In 1996, Richard Liu attended a prestigious Renmin University of China and graduated with a degree in sociology. Liu Richard spent most of his time as a student improving his computer programming skills through self-employed coding work. He also attended China Europe International Business school. After graduation, he was employed by the health product company Japan Life where he held different positions during his two years with the company. He was also the director for business and director for computers. Richard Liu is a hardworking, dedicated entrepreneur. He worked extremely hard to build his company from scratch. He is a self- made man.
Liu Richard ventured out on his own and started his business in 1998. His company was selling magneto-optical products in Beijing and his named his company Jindong using the last character of name and the last character of his girlfriend’s name. His business grew rapidly and expanded to many stores. The outbreak of SARS in 2003 affected his business by forcing workers to stay home thereby threatening the future of his business. This incident forced Liu Richards to reconsider his business model. He later founded JD.com in 2004. By the following year 2005, he closed down his stores to completely focus on his e-commerce where he began selling electronics and numerous quality consumer goods.
The main objective of the JD.com is to provide authentic products to consumers and they also dedicated in providing consumers with best shopping experience on their e-commerce platform.
The company has zero tolerance policy toward same and next day delivery that covers densely populated areas and counterfeits.
WeChat owner Tencent acquired a 15 percent stake in JD.com in Mach 2014 for $215 million. WeChat has about a billion monthly active users on its social platform and as part of a deal, agreed to promote JD.com prominently for publicity. After two months, JD.com went public in the United States. JD.com in 2017 was announced to have invested millions of dollars in Far fetch with a mutually beneficial partnership.
JD,com’s rapid growth matches with that of Alibaba, making both of Chinese e-commerce giants fierce competitors.
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