Richard Liu Qiangdong obtained a degree in sociology from the Renmin University of China. While at the university, he self-studied computer programming. Richard Liu later pursued an EMBA degree at the China Europe International Business School. When he completed his studies, he got a job with Japan Life, a health product firm. He held different positions, including the director for business and the director for computers.
Richard Liu Qiangdong was among the people that Davos-Klosters interviewed during the 2018’s world economic forum annual meeting. He used that spotlight moment to explain a few facts about him and his journey in the world of business. The information that Richard Liu revealed about his background shows that anything is possible as long as you have the right amount of determination.
Richard Liu Qiangdong said that he came from a poor background. His parents were involved in the business of transporting coal between North China and South China. At some point in his childhood, Richard Liu assisted his parents in the business. Thankfully, his impoverished background didn’t prevent him from studying and becoming who he is today. Richard Liu Qiangdong attended college in Beijing. While in college, he established a restaurant, which later collapsed. He found it challenging to balance his attention between the business and his studies. In a week, Richard Liu could only find two hours to dedicate to his restaurant.
Richard Liu knew that he couldn’t give up on business irrespective of the first failure. As such, he formed J.D.com. One of the reasons for creating the retail store was to find a way of making money to pay for his grandmother’s treatment costs. Upon finishing college, most of his fellow graduates managed to travel abroad to further their studies. Richard Liu didn’t have the financial muscles to do the same, and this is another reason he decided to open the retail business in 1998 and start making money. Little did Richard Liu know that his inability to go abroad was a blessing in disguise.
Davis-Klosters sought to know where Richard Liu got the name J.D.com. The business excitedly explained that his wife was his first girlfriend. He went further to explain that the name of the company was a mere combination of his wife’s last name and his first name.
In the beginning, J.D sold magneto-optical products. Five years down the line, the business already had 12 stores. Another hindrance reared its ugly face – the outbreak of SARS, which hindered face to face interactions with his customers. He closed down his 12 stores, but then got the idea of doing his business online in 2004a. A comparison of the data between offline and online business revealed shocking statistics. Online business was characterized by lower costs and a higher level of customer satisfaction compared to offline business. Today, J.D.com is the largest retailer in China and sells a wide range of products.
For details: www.joybuy.es/richard-liu-jd-ceo-about