Richard Liu Qiangdong is on the Forbes’ list of wealthiest people in China and has the approximate net worth of more than $7 billion. As a self-made billionaire in the e-commerce sector, many business analysts and experts compare him with Jeff Bezos, founder of Amazon.com, who is also a self-made billionaire and a pioneer in the e-commerce business. In an interview recently, he said that the primary reason why he was so dedicated and passionate about achieving financial freedom in his younger years is because of his poor background. Richard Liu Qiangdong added that at the time when his mother-in-law was ill and suffering, the family didn’t have enough money to provide her proper treatment or buy medicine. It encouraged and motivated him to take on his responsibility and earn money to provide for his family.
Richard Liu Qiangdong also provided detail on how the company went from physical retail operations into completely an online run retail operation. He said that when China suffered from SARS epidemic, it became difficult to manage the running overhead expenses, which continued to pile up while revenues were falling massively. The customers weren’t able to come to the stores, and neither did the employees, even when many perks like free food and transportation was offered. It is during this time that his manager suggested Richard Liu that it is a good time to enter the e-commerce market and sell products online. It is how the success story of JD.com started, which was formerly known as 360buy.com.
The online retail business started in the year 2004 and the success it achieved within just a year made Richard Liu close down all the stores by the end of 2005. He wanted to put all his effort into his online business, and today, it is one of the most successful e-commerce companies in the world. But, all the success he has got has not stopped him from thinking even bigger. He wants to leave his competition behind and expand to any more countries than he already has. Richard Liu is working hard to make it a reality in a few years.