Born on 14th February, 1974, Richard Liu Qiangdong is an alumnus of Renmin University. He is the current CEO and founder of JD.com (Jingdong.com). Reports issued by the Forbes magazine indicate that he has a net worth of $11 billion and is among the richest Chinese. Before becoming a successful entrepreneur, Richard Liu had tried his luck in several other unsuccessful business ventures. Liu opened a store in 1998 and started selling computer products and parts. Six years later, JD.com’s CEO decided to close his shop and opened an online one. The new shop had a rapid growth and appeared on NASDAQ listings in the year 2014 despite recording losses that year.
In an interview held by the World Economic Forum entitled “An Insight, An Idea”, he admitted to have faced several challenges in his first few years as a businessman. His primary setback was the SARS epidemic which forced him to close his physical shop. The disease is highly infectious, with face-to-face communications with an infected person increasing the chances of being infected. Because he did not want to infect his workers and clients with the infection, Richard Liu had to close his shop and founded his first online shop.
Another challenge Richard Liu Qiangdong faced was competition from other online retailing firms like Amazon. With these companies having been established before he founded his online retailing shop, Liu found it hard competing against them. However, his desire to sell genuine products made his business stand out in the online market. This desire earned the company trust among its clients and attracted more buyers. According to the founder, clients’ trust is an important factor for the growth of an online retailer. The CEO cites the need for an online entrepreneur to issue value to the money of their customers. Refer to This Article for related information.
At the moment, the company has hundreds of delivery and logistics centers globally. The firm has also improved its shipping techniques. For example, unlike in the past when international shipping took long, a client in New York can now receive their goods within 14 days after ordering.
Conclusively, deriving them from his experiences, Richard Liu offers pieces of advice to starting entrepreneurs. The creation of value for clients’ money is the first advice he issues to his audience. Maintaining integrity is the other advice he offers. Lastly, Richard Liu’s advice to young individuals is to seek mentorship and help from older businesspeople.