Richard Liu Qiangdong’s childhood was that of an unhappy one. He was a farmworker child and found himself spending his days working from sunrise until dusk with little free time. At the age of 15, his mother divorced his father when Liu began his education at school.

Around this time, his parents relocated to a housing estate, and Liu was expected to take on the role of helping his mother in her work as an advertising agent for a food company. His only connection to schoolwork was that he was gifted in English and graduated with a 2.3 GPA. Liu Qiangdong got an opportunity to go to university and major in English, and he graduated with a bachelor of business administration.

Before starting his own company, Liu worked as a buyer for Target and Abercrombie & Fitch. He then moved on to consumer electronics and eventually became the general manager for Qualcomm Incorporated before establishing his online shopping site. In 2000, Richard started an online company with two friends, Chen Yuan and Xu Xin. This year, the company was officially named JD.com, short for Jing-Jiang, and the company began its expansion into China.

Qiangdong is considered as among the top entrepreneurs in the e-commerce industry. He is involved in the company’s everyday operations and is very keen on business forecasting.

The Chinese retail market is predicted to reach $6 trillion by 2020, according to Statista. Currently, total retail sales in the country are estimated to be $4 trillion, and this figure is increasing. The penetration of the Internet in China and the rising middle-class population are major factors driving this figure. According to Statista, 80 percent of the Chinese population already owns an Internet-enabled mobile device by the end of 2016, making it highly likely that these consumers will begin to engage with their favorite products, ranging from books to movies and fashion.

This, in turn, should allow for the rise of e-commerce in China, a market dominated by Alibaba (NYSE: BABA), which owns a 40 percent share of the Chinese Internet retail market, and JD.com. According to Statista, China’s retail market had a cumulative value of $4.6 trillion in 2017, accounting for 21.4 percent of the global retail market. See this page on Twitter, for additional information.

In 2017, Richard Liu Qiangdong became an official “Variety 500 Honoree” due to his hard work and service to the world.

 

Learn more about Richard Liu on https://www.f6s.com/richardliu3