Richard Liu Qiangdong, the owner of JD.com, started off his career trying out his hand on a catering business. He started a restaurant which failed because he was too busy with his studies in college. The renowned entrepreneur has come a long way to become a billionaire owning one of the largest e-commerce platforms in China.
In 1998, the father of two children started a computer parts business. The decision to venture into business was informed by his financial challenges. His grandmother got sick and he was unable to further his studies abroad because of the financial challenges. The business flourished to expand to 12 shops until the sars epidemic hit it hard.
He closed down the business and in 2004, he ventured into e-commerce. The e-commerce market was still ‘chaotic’ full of counterfeit products. He decided to work with authenticated products only and issue proper invoices. The businessman knew e-commerce will be the future of retail business. The logistics costs in e-commerce are low and it provides great user experience to customers.
The platform started with electronics before it brought on board other goods. Currently, the platform has over 1 billion products and by 2010, they had almost everything on stock. According to Richard Liu Qiangdong, the top-selling products in the platform are fast-moving consumer goods.
Richard Liu has become popular not only in China, but also some other parts of the world. His company has permeated the China market. Customers can get products within 6 hours of ordering. However, in Beijing, it only takes 3 hours for JD.com to deliver products to customers.
Richard Liu has huge plans for JD.com. He plans to extend the business to South Asia, Middle East and the United States. According to Mr. Qiangdong, it is going to be the largest online shopping platform in the world in a few years. The business is now worth over US$60 billion and Richard Liu’s net worth is US$10 billion.
The entrepreneur said that wealth comes with a sense of responsibility. He believes that how you use the wealth is what is important. The JD.com owner values his family so much. He considers it his greatest achievement. He is always striving to be the best husband, father and son. Click here