Richard Liu Qiangdong Transition From Brick-And-Mortar To E-Commerce

The CEO of Richard Liu Qiangdong has made a fortune from his online retail company that started operating in 2004. Richard Liu has expressed that the company has attained a value of more than $60 billion. Although Forbes has made an estimate of Richard Liu’s net worth to be over $ 11 billion,


Mr. Richard Liu does not pride himself as a wealthy man but he sees it as being fortunate enough to have the resources that can create change that could benefit others. He studied Sociology and later on, completed an Executive Masters in Business Administration.


He had previously tried running a business while in the third year of college in Beijing but he had few hours to spare because of his studies, and eventfully the restaurant collapsed. Richard Liu was also an employee for a health products store before venturing into his own business. Go To This Page for additional information.


There were three aspects that influenced his decision to start a business. First, he came from a poor background. Richard Liu Qiangdong parents were sole traders running a small business of offering transportation services in the canal. Therefore the parents did not have an income to spare to send him abroad for further studies. He was also not interested in a government job and lastly, he needed a way of earning enough money to meet the medical needs of his sickly grandmother.


He opened Jingdong in 1998, a business name he coined by combining his wife’s last name with his name. It was a small business selling computer accessories. Jingdong started to grow and he began opening other shops and by 2003, he had 11 more shops. SARS outbreak disrupted the business in 2003 and he had to seek an alternative because there were no customers going to the shops to buy.


Liu opted to transition to e-commerce because it was the only model of business that would survive in such a time. Richard Liu named the online business and his journey to becoming more successful began. Currently, it is the top online retailer in China. He has plans for growing the company to other markets around the globe. The plans for selling products from other manufacturers across the globe are also underway.


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