Richard Liu is the founder of JD.com. This company was earlier named Jingdong and 360buy.LTD. He founded the company in 2004 and is its chairman of the board and chief executive officer.
Jindong was a company that sold magneto-optical products. It was earning $9 million USD in 2003 and had 12 locations in Shenyang, Shanghai, and Beijing. JD.com started out as the online version of Jingdong. The website went active in January 2004.
Richard Liu started building a national logistics network in 2007. This was in response to his company’s increasing popularity across China. He saw that people in remote areas had to travel long distances to buy appliances and other products in large cities. This led to people in rural areas paying a lot more for things than people in big cities.
Liu Qiangdong also didn’t like that too often products shipped to customers would be damaged in transit or lost. Richard Liu felt that if his company controlled its distribution network then it would be far more reliable and fair to people in rural China. This bet paid off as JD.com now has over one billion active users. In 2014, his company had 3,210 delivery and pickup stations, with at least one in two-thirds of China’s counties.
Another thing that sets JD.com apart is that it sources products directly from the manufacturer. This gives JD.com the ability to make sure every item that is sold on its platform is authentic. Chinese consumers are wary of buying things online due to trust issues. Since Richard Liu’s company is honest and reliable, it has led to many Chinese consumers becoming comfortable ordering from his website. This has led to a boom in China’s e-commerce industry.
About Liu Qiangdong: www.jd.id/liu-qiangdong-jd-ceo-about