Richard Liu is the CEO and founder of JD.com and JD is a combination of letters from his name and his wives name. The successful CEO started out working in his parent’s transport business. He left home to go to college in Beijing and while there he opened up a restaurant business which unfortunately failed. His family’s transport business was not doing well so they did not have much money, unlike other university graduates he could not go abroad for further studies.
The successful entrepreneur was brought up by his grandmother and by the time he graduated she was unwell and his poor family could not pay for her medication, Richard Liu Qiangdong, therefore, needed to make money to help her. Civil service jobs were very popular with young people in China but he was not interested in working for the government so he established physical retail stores. These stores sold computer accessories and were what gave rise to JD.com.
In 2002 the SARS (Severe Acute Respiratory Syndrome) appeared in China and it greatly affected businesses. SARS is airborne and therefore can be spread when someone who is sick sneezes, coughs or even talks. Retail businesses like the one run by Richard Liu Qiangdong exposed the employees to the infection so he closed down the shops while he and the managers brainstormed. One of them suggested selling online and that is how JD.com came into being.
According to Richard Liu, the one thing that has put JD.com on the forefront of online retail was the fact that he aimed at changing the business. He made a decision not to sell counterfeits which were a common at the time and to issue proper receipts and invoices to them. The company also worked towards providing the best customer experience in regard to logistics. Today, Richard Liu Qiangdong’s company delivers all over China and package delivery takes a very short time.
About Richard Liu
Richard Liu is the CEO and founder of JD.com which is one of the largest online retail companies in China today. He has a sociology degree from the Renmin University of China. According to Forbes, he is worth $11 billion.
To know more visit @: www.businessoffashion.com/community/people/richard-liu