Richard Liu, China’s E-Commerce Pioneer
Richard Liu is a Chinese business magnate, investor, and philanthropist. Liu had a net worth of US$12.8 billion as of November 2019. Today Liu’s net worth is above US$36.6 billion, making him the 19th richest person in China and the 106th richest person in the world.
Richard Liu was born in Suqian, Jiangsu, China, on December 16, 1973. He comes from a humble background; his father was a migrant worker, and his mother was a farmer. When Liu was a child, his family was so poor that they could not afford to send him to school. Undeterred, Liu taught himself how to read and write, eventually earning a degree in sociology from Beijing’s Renmin University.
In addition to his business success, Liu is also a noted philanthropist. He has donated millions to education, health care, and disaster relief causes. In 2015, he founded the Liu Qiangdong Foundation, dedicated to improving teaching and assisting those in need.
Liu Qiangdong founded JD.com, an online platform for selling electronics and home appliances. The company started as a magneto-optical store 360buy Jingdong before expanding into other categories like books and clothing. In 2003, the company began operating its warehouses and logistics network, which allowed it to offer same-day and next-day delivery in major Chinese cities.
Liu started his dream of becoming an entrepreneur during his university years, and he had his first business selling magneto-optical products, which he began in his dorm room. The company did not do well, and Liu had to shut it down. He learned from his failures and decided to start another business, this time an online platform for selling electronics and home appliances, which we know today as JD.com. See related link to learn more.
Richard has seen great success with JD.com, which is now one of the largest online retailers in China. He says his company’s success is due to its focus on customer service and providing a good user experience.
More about Liu Qiangdong on https://www.jdpay.com/liu-qiangdong-jd-ceo-about