Richard Liu Qiangdong is the founder and CEO of JD.com, one of the largest online retail stores in China. His parents ran a transport business on the canal and for some time he worked there. The business did not do very well and therefore his family was poor. When his grandmother who had brought him up ell sick they could not afford to pay for her medical care. Richard Liu went to university in Beijing where being of an entrepreneurial mindset he established a restaurant business which unfortunately collapsed.
After graduation, his grandmother was sick and since his family could not afford to pay for her treatment he needed to start working in order to help her. Richard Liu explains that at the time many young graduates leaving the university were interested in working in the civil service, he did not want to do that so he started physical retail stores. These retail stores were the beginning of JD.com in 1998 and became fully online in 2004. The shift was occasioned by the SARS epidemic in 2002 and one of the store’s managers suggested selling online.
Today, Jingdong’s logistical network has grown to cover even the most remote parts of China. Richard Liu Qiangdong pointed out that 57% of deliveries take place within 6 hours and 97% is done within 20 hours. This does not only apply to people living within the cities but also those living in a remote area. JD.com delivers all over the world including cities like Paris, New York and London, regrettably delivery takes up to 15 days as their global network is a work in progress.
According to Richard Liu Jingdong plans to expand by first bringing into China the best products from all over the world. Secondly, they will expand into the rest of Asia, then the Middle East, Europe and America. This Richard Liu Qiangdong hopes to achieve through both growing the business and acquisitions.
About Richard Liu
Richard Liu is the Founder and CEO of JD.com. He attended Renmin University of China from where he received his sociology degree.