Richard Liu Qiangdong is one of the most influential persons in China today. However, his success is not a series of victories but rather a sequence of defeats and rising above them. One of the largest online retail stores in China, JingDong or JD.com was founded after Richard experienced defeat. We learned more about the details of this inspiring story of how JD.com was founded during Richard Liu Qiangdong’s interview at the World Economic Forum in Switzerland.
Richard, the current chief executive officer of JD.com is an inspiring one. It is about making use of your failure, learning from them, and transforming them into stepping stones for your success. In the interview, he shared that he first decided to venture into the business when he needed extra money.
Richard shared that his family is poor and his parents’ business is just moving products from north to south of China. His grandmother’s worsening condition was his motivation to try business in the food industry. He needed money to pay the bills and expenses for his grandmother’s treatment.
His first business failed since he only spent 2 hours every on it. But he never gave up and continued with his passion for entrepreneurship. In 1998, Richard Liu Qiangdong founded a retail store in Beijing. He named it JingDong coined after his ex-girlfriend’s name and his family name.
Amidst tight competition, Richard only sold genuine, exclusive, and high-quality products. Chinese consumers appreciate this; JingDong expanded and opened 12 more stores all over China. But Richard’s success was rather temporal because SARS epidemic happened in China.
People were afraid to leave their houses or go out to avoid getting lethal respiratory disease. This forced Richard to close down 12 stores. However, people’s attitude of not leaving their houses inspired him to offer his brick and mortar business in a different venue—online. This is the birth of JD.com.
Aside from computer products, he introduced other products like cellphones, computer parts, and accessories. Now JD.com offers more than one billion different products. It even offers exclusive fashion and beauty products to its consumers. Several years ago Forbes reported that JD.com’s net value is around $60 million while Richard Liu Qiangdong has a net worth of $7.3 billion.
Read More: www.jdpay.com/liu-qiangdong-jd-ceo-about