Richard Liu Qiangdong, the C.E.O. of J.D.com started small but has grown by leaps and bounds. J.D.com is worth about $60 Billion and employs over 160,000 people. In 1998, while still in college, Richard Liu started a restaurant business. While he had grown up working in his parents’ small company, it wasn’t much and in his own words, they were poor. His first business did not work out either.
It went belly up. But Liu learnt important lessons from the first start up. With a restaurant business, when you have as few as 2 hours in between university classes and sleep, it simply won’t work.
After graduating from the university with a degree in sociology, Richard Liu began his own stores. Back then, they were not online, and it was only one store at the start. The motivation at the time was to pay for his grandmother’s medical bills, as the family business was not able to do that. By and by, the computer and computer accessories store grew into 12 physical stores. That is when disaster struck. The SARS epidemic changed everything and for a while, business came to a standstill. See This Page to learn more.
Employees could get infected by customers and in turn infect each other and their families. Richard Liu Qiangdong sent them home and took care of them, sending them noodles. An idea by one of his managers during this crisis lay the foundation for J.D.com as we know it today.
Richard Liu decided to adopt the idea and take business purely online where contact with clients would be less physical while ensuring the experience remained satisfactory. In this way, he was able to control chaotic pricing and counterfeiting. Richard Liu Qiangdong’s business added about 30,000 employees to its workforce in 2017 alone. It ranks 4th in the Chinese Stock exchange and delivers 97% of its merchandise within 20 hours, taking 10 to 15 days to deliver to Washington DC.