Richard Liu’s Mark on the E-Commerce Industry
Richard Liu’s story is that of perseverance and never giving up. He came from an employee to an entrepreneur with a failed business to a billionaire worth 5.5 billion dollars. Richard Liu started out as an employee in an establishment that develops health products where he was tasked with the role of business management and management of the department of computers. After working for the company for two years, he came up with a business play and developed a retail business. His store sold products of the magneto-optical company. He managed to do well enough to open twelve similar stores in different parts of China in the first five years of business. His businesses, however, went downhill after a while leaving him to figure out what to do next.
Richard Liu’s venture into e-commerce
One of Richards common hobbies while in the University and even after was coding and programming. So he decided to combine his skills in the retail business and his computer skills to come up with a new business. The savvy entrepreneur launched JD.Com in 2004. JD.Com is an e-commerce platform that he initially started to sell the products that he sold in his retail stores but he later rebranded the company to accommodate a variety of other products in the market.
The company started out so well and has been going uphill since then. Richard saw it wise to enter a deal with Tencent that would have him sell them 15percent of his company and in exchange, they would help him boost the popularity of his platform. True to their word, Tencent used their social media platforms to advertise JD.Com and within no time, the e-commerce platform had garnered a billion users. Recently the company also got into a partnership with the popular Walmart stores. By making Walmart part of JD.Com’s shareholders, the e-commerce platform gained the license to sell all the products that are sold in the physical Walmart stores. The partnership also inspired a multi-million dollar investment in Farfetch, an institution that is also in partnership with Walmart.
Richard Liu studied Sociology in the Renmin University of China.