During the World Economic Forum Annual Meeting, Richard Liu was hosted as a guest speaker. He shared insights and ideas relating to the e-commerce market across the world. Richard Liu is the founder and acting CEO of JD.com, which is China’s largest e-commerce platform.
JD.com e-commerce brands are unique by directly sourcing their goods from the suppliers directly and reselling to end customers. This is more than just providing a platform for sellers to directly engage with the customers but handling the goods to outside delivery firms.
Richard Liu has enveloped the practice to allow verification of the authenticity of goods on sale, thus increasing the level of trust by consumers towards the e-commerce industry. The focus of the firm has been in reliability and honesty, which has driven the growth of the wide market of China. This retail method and business model has been credited for the success in e-commerce in China.
Over the decade, JD.com has grown into the largest online direct sales firm in China in terms of the transactions volume. It shared a market share of 54.3% which was listed on NASDAQ as of 2014. Through innovation applied by Richard Liu, JD.com was ranked as the first Chinese market to debut on the Fortune 500 firms list.
Globally, Jingdong is ranked as the third largest internet firm and largest retailers in China in terms of revenue. Liu has utilized cutting-edge innovations in artificial intelligence, logistics to reach millions of consumers in China and the world thus solidifying its stake as an industry leader.
In his career, Richard Liu has received several accolades including the highly coveted 2011 China Economic Person of the Year from CCTV. He has also been recognized with several achievements in the e-commerce industry, including the 2011 Chinese Business Leader in addition to the 2012 Chinese Businessman by Fortune China.
Furthermore, Liu was ranked in the Fortune list of World’s Greatest Leaders. Through the World Economic Forum Annual Meeting, has shared future innovation trends and the retail sector. He is a holder of a degree in Sociology from the People’s University of China and an EMBA from the China Europe International Business School.
For details: www.wealthx.com/dossier/qiangdong-liu/