Today, Richard Liu is one of the most successful businessmen in China, but it did not start out that way. His parents had a transport business on a canal, but that business did not do well so they were poor. Richard Liu Qiangdong went to university in Beijing and by the time he was graduating his grandmother who had raised him was sick and his family could not afford to get her the treatment she needed.
He, therefore, needed to start working in order to make money to assist her. Unfortunately, the restaurant business he had started as a student had failed and he was not interested in working for the government. Richard Liu Qiangdong wanted to go into business for himself. He opened up physical stores that sold computer accessories. Richard Liu had a maximum of 12 of these stores and they did well until the SARS epidemic.
SARS could be spread when an infected person sneezed, coughed or talked to another who was healthy. He, therefore, provided his workers with instant noodles and water and asked them to stay at home. Richard Liu and the store managers, however, remained in the office trying to come up with ways to save the business and one of the managers suggested selling online. See This Page for more information.
The online retail business would ensure that the store attendants were not at risk of infection. In 2003 after the SARS epidemic was contained, they ran the stores both online and offline. When Richard Liu Qiangdong compared the revenue, the online store was more profitable and in 2004 they became 100% an online retail store. JD.com, the name, is a combination of letters from his name and that of his wife.
The business became successful because Richard Liu made sure that he sold genuine products to customers unlike a lot of the players in the online market then. JD.com has the best network in the county and guarantee 6-hour delivery or for clients in remote areas next day delivery.
About Richard Liu Qiangdong
Richard Liu is the founder and CEO of JD.com. He received his degree in sociology from the Renmin University. According to Forbes, he is worth $11 billion. Liu Qiangdong is considered as among the top entrepreneurs in the e-commerce industry. After launching his first online retail website sometime in 2004, he founded his JD.com only a year later. Richard Liu’s inspirations were that there was lower logistics and it was also cheaper after what happened to his physical business.
More about Richard Liu Qiangdong on https://www.bloomberg.com/billionaires/profiles/qiangdong-liu/