The incredible rise of Pinduoduo, Tencent’s most powerful Taobao rival
From Alibaba to JD, China is not short of e-commerce powerhouses. Although the country’s e-commerce market is highly consolidated, it’s not impossible for startup teams to crack this market as long as they are solving the right problems for the right group of customers.
Chinese social e-commerce platform Pinduoduo just proved this. The Shanghai-based company filed for a massive $1.6 billion IPO on the US stock market on July 16th, making it one of the largest deals of the year. Excitement is quickly intensifying surround the company, which managed to boost its sizeable success in China’s highly competitive e-commerce market within three years.
Like Taobao and JD, Pinduoduo is an e-commerce platform that offers a wide range of products from daily groceries to home appliances. Pinduoduo’s twist lies in its integration of social components into the traditional online shopping process, which the company describes as the “team purchase” model.
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