JD.com is one of China’s largest ecommerce platforms owned by Richard Liu Quiangdong. He’s worth over ten billion dollars personally on paper, and his company is worth over 30 billion dollars as of today. In an interview in 2018 with Rubenstein titled “An Insight, An Idea”, Richard Liu told him that he started JD.com in 2004.
Back in the 2000’s, most students wanted to go into government, but he didn’t want to do that, so he set up his own business where he sold computer accessories. Liu created up to 12 stores at that time in 2004, but then the SARS epidemic hit, and he didn’t want his staff to talk face to face with customers, so he decided to close the shop.
One of the managers said they should sell online to lower the risk of SARS, and he (jokingly) is already a billionaire. They spent one year selling in person and selling online to compare the figures, and when online proved to be better then he just went with selling online full time. He had merely heard of DangDang at the time but had never heard of Amazon. Refer to This Article to learn more.
The thing that he did to make his company grow so rapidly was to make the decision not to sell counterfeit products online and would issue proper invoices and receipts. Richard Liu was selling mostly computer parts because they had limited amounts of cash. It was I.T. products, digital products, and mobile phones for sale at first. Richard Liu now has about 200,000 employees and is adding about 30,000 per year.
The biggest market value amongst his competitors is TenCent, then Baidu, and then JD.com. Richard Liu Qiangdong’s goal is to simply be number one on the market. When he had his first office in China, he had just four words written in Mandarin on the column and they read, “I Just want to be number one.” Richard Liu thinks that the value he creates for society should be the focus, and this takes time to develop.
More about Liu on https://www.forbes.com/profile/richard-liu/#77b17bbf2677