Richard Liu studied sociology at Renmin University in Beijing. However, he would use most of his time to develop his coding capabilities by doing freelance projects. He then went on to study at the China Europe International Business School following which, he was hired by Japan Life. He was there for two years and served Director for Business and IT. Prior to joining Japan Life, Richard Liu briefly owned a restaurant while he was in college, but the venture ran only for a short time.
Richard Liu Qiandong opened his first shop in Beijing, in 1998. He used the last characters of both his wife’s name and his name to come up with Jingdong. The company had over 10 physical locations in 2003. In 2004, his money-maker was affected by SARS and he turned his business into JD.com, purely online store. Richard Liu also came from a background of entrepreneurs as his parents owned their own transport business.
At the time when Richard Liu began JD.com, China had one leading online store known as Dangdang. Companies like Amazon were not yet on the radar. Richard Liu decided that his company would only sell original goods and provide clear billing for its customers and this made the business more popular with its clients.
JD.com started by selling computer and IT accessories and every year they would add a new category of products to the site. They did it this way because when they converted it into an e-store, they had a limited amount of capital available. By 2010, they had a wide variety of products.
Richard Liu Qiandong has over 150,000 employees in his business and it is estimated to be worth $60 billion making it the third highest market valuation in the online market in China. The company’s delivery system is very efficient in that, you are able to receive your order within 6 hours of purchase. They also have an international delivery service.
The most popular products are food and fashion. Richard Liu has 500 logistics centers for his company and they make sure to give all their customer’s the same service no matter where you are or who you are.