Richard Liu Qiangdong attended 2018’s edition of the World Economic Forum Annual Meeting, where he talked about his 20-year journey in the world of retail. Liu is the founder and the Chief Executive Officer of JD.com, one of the largest e-commerce platforms in China, currently worth $60 billion. Liu graduated from Renmin University of China, earning a degree in sociology, and later attended the China Europe International School Business. Prior to opening his own store he owned a restaurant, but it was his venture into retail in 1998 that saw him achieve great heights of success.
Liu Quiangdong opened a small 4 square meters store selling computer accessories in 1998. Due to the success of his business he was able in quick fashion to open a total of 12 stores by 2003. However, due to the SARS outbreak in China, both his customers and his staff for forced to remain house-bound, which put his business in jeopardy. By the end of 2004, Richard Liu closed all 12 of his stores and out of necessity, afterwards Richard Liu Qiangdong decided to focus on online retail, which marked the launch of JD.com. Due to a limited budget, the platform initially only sold IT products, but every year new products and categories were added.
Nowadays, the company has 167,000 employees and 500 logistics centers. JD.com is able to deliver 57% of their orders within 6 hours and 97% within 10 hours. It takes as little as 3 hours to get a product delivered in Beijing, and 10 to 15 days to deliver to Washington. The platform’s most popular products are consumer goods, fashion, and foods. Read This Article to learn more.
When talking about his goals to expand JD.com, Liu Qiangdong notes that expansion will take several steps, the first of which is bringing the best products to China, and then expand to Southeast Asia, the Middle East, Europe, and ultimately America. He also points out that despite the fact that in the past the rhetoric was that American companies have a hard time breaking into the Chinese market, he believes that the roles have reversed and that nowadays it is more difficult for a Chinese company to break into the United States market.
More about Richard Liu Qiangdong on https://www.aacsb.edu/about/advocacy-and-awareness/member-challenges/influential-leaders/recipients/richard-qiangdong-liu