A prominent name in the Chinese e-commerce industry, Richard Liu Qiangdong is the brains behind JD.com. Before developing this wildly popular shopping platform, Liu Qiangdong was a budding entrepreneur attempting to get his foot in the door. During his collegiate studies, Liu Qiangdong honed his skills in sociology, computer programming, and freelance coding. His expertise in each field enabled him to turn a merchandise store into a profitable online domain. In 1998, two years after graduating from the Renmin University of China, Richard Liu Qiangdong pioneered Jingdong, a shop offering magneto-optical products and services.
Though Liu Qiangdong’s enterprise found success in Chinese markets, this triumph was short-lived. After the SARS outbreak afflicted China in 2003, Jingdong came to a standstill. With no patrons occupying the store and no staff to run it, Liu Qiangdong was forced to pursue a different avenue if he wanted his organization to thrive. Employing the skills he’d acquired in college, Richard Liu Qiangdong modified his shop into an online platform and dubbed it JD.com. The outpouring of public support he received was overwhelming, and Richard Liu Qiangdong was happy to once again be governing profitable enterprise. Currently, JD.com is reported to be worth $57.6 billion.
With that said, it comes as no surprise that organizations are keen to forge business relationship with Richard Liu Qiangdong. WeChat, a well-known multimedia outlet, is one such company. Richard Liu Qiangdong accepted the proposal, subsequently giving 15 percent of JD.com to WeChat for a large sum of $215 million. In addition, Liu Qiangdong made regular promotion a part of the deal. Given WeChat’s substantial following, Liu Qiangdong knew this practice would bode well for sales. While JD.com continues to see record highs in sales and revenue, Alibaba, JD.com’s rival, seeks to usurp Richard Liu Qiangdong.
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