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China Facts: The Incredible Rise of Pinduoduo...

 

 

In just three years Pinduoduo has racked up 343.6 million active buyers in China's hotly-contested ecommerce market. Last week's IPO valued the company at $23.8 billion, making its founder, former Google engineer Colin (Zheng) Huang, China's 12th wealthiest individual. The platform has clocked up 4.6 billion annual orders. More than 1 million merchants sell on the platform. In less than three years, Pinduoduo has managed to defy all odds. 65% of its 343.6 million active buyers live in third tier cities or lower. Pinduoduo is further proof that investing squillions in building your own app could be better spent developing a Mini Program inside WeChat. Pinduoduo is, however, unlikely to be a white knight for many foreign brands at this point in time. The average order value is just $6, compared to $60 on JD and $30 on Alibaba’s platforms*) 

*) the weekly Skinny 1st August 2018

 

 

 

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Hans Henrik Pontoppidan
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