The Story Behind Richard Liu Qiangdong and JD.com
In 2016, a mere 12 years after the company was launched, JD.com became the first Chinese company to be counted as part of the Fortune 500. This was just two years after the online retailing giant’s stock was initially listed on the NASDAQ.
The man behind JD.com’s success is Richard Liu Qiangdong, a soft-spoken billionaire who is passionate his value proposition and keeping his customers’ trust. Mr. Liu is reported to have a net worth of $11 billion while JD.com has an estimated capitalization of more than $57 billion. At a recent World Economic Forum in Davos-Klosters, Switzerland, Mr. Liu opened up about the origins of JD.com.
The Jingdong Years
As an undergraduate at Renmin University in Beijing in the early 1990s, Richard Liu Qiangdong studied sociology, but he was well aware that this major would not do much to advance his prospects in the business sector that he wished to become part of. He’d grown up in an entrepreneurial family, though: Many business skills were already hard-wired into him.
In 1998, Richard Liu Qiangdong felt confident enough to embark upon his first serious business venture. He opened a shop in Zhongguancun High-Tech Industrial Park, which he called “Jingdong.” The shop sold magneto-optical products and computer accessories.
From the very start, Mr. Richard Liu Qiangdong was determined only to sell authentic brand-name products in his store: He would not deal in counterfeit products. Jingdong did so well that by 2003, Mr. Liu had expanded into a dozen storefronts. See This Page for additional information.
The Birth of JD.com
Business opportunities often arise when you least expect them. In 2003, China was hit by a severe SARS epidemic. Seemingly overnight, Jingdong’s customer base vanished.
Mr. Liu sat down with his managers to brainstorm strategies. When one of his managers suggested that Mr. Liu take the business online, Mr. Liu listened. In 2004, he launched JD.com, and the rest is history.
More about him on https://jdcorporateblog.com/about-liu-qiangdong/