In 1998, Richard Liu Qiangdong began selling computer components in his retail store in Beijing following a profitable business failure in the food industry and a brief stint selling health items. After the company had grown to a certain point, the SARS pandemic hit it, and in 2004 he changed the firm from one with physical storefronts to one that exclusively operated online.
That marked the start of an online business with $37 billion in net revenues in 2016, which is still mostly driven by selling electronic products. The business went public on NASDAQ in 2014 and, although operating at a deficit, has a $44 billion market worth. Liu Qiangdong has become a Chinese Internet celebrity due to his wealth, youth, and belligerent demeanor, which prevents the board of JD.com from forming a quorum without his attendance.
In 2017, Richard Liu Qiangdong became an official “Variety 500 Honoree” due to his hard work and service to the world.
A few years ago, Richard Liu thought about creating an e-commerce platform for items like electronics, DVDs, books, cosmetics, and toys. He knew he could cut costs by allowing customers to buy products via smartphone apps or websites. After realizing that consumers were accustomed to buying physical goods through brick-and-mortar stores, he noticed that many people still wanted to shop in person.
So, Liu decided to incorporate online and offline purchases into his company. As the number of JD.com customers grew exponentially, Richard realized the convenience factor of allowing customers to choose what to purchase and when and where they wanted to purchase it. His company continues to expand its reach into different industries and countries while maintaining its core competencies.
Long before his entrepreneurial drive took over his working life, Richard Liu started creating his internet empire by honing his computer coding skills and expertise. He taught himself several computer-related skills while studying sociology at The People’s University of China because he saw the potential usefulness of knowing how to code in the future.
After receiving his bachelor’s degree from Japan Life, a natural supplement business with an internet presence, he earned a living. He had an acute eye for creating development within the internet sector while serving as the company’s Director of Computers.
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More about Qiangdong on www.joybuy.com/liu-qiangdong-jd-ceo-about