Richard Liu Qiangdong: JD.com Born In SARS Aftermath

Not many entrepreneurs can successfully bounce back from a national health crisis. When most cities fall ill, companies suffer too much loss to recover. When SARS struck China in 2003, thousands of companies went out of business because face-to-face contact became too dangerous.

Some companies figured out to move their business online, but many didn’t have the resources and knowledge to make the transition. With brick-and-mortar stores failing, e-commerce offered China an open market with no dominant forces. Immediately, China became the largest e-commerce-based economy in the world. Many of the nation’s sharpest entrepreneurs turned their companies into multi billion-dollar companies.

One such entrepreneur was Richard Liu Qiangdong, Founder and CEO of JD.com. Today, JD.com generates $57 billion in revenue. Liu Qiangdong’s net worth is an estimated $11 billion, according to Forbes. JD.com also has international shareholders like Walmart, which owns 12 percent of the company.

In 2014, WeChat made a deal with JD.com to promote the company on its site after Tencent bought 15 percent of JD.com for over $200 million. Though JD.com is a multibillion-dollar company, Liu Qiangdong wants to grow his company larger. Last year, he invested nearly $400 million in a luxury fashion brand called Farfetch.

In 1998, Liu Qiangdong opened a little store in Beijing that only sold magneto-optical products. He named his company “Jingdong” after combining part of his name with part of his then-girlfriend’s name. Jingdong quickly became a success, and he opened 11 more stores by 2003. See This Article for more information.

Sadly, 2003 was the same year that SARS spread throughout the nation, forcing Liu Qiangdong to close many of his stores. With options looking gloom, Liu Qiangdong looked for ways to save his stores. He couldn’t overcome people’s house-bound lifestyles SARS forced on China.

And seeing what some other business owners were doing, Liu decided to move JD.com into the e-commerce platform. He closed all 12 of his stores in 2005 and focused all his efforts on growing his company’s online presence.

In an article on AACSB.edu, Liu was listed as one of the “Most Influential Leaders”. As a testament to Liu’s admirable business practices, he has received numerous national and international awards for his entrepreneurship, business influence, innovation, and leadership.

 

More about Richard Liu Qiangdong on https://www.wealthx.com/dossier/qiangdong-liu/

JD.com Is Changing The Way People Give While Shopping

 

JD.com is dedicated to making the world a better place in many different ways. Their sustainability programs have been recognized by many different organizations and serve to leave the environment more healthy because of their efforts. In addition, they strive for social change as well as making sure that the products that their customers receive are safe and genuine using practices that increase the transparency.

One of the most recent efforts by JD.com includes helping children living in some of the coldest areas in China who are disadvantaged or left behind by their parents who went to different cities in order to find jobs. These children who are left behind currently number around 7 million. While that number has decreased significantly recently, the number is still far too high. Left to be cared for by their grandparents, many of these children are unable to receive the resources that they need such as school bags, clothing, books, and other supplies.

JingDong was able to raise donations for the Wardrobe of Love charitable foundation. The money was raised by collecting a percentage of sales from certain brands during their Season of Giving event that took place during the Winter holidays. In addition to monetary donations, they were able to send thousands of products to these children in these remote areas. The weather can be quite harsh during this time of the year and JD.com is working to make sure that these children are kept warm and safe.

In order to collect these microdonations from each sale, cutting-edge technology was used to make the process possible. This technology from JingDong is called Aixin Dongdong which is a function that helps to facilitate the job. Millions of items are already registered with the system in order to help them raise money for different causes. Find Additional Information Here.

They are expecting to collect millions of dollars just during the first year that it is in use. Through technology from JingDong and unique shopping experiences, giving is being made easier than ever and more convenient for everyone involved. JingDong wants to help everyone make a difference in the world through their technology.

More about JD.com on https://www.wsj.com/articles/chinese-retailer-jd-com-turning-its-logistics-network-into-broader-delivery-service-1539833400

Richard Liu Qiangdong: Family Inspired Me To Become Successful

 

There is one man who is competing fiercely against Jack Ma of Alibaba in China, and that man is Richard Liu Qiangdong. Growing up poor in rural China, Richard’s parents were in a struggling business which couldn’t provide enough money to pay for his elderly grandmother. So, Richard packed up and moved to the city, to Beijing, to get an education and provide for his family where they couldn’t provide for him.

He established a restaurant business while in college, but it failed because he didn’t have enough time to devote to it while taking classes at school. So, he continued his education in sociology at Renmin University, and went on to get his MBA from the China Europe International Business School. Richard Liu later landed a managerial job at Japan Life, but it was never enough for him. Seeing his family struggle put a fire in him that most people would never understand. View Related Info Here.

So, he started selling computer parts around Beijing and was having great success until the SARS epidemic hit and was forced to make a decision on how to proceed. Liu chose to compare the profits of selling in person to online for a year and see how that did, and as it so happens the online sales were an absolute success.

From this experience Richard then learned that he could add new products to his website and gain even more customers that way. Growing largely from word of mouth, JD.com eventually spread like wildfire within WeChat and their owners, parent company TenCent and one of the richest companies on the planet, took notice and offered Richard Liu 15% of his business in exchange for $215 million cash.

Richard accepted and two short months later, with a valuation over one billion dollars, JD.com’s IPO onto the NASDAQ created an overnight influx of around 40 billion dollars. Now Richard is looking to expand his company to the world and increase Chinese delivery speeds, for “… whoever controls the Chinese market will control the world market, I feel.”

More about Liu on https://www.jonesday.com/rliu/

 

Achievements Of Richard Liu Qiangdong

 

Richard Liu Qiangdong is one of those people who never give up. He is the founder of one of the world’s largest online shopping platforms called JD.com. He started this shopping mall in 2004 and has seen it grow consistently ever since. JD.com was started in order to reach clients from every part of the world with no much trouble. Richard Liu studied sociology at the university. He always had a business mind all along. He started a restaurant while still in school. Due to lack of enough time, the business failed. This however did not discourage him. He later ventured into selling health products and upgraded to electronics. With all the commitment and dedication that Liu gave this investment, it did well and eventually led to opening of Jingdong.

 

Richard Liu is an inspiration to many especially in China. He tells his fellow business people and upcoming entrepreneurs that the key to a successful investment is determination and commitment. A business owner is supposed to be involved in every activity pertaining the venture. They have to interact with their employees so as to know what needs to be improved on for the betterment of the company.

 

This CEO is also dedicated to offering quality products and services to his esteemed clients. He ensures that the items sold are original and meet market standards. Currently, his platform is doing very well. Prestigious online brands have opened stores on JD.com increasing its revenues. An example is the Gieves & Hawkes that recently joined Jingdong. This brand is renowned for dressing royalties of the United Kingdom. Get Additional Information Here.

 

Richard Liu is also an environmental enthusiast. He has made measures to ensure that his business activities do not interfere with the environment. For instance, he, together with other stakeholders at JD.com have come up with reusable packaging boxes that are friendly to the environment. They have tried as much as possible to minimize air pollution by reducing the level of carbon emitted by their delivery vehicles. Richard Liu has led the company to greater height when it comes to e-commerce. The company makes a lot of revenue yearly making it one of the best of its kind.

 

Read more about Liu on https://www.crunchbase.com/person/richard-liu-e9b4