Coming from a humble background, Richard has worked his way up to the top. He started his first company in 1998, opening the first shop in Beijing. The company retailed out good quality products while helping with customer services. Along with this, they facilitated business activities for other companies. The company grew and became successful. Five years later, they established twelve other retail shops in different locations around the east. The best thing about the company was that they sold completely authentic products. This went against the growing trend in china at the time. Other retail companies sold mostly fake goods, while Quidong sold verified commodities.
This made Quidong many loyal customers that he carried unto his next business. The outbreak of SARS at a point threatened to stop the activities of the business. As a result, Richard and his employees decided to work from home instead. Due to issues like SARS, he started thinking of ways to make business more efficient. Richard created JD.com in 2003, closing down all his shops to finance and focus on his new venture. The result was a successful one, he built it into a multi-billion dollar empire capable of competing with the very best. JD.com is now worth $57.6 billion with growing market shares by the day. He had definitely come a long way from his humble beginnings to a current net worth of $11 billion.
The company has attracted the likes of Walmart and various other investors. Walmart recently increased their shareholdings to 12% after observing JD.com’s notable increase in value. Other investors include the CEO of WeChat, who bought 15% shares earlier on for a whopping $217 million. The company is now at the level of regional rivals Alibaba. They’ve also managed to increase their outreach in the luxury items category by signing a $397 million partnership with Farfetch. This allows them tackle the Asian market using both of their resources. Unfortunately, a major problem for e-commerce businesses is the accessibility of remote and long distance areas. JD.com has tackled this problem by implementing drones in delivery services.