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/

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