Richard Liu Qiangdong: From Rags To Riches

 

Richard Liu Qiangdong, the successful CEO of JD.com, grew up in an impoverished region of China. His parents owned a small shipping company that only transported coal from northern to southern China. After primary school, he moved to the big city to pursue a career in politics; he wanted to do more than work a blue collar job.

After earning a degree in sociology from Renmin University, Liu Qiangdong received news that his grandmother was sick. Needing extra money to help pay for her treatment, he decided against pursuing politics and learned computer programming. As a freelance coder, he earned enough to support his grandmother and continue his education. See This Article to learn more.

He learned that politics never offered a high-paying job, but business and entrepreneurship did. Though entrepreneurship is riskier; it’s more fulfilling and lucrative if he could succeed. While working toward an EMBA at the China Europe International Business School, he used some of his side money to invest in a restaurant.

Liu Qiangdong quickly learned how much he’d underestimated owning his own restaurant would be. He tried to maintain his grades and continue working freelance jobs while running the business at the same time. In the end, he only devoted two hours to the restaurant every week, which led to his first entrepreneurial failure.

After that, he put his dreams aside for a while and focused on his education. Following his graduation from business school, he took a job at Japan Life, a health products company. He played different roles at Japan Life, but couldn’t shake the desire to open and own his own business.

In 1998, Liu started selling magneto-optical products out of a little four-square-meter building in Beijing. Using the last characters from his and his then-girlfriend’s name, he named his store “Jingdong.” Within the first five years, he opened 11 other stores.

When things were at their best, the SARS outbreak brought everything crashing down. SARS turned China into a home-bound civilization, which made online stores very popular. In 2004, Jingdong was renamed JD.com.

Because of Qiangdong’s success in selling other goods online, Richard Liu Quiangdong has now been ranked by Business of Fashion as a top 500 “Most Influential Person In The Fashion Space”. Fashion is, of course, a $2.4 trillion market on its own.

 

View source: http://www.liuqiangdongjd.com/

 

Richard Lui Qiangdong, China’s Rising E-commerce Star

 

China has one of the largest consumer markets on the globe. Most of the consumers in this market shop online. A substantial number of people shopping online go to Jingdong. Richard Liu Qiangdong founded this e-commerce platform. Being among the leading e-commerce platforms in the country, it has a valuation of $57.6 billion. In 2017, Walmart, a leading retailer in the United States bought 12% stake at this platform. With a rapidly expanding market, the platform has become a very lucrative investment for some large investors recently.

Expanding its portfolio

With its impressive growth in recent years, Richard Liu’s Jingdong Mall has been looking to expand its portfolio. This e-commerce platform recently announced that it had invested over $397 million in Farfetch. Farfetch is a luxury fashion brand, and this investment will see the two companies enter into a partnership that’s is likely to lead them to dominate the nations luxury fashion market. This deal is also expected to see Lui’s current net worth of $11 billion increase.

The Rise of JD.com

Richard Liu started JD.com in 1998 as a magneto-optical shop in Beijing named ‘Jingdong.’ This name was derived from his and his then girlfriends name. Liu saw massive success in this venture, and by 2003 his business had opened 12 new stores. Unfortunately, there was a SARS outbreak in the same year that made it difficult for employees and customers to come to his shops. This was the turning point for Richard as he decided to take his business online. Go To This Page for additional information.

The transition happened in 2004, and by 2005, Richard Liu Qiangdong’s business was operating solely online. This was the onset of the now successful, JD.com. At this time, he started selling consumer electronics and goods which picked up quickly. March 2014 was a very definitive time for the success of this platform.

It was at this time that Tencent, the WeChat owner bought 15% of the platform at $215 million. This purchase came bundled with a marketing deal. Tencent used its WeChat platform to advertise JD.com to it’s over a billion active users. This made the platform very popular in China and drove its success.

In an article with Gizmochina.com, “Google Invested 550 Million” with Jingdong. The partnership will include the promotion of JD.com products on Google’s shopping service. More details have now emerged that the partnership will also see Google selling its products on JD.com.

 

More about JD.com on https://www.businessinsider.com/who-is-the-amazon-of-china-alibaba-dangdang-or-jingdong-2011-9