Richard Lui Reforming the E-commerce Market

Born in Jiangsu part of china, Richard Lui grew up to become one of the most successful entrepreneurs of e-commerce. His family was into coal distribution, and they taught him the advantages of working hard early on. This was exactly what he needed in a very competitive society. As he grew older, he furthered his studies and obtained a bachelors degree in sociology. Richard Lui then received his EMBA from the Chinese European Business School. After graduating, Richard Lui took some time out to learn another skill. He became a computer coder and soon after started working with a herbal firm called Japan Life. He held several positions there as the head of two departments, including the computing department. Richard decided to leave Japan Life and start his first business in 1998.

He opened a shop in Beijing selling magneto-optical products and providing customer service if needed. Another purpose of the company was to streamline business ventures. At that point in china, most retail companies were selling fake goods but Richard Lui saw this as an opportunity to grow. Quindong sold largely good quality products instead, gaining the trust of its customers across china and going against the trend of fake goods. Richard managed to open twelve stores across the area within the next five years. It was a highly successful chain of shops that became very profitable.

At this time the SARS outbreak was really affecting the business because workers couldn’t go out easily. The sacrifice they made was to stay indoors for most of the time while working. The model worked over time, but at this point, Richard was searching for ways to make business more efficient. After tinkering, he decided to start up a new venture, JD.com. He shut down all his shops and started the current e-commerce platform. Today the business is worth $57.6 billion with Richard having a net of $11 billion. Its thriving nature has allowed retail titans like Walmart increase shareholdings to 12%. JD.com is now regarded as one the elite sites in Asia alongside Alibaba.

Read full article : https://www.forbes.com/profile/richard-liu/#138384a22677

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