The Growth of Richard Lui

Richard Lui is one of china online pioneers. He’s the founder and current CEO of JD.com, the platform is an online e-commerce website and a major competitor in the Asian markets. Richard Lui was always enterprising in nature due to his ability to solve problems. He was born in Jiangsu province of china in the town of Suqian. Here, his parents worked with coal like most families around. They ended up instilling a sense of diligence and hard work in him, coupled with a sound education. Richard Luis always had a commendable work ethic and that became a major driver of his success. After graduating from university, Richard Lui took time out to perfect his coding skills. Soon after, he obtained his EMBA form the Chinese European Business School. He then went on to become head of computing department at Japan Life.

In 1998, his hunger for success drove him to establish his own company called Jindong. He opened his first shop in Beijing before increasing the number of outlets around. The shops sold magneto-optical products. JD.com is currently worth $57.6 billion with Lui having a net worth of $11 billion. Due to their increasing success, Walmart decided to increase stock shares to 12%. Further financial activities shows JD.com invested about $397 million to Farfetch, to increase the reach in the Asian market. By 2003, Jindong had about 12 shops, but the SARS outbreak made it incredibly difficult to conduct duties as usual.

Instead, the staffs involved with Jindong worked from home for a while. The businessman was looking for ways to ease his daily activities. In 2005, Richard Lui shut down all his shops and started JD.com. initially they sold myriad products and by 2014, the owner of WeChat obtained a 15% stake for $215 million. WeChat in turn advertised JD.com non-stop on the social network, making it a primary competitor to platforms like Alibaba. The platform now provides luxury items that are scarce in china’s e-commerce scene. They also distribute commodities from major retailers in the world. One of the problems plaguing e-commerce platforms is how to distribute goods to remote areas. JD.com has countered that by utilising drones for delivery.