Richard Liu Qiangdong is a Chinese business magnate.
How did JD.com get the name of Jingdong?
When Jingdong Mall was created in 1998, Richard Liu Qiangdong created the company’s name by morphing together him and his current wife’s names. Perhaps a business’ name isn’t as important as many people think it is, after all.
What did Richard Liu do before founding Jingdong?
Richard Liu Qiangdong first went to college at the Renmin University of China, located in the nation’s capital, Beijing, to study sociology. He completed the undergraduate-level program in 1996, then enrolled in a master’s degree program at the China Europe International Business School.
As soon as he graduated from the program, he started a restaurant – he tried to start a restaurant, that is. Although Richard Liu has proven his great business mind to the world time and time again over Jingdong’s 21-year lifespan, his first major business endeavor proved to be a major failure.
Throughout his time at the Renmin University of China and the China Europe International Business School, Liu picked up countless computer programming gigs as a means of earning money. Go Here for additional information.
How did JD get started?
After leaving Japan Life, a respected health and beauty company, he was moved to create his own business. Mashing together his and his then-girlfriend’s name, Liu came up with the name of Jingdong.
Liu found a four-square-meter retail space for lease that was located in the middle of one of Beijing’s hottest shopping malls. Shortly after finding the prime storefront plot, he began selling computer accessories at Jingdong. The year was 1998.
Jingdong then grew for five consecutive years
Richard Liu Qiangdong fared objectively well as an entrepreneur, growing the small business of Jingdong into an enterprise by 2003. The business had 12 stores at the time.
Liu remembers the great SARS pandemic of 2003. Shortly after news broke of it hitting Beijing, where Jingdong operated, Liu wasn’t able to reliably keep all 12 businesses open because many employees were either sick or afraid of contracting SARS. In 2004, he founded JD.com and quit doing brick-and-mortar business.
In an article with Gizmochina.com, “Google Invested 550 Million” with Jingdong. The partnership will include the promotion of JD.com products on Google’s shopping service. More details have now emerged that the partnership will also see Google selling its products on JD.com.