Richard Liu Life Story
Richard Liu Qiangdong is the CEO of the Chinese e-commerce giant JD.com and one of China’s most influential business people. Qiangdong has been called the new Bill Gates by Fortune Magazine and has been called the next Warren Buffett. Richard was born into poverty in a China that lacked many incentives for entrepreneurship and about which he knew little.
Richard Liu was born in 1973 in Suqian, China, where he grew up in poverty. He lived in a small room with 15 relatives, usually only had one meal per day, and later slept on thin cotton sheets on the floor. Richard excelled academically at an early age, taking the college entrance exam after high school and attaining admission to study at the People’s University of China.
In 2004, he founded JD.com, focusing on internet shopping and e-commerce. During its founding, there was the domination of china’s retail market by small companies and it was experiencing rapid expansion. The emerging e-commerce market in China would require capable suppliers and a quality product consumers desire. Liu believed that high-quality product design and service would provide a unique competitive advantage in the Chinese retail market. At the same time, an emphasis on delivery speed would be critical to compete with international rivals such as Amazon. com.
Richard Liu established a corporate culture that emphasized efficiency through cost-effective logistics and supply chains while creating a corporate structure that empowered employees and maximized productivity. JD.com’s business model would differentiate the company from competitors by delivering a high-quality product design and service with rapid delivery speed at low cost. Liu’s investment strategy is to maintain low costs through efficient logistics, eliminate unnecessary costs, and develop products that can be sold for a low price but still allow for high-profit margins.
JD.com has experienced rapid growth in its market share in China’s e-commerce industry, particularly in the sale of apparel and general merchandise. Liu has a high level of confidence that his company will continue to increase its market share and provide superior performance when compared to competitors such as Alibaba Group Holding Ltd. Although there was criticization of him for not launching JD. Visit this page for related information.
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