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