Richard Liu is a leading businessman in the world. He is the founder and the CEO of JD.com, the leading e-commerce business in China. It is under the leadership of Richard Liu that JD.com has become a multi-billion dollar company. He founded it in 2004 and continues to manage it to date.
Richard Liu entered the business scene in 1998 when he created the first brick-and-mortar business to sell computer accessories in Beijing. Since he was passionate to become a successful entrepreneur, by 2003, he had expanded his business to the extent that he was operating 12 stores around Beijing.
The idea to invest in e-commerce business came in 2003 when an outbreak of the SARS epidemic hit China. As a result of this breakout, employees and customers were restricted to their homes, meaning that there was no business for Richard Liu. He was supposed to close down the business but also decided to use this time to reflect on how he would like to manage his business. He gathered all the managers and supervisors of his 12 physical stores so that they could brainstorm and come up with the idea that would allow them to work even when there was a challenge like the one witnessed during the SARS breakout.
In 2005, Richard Liu Qiangdong decided that he would delve into the online business. In one year, he verified that it was much easier to run an e-commerce business that a physical store. He also identified that the profits from e-commerce business were much bigger than for physical stores.
In 2005, Richard Liu closed all business associated with physical stores to concentrate on e-commerce business alone. He started by stocking digital products that he was selling in the physical stores before adding more products. By 2010, he had stocked almost every product that was on the Chines market.
Richard Liu is now concentrating on taking his business to another level of growth. His wish to own the largest businesses in the world and he is optimistic that he will achieve this goal in the near future. Currently, JD.com is the fourth largest company in China by market value.
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