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How Richard Liu Qiangdong Became a Well-Known Fixture of the Chinas Ecommerce Sector

Richard Liu Qiangdong is a popular and successful entrepreneur in China who founded JD.COM, the largest e-commerce platform in China. He currently serves as the CEO of the leading e-commerce company in China. With a net worth of approximately $12 billion, he has been ranked among the richest individuals in China. His story to successful started developing in 1998 when he leveraged his business savvy to venture into entrepreneurship and start shaping a business idea which turned out to be a billion-dollar idea. The platform has more than 100 million active shoppers.

Richard Liu Qiangdong was born in Jiangsu province in China to coal-shipping parents who instilled discipline and hard work values in him. He got proper education and he exceled his way through to join The Peoples’ University of China where he graduated with a sociology degree. He juggled class studies with self-study endeavors that saw him acquire computer coding and other skills related to computer science.

After university, he joined the workforce by starting working with Japan Life. At the company, he leveraged his self-taught skills to rise through ranks to become the company’s Director of Computers. In 1998, he decided to pursue his entrepreneurial calling and started a magneto-optic product business in Beijing. At the time, vendors sold counterfeit goods and he saw it as an opportunity to stay ahead of competitors by dealing with authenticated products only. He recognized the importance of the best customer service, ease of transaction, and utilization of technology in taking business to the next level. Five years later, the business grew to a chain of twelve brick-and-mortar stores.

The brick-and-mortar business faced rocky times during the Sars outbreak and Richard Liu Qiangdong decided to make a drastic change to his business model. He started selling online dealing with the same line of products. At the time, the retail atmosphere was shifting toward e-commerce and in recognition of that, Richard Liu renamed his online business into 360Buy Jingdong. He transformed the customer service and user experience aspects of the business to help it grow. Ultimately, he created a platform which offered shoppers the best user experience and which delivered products swiftly. He launched JD.COM in 2004 and since then, he helped the platform to grow from selling digital electronics, equipment and mobile phones to have more than one billion different products. In 2014, the company started trading publicly on NASDAQ with stock value increasing by 15%. The company has continued with expansion efforts to the rest of the world.

For More info: www.crunchbase.com/person/richard-liu-e9b4

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