During the World Economic Forum Annual Meeting, Richard Liu Qiangdong was among the guest speakers who graced the stage. Richard Liu shared insights and ideas related to the e-commerce industry. He tackled issues about e-market and the role of the government, stakeholders, and other sponsors in promoting the trend.
Richard Liu is a world-renowned and revered business leader who hails as the founder of one of the largest e-commerce platforms in China. According to Forbes, he has estimated net worth of $7.3 billion with the platform estimated at worth $57.6 billion.
After graduating from the highly-coveted Renmin University of China back in 1996, Richard Liu took to mastering computer programming skills with some freelance coding work. Later, he furthered his studies with an EMBA from the China Europe International Business School. He was assimilated into Japan Life, a health product firm. It was here that he managed to land several roles throughout his two-year tenure. Richard Liu Qiangdong served as the director for computers and also the business director.
With the skills and technical know-how, Richard Liu decided to venture into his entrepreneurial career by setting up a magneto-optical product selling shop in Beijing. The shop did tremendously well, managing to expand to 12 stores by 2003. However, the business was brought to its knees following the SARS outbreak.
The outbreak forced Richard Liu to re-strategize the brick and mortar business model into the current e-commerce platform, which gave rise to JD.com. In the beginning, he dealt with a host of quality consumer goods and services.
The e-commerce platform has become a force to reckon with in the Chinese market. Currently, JD.com has attracted several shareholders, including WeChat owner Tencent with a 15 percent stake worth $215 million. The partnership sees the promotion of the JD.com network through the social networks of WeChat with over a billion monthly active users.
Walmart also became a shareholder of JD.com with an increase of the stake to 12 percent. Other investments made by JD.com include the $397 million investment in Farfetch. The partnership sees the capitalization by both firms about the reach in China with the experience in luxury fashion.
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