Richard Liu is the founder of JD.com, a leading online retail platform in Beijing. JD was started in 2004; however, Richard traces his roots from 1998. He first worked in a family company that was not doing so well. Later, Richard invested in a hotel that also failed, given that he was doubling as a student and a business person at the same time. Given his poor background and the fact that the grandmother taking care of her was sick, he needed to do something to raise money by starting a company. He also adds the company was formed because he did not have the money to go abroad and study as the graduates did. He was also not interested in working in a government office as others did.
The company Richard Liu Qiangdong started was involved in the sale of computer accessories growing to have about 12 stores spread across the country. Moments into 2004, Richard moved his business online with the business selling goods both on and offline. He realized that it was cheap and efficient, running an online business. He attributes the success of the business to selling non-counterfeit goods, which dominated the market at the time. The business was adding a product every year and to date has a market valuation of $60 billion. The company has employees totaling about 167,000. The company plans to top the e-commerce platform in a few years by leveraging on finance, logistics, and technology.
People within China get access to products from JD.com in not more than six hours. JD can also deliver the products across the various parts of the world, given evolving online payment methods. The success of Richard Liu Qiangdong can also be attributed to partnerships JD ad with companies and persons like Walmart and Tencent, WeChat’s owner. Tencent owns a 15 percent in the JD.com which he got for $125 million. JD went public in the United States in 2014 and was one of the companies with the largest Nasdaq floats at the time. Today JD rival Alibaba by Jack Ma, making it one of the largest e-commerce platforms in the world. JD is short for Jingdong, a compilation of the last names of Richard Liu and his girlfriend at the time of its founding.