Richard Liu is the director and founder of JD.com, the fourth most prominent e-commerce platform globally. Liu is one of China’sChina’s most successful entrepreneurs, and he has a net worth of $9 billion as of 2018.
Liu was born in Jiangsu, China, and studied at Beijing’sBeijing’s Tsinghua University with a degree in Computer Science. After graduating, Liu worked for Oracle Corporation for two years before joining it in 1998 as a chief computer systems engineer. In 2003, Liu was appointed President and CEO of JD Group Holding Company Ltd. He has since been credited with the company company’s dramatic growth.
Liu received the Top 100 Most Influential People in China award and was recognized at the World Economic Forum in Davos, Switzerland, for his contributions to JD Group Holding, doubling its revenue from $8 million to $16.5 million per year during his first ten years of leadership.
Liu also has strong connections with both American and Chinese President Barack Obama. Liu met Obama on multiple occasions and was invited to the 2017 China-USA CEO forum. He spoke about his early success to a crowd of American and Chinese business leaders. He has also been invited to speak at Harvard University, and other leading universities, such as Columbia University. are quickly expanding in China and have experienced significant growth in recent years. In 2018, the company posted $59 billion in revenue, a significant jump from $14 billion in 2017 and $12 billion in 2016. It has amassed a massive user base, with more than 700 million active monthly users.
Currently, the e-commerce site is the fourth most significant platform in China and the world’s world’s largest online seller of smartphones and auto parts.
The company was founded in 1998 by Richard Liu and Zhang Zhidong. In its early days, it focused on selling books online, and it was not until 2005 that the company began to sell electronics. It is also a direct competitor to Alibaba, particularly in delivery and logistics. Over the past two years, it has heavily invested in logistics infrastructure and currently has more than 40 warehouses across China.
While Liu’s business has succeeded so far, it will continue to face challenges from its top competitors, Alipay and Alibaba. While JD has an extensive delivery system, Alipay has a much greater merchants and mobile payment systems network. JD is also losing ground internationally, while Alipay is gaining footholds in other markets, such as the United States and Southeast Asia.
It will be necessary for JD to continue to invest in logistics systems, especially as China’sChina’s economy continues to slow down. With a more diversified product offering, Liu could also further boost the business’s position in the market.
According to Forbes, JD.com has expanded aggressively into areas other than consumer retail, including logistics. It is looking to expand its reach worldwide and recently had its first office in North America, launching JD.com Canada in 2017. The company’s revenue has reached $4 billion a year, but it is expected to reach $60 billion by 2020, thanks to its international expansion plans. Its expansion is also fueled by the success of its mobile application and smartphone program. For example, in 2017, it received a patent for a smartphone that would be smart to the user’s taste, meaning that it will adjust to the user’s preferred style of music, lighting, and temperature based on the weather or time of day. It employs over 30 thousand full-time workers in its China headquarters, with another 8000 working at its North America office in Silicon Valley, where it is based.
JD no longer sells books online but is now a major Chinese e-commerce company that carries many products, including electronics. With 700 million active monthly users, JD is the fourth most prominent e-commerce platform globally and the largest online seller of smartphones and auto parts.