Wealth and Early life of Richard Liu Qiangdong

Wealth and Early life of Richard Liu Qiangdong

Richard Liu Qiangdong believes wealthy people have a responsibility to help and enhance the conditions of the society. According to an interview conducted in Davos Klosters, Switzerland by David M. Rubenstein at the World Economic Forum, Liu continued to narrate his humble background. Before becoming the founder of the multi-billion company, JD.com, he assisted in his family business of transportation at the canals. Richard Liu went ahead and stated various challenges he faced as he tried being the best in his company at college. Only to end up failing due to insufficient hours spent in managing it.

JD.com and Richard Liu

JD.com started as a computer accessory store at the Chinquapin District in 1998 inspired by his then girlfriend and Liu,s ambitions giving rise to the name of the company’s initials J & D. Though started as only 12 stores, 4sq meters in size, Richard Liu faced another problem in 2004 during the SARS disaster challenging him to re-evaluate his choices. According to one of the managers, he advised Liu to find online means reaching the clients since they were unable to come to the store directly. The idea seemed to pan out with positive results being better than previous years, regarding logistics cost, e-commerce customer experience and profitability.

Competition, Market Valuation and Growth of JD.com

According to the interview, Richard Liu confirmed he didn’t recognise Amazon or any other recent big company in the e-commerce business other than ‘Dang Dang.’ “I am my biggest competition,” Liu said confidently stating he always thrived to better his company performance. First by bringing integrity and transparency in the market, unlike at the time, 1998, when most people conducted fraudulent business like counterfeit products. Secondly, they maintained and expanded their trust-worthy clients through improvements in logistics and number of products reaching billions by 2010.

Other measures were to increase the efficiency of the company through the number of workers reaching 168,000 employees. Competing globally with e-commerce companies like “Baidu” was the final step, making JD.com have a net worth of over 68 million as of 2010 and rated fourth in the e-commerce sector.t

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