Richard Liu Qiangdong, is the founding fathers and chief executive officer at JD.com, of one of largest e-commerce platforms in China. It was established as an e-commerce business to provide consumers with the best online shopping experience. It is currently worth $57.6 billion and Richard Liu has a net worth of $11 billion as reported by Forbes.
Richard Liu Qiangdong has a Bachelor’s in Sociology, Renmin University, Beijing. JD.com is known for its zero-tolerance policy for counterfeit products and amazing delivery speed. It has been the first Chinese Internet company who has made it to the Fortune 500 list by being named on the Fortune’s list of the “World’s Greatest Leaders”.
The entrepreneur Richard Liu was interviewed at the World Economic Forum Annual meeting this year, in Davos-Klosters, Switzerland. It was his first to this country and he was very pleased to hear different voices from the world and to meet his partners in the foreign land. He was being interviewed by David M. Rubenstein the Co-Founder and Co-Executive Chairman of The Carlyle Group.
Overall, the conversation between the two was pretty light and interesting questions were asked which revealed, how the name JD.com came to life. Richard Liu was extremely honest with the audience and declared how the name JD was a result of joining the name of his first girlfriend’s last name and his first name.
Richard Liu Qiangdong wasn’t at all hesitant to talk about his life struggles of belonging to a poor family. He even talked about his sick grandmother and the lack of finances to buy her medication which was his initial motivation to start his own business. He admitted, a government job wasn’t his sip of tea and started selling computer accessorize in his own retail business in Beijing in 1998. The Severe Acute Respiratory Syndrome (SARS) outbreak in 2003 kept the clients and staff at home which forced Liu to rethink the business model and eventually led him to launch JD.com in 2004.
When asked about the future plans of his company, he was pretty confident and determined about globally expanding, starting from South East Asia to the Middle East and then eventually Europe and America. Richard Liu was open about, how even though JD.com does deliver globally, the delivery system compared to within China isn’t as good because it can take 10-15 days. In China, it takes 6 to 20 hours for the packages to be delivered.
Richard Liu Qiangdong was asked about if being the wealthiest people China was a burden, he had a very humble and heart-warming response:
“I think it’s neither. It’s more of a sense of responsibility. When you’re wealthy you have a lot of resources in your hands. Wealth is a resource of the society and it’s a question of how to use it to grow your own wealth, your company and society simultaneously and that’s what I want to do.”