One of the most successful businessmen in China is Richard Liu Qiangdong, founder and CEO of JD.com. According to Forbes, his company is worth more than $60 billion, and Richard himself is worth an estimated $12 billion. Recently, he attended the World Economic Forum in Dallas, TX, USA.
There, he was interviewed by Davos-Klosters and gave his first-hand account of what it was like taking JD.com from a brick-and-mortar chain to an online platform. His account also including personal facts that helped to shape his company into the multibillion-dollar e-commerce marketplace it is today. Most notable is the original name of his business.
In the mid-90s, Richard Liu Qiangdong was attending Renmin University, one of China’s most prestigious universities with connections to the nations’ political elites. As a young man, Richard Liu wanted to work in politics. While attending Renmin, he met a girl named Gong Xiaojing. They dated for a few years, and Richard Liu Qiangdong named his business Jingdong by combining his name with hers.
They eventually broke up in 2003, but his company was too successful to change the name at that point. He opened his first Jingdong shop in 1998 in Beijing in the Zhongguancun High-tech Industrial Park. Many of the vendors around him sold counterfeit merchandise, but Richard Liu Qiangdong sold only authorized magneto-optical products.
The same his relationship with Xiaojing ended is the same year that SARS devastated China. The outbreak forced many physical store businesses to close their doors, but Richard Liu didn’t want to give up on his dream of entrepreneurial success easily. Out of options, he moved his company online and took advantage of the online inventory; he added more items than just magneto-optical products. See Related Link to learn more.
In 2004, Jingdong officially became JD.com. By 2005, Richard Liu was able to close his physical shops on his own terms and focus solely on the online marketplace. That same year, he received an 18 million yuan offer for JD.com, which he rejected.
Jingdong has mastered its logistics and supply chain processes so that it can make same-day or next-day delivery for 90% of all orders. Customer service robots handled 32 million customer inquiries and solved 90% of them independently.
Jingdong is known globally for its use of advancing technology. Name any recent tech trend and most likely JD.com has already been trying it out. Jingdong is known for its use of commercial drone technology, autonomous robotics within its warehouses, and automated delivery systems.
In an article with Gizmochina.com, “Google Invested 550 Million” with Jingdong. The partnership will include the promotion of JD.com products on Google’s shopping service. More details have now emerged that the partnership will also see Google selling its products on JD.com.
Find more information on https://jdcorporateblog.com/about-liu-qiangdong/