition comes from industry titans such as Wal-Mart and Tencent, both of which own stock in JD.com.
Despite this notion, Richard Liu Qiangdong still views himself as his fiercest competitor, intending to become a more significant force outside of mainland China. In the future, Richard Liu plans to intensify JD.com’s presence throughout Southeast Asia, Europe, and, eventually, the United States. Due to his exponential growth, JD.com currently holds a market value of $60 billion, while, the company’s CEO is estimated to be worth, $11 billion.