Richard Liu Qiangdong: An Entrepreneur Transforming the Retail Industry

Richard Liu is the CEO and founder of JD.com. The company is China’s top-most retail business done online. During his interview, he shared his personal as well as entrepreneurial experiences that enabled his business to grow to its position globally. He appreciated getting to know peoples’ voices around the world during his tour to Dallas. Richard Liu Qiangdong stated that the name JD.com came from a combination of his first name and the last name of his wife. In 1996, he studied at the Renmin University in China where he awarded his degree in sociology. This was out of political pursuit. Two years later, Richard Liu began growing his business.

The entrepreneurial journey started by Richard Liu teaching himself computer programming. He later achieved his EMBA from the China Europe global business school. Upon graduating, Richard Liu served at various roles at Japan Life for two years. Richard Liu also spoke of his poor background during the interview. He elaborated about how his parents owned a transport enterprise of distributing coal from north to south China. His first business plan was a restaurant. He used his payments from computer programming to fund the enterprise but it collapsed. This was because of only 2 hours of devotion to the start-up business. However, he was motivated by his grandmother’s ill condition that required him to pay for her medication.

In 1998, Richard Liu Qiangdong rented a small store that sold products of the magneto-optical kind. He named it Jingdong. Five years later, the start-up business expanded to 12 stores. After encountering challenges, Richard Liu arose and opened his online business. In his interview, he said that online enterprise was better than offline business due to lower capital required as well as terrific customer satisfaction. The online giant business is recently worth above $60 billion. As the owner of the biggest retailer empire in China, Richard Liu offers 97% of his clients’ delivery within 20 hours and 57% delivery in 6 hours. The 44-year old internet celebrity would also like to be remembered as a caring family man, a good son and a good employer. He is an inspiration to entrepreneurs worldwide due to his great legacy as a businessman.

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