JD.com has become the second most powerful e-commerce company in all of China.
The company uses blockchain technology to sell a variety of products that it purchases straight from suppliers. It then uses its massive army of uniformed workers to distributed the goods on a 24-hour basis, seven days a week. It’s founder and chief executive officer, Richard Liu, has become one of the wealthiest Chinese businessman thanks to the success of his enormous enterprise.
That being said, he was not always such a successful business tycoon.
The son of coal-shipping parents, he worked his way from humble beginnings to graduating from the People’s University of China with a Bachelor’s degree in Sociology. After a business failure in the restaurant business, followed by a short period selling health products, Richard took his experiences and used it to open up a brick and mortar business in 1998 selling computer parts in Beijing.
Overtime, his company (then named Jingdong) started to pair up with local businesses who were impressed with his overall business model. Within his first five years of business, Richard Liu turned turned his investment into a highly successful chain of twelve brick-and-mortar retail stores located throughout China.
Then, things got a little bit complicated.
After the business was hit hard by the SARS epidemic in 2004, where citizens in general left their homes less and less, Richard decided to transform his company into an online business instead. Needless to say, it worked out well for him. Fast forward twelve years and the company net revenues hit an astonishing $37 billion in 2016.
It has been an upward climb since then, with the business branching out into multiple sectors of the Chinese economy.
As other businesses start catching up, JD.com continued to improve on e-commerce model. For example, the company recently became the owners of the largest fleet of drones. Their purpose? To help deliver packages on the same-day of purchase to over one billion customers all over China.
Even to this day, Richard Liu continues to serve as the current CEO of JD.com. He remains involved in day to day operations, helps predict future market trends, and is involved with almost every other aspect of the company’s continuing success.
To know more visit @: www.jd.id/liu-qiangdong-jd-ceo-about