How Pinduoduo did in three years what took Taobao five
What took Taobao five years, and JD.com 10 years, Pinduoduo has achieved in only three years.
Founded in 2015, Pinduoduo stated in their IPO prospectus in July that it achieved RMB 141.2 billion gross merchandise volume (GMV) in 2017, surpassing the RMB 100 billion milestone. Chinese e-commerce giants JD.com and Taobao were founded in 2004 and 2003 respectively. That’s when China’s e-commerce market began to grow, and more companies joined the competition.
Now, a decade and a half later, Alibaba, owner of T-mall and Taobao, makes up 58.3% of the e-commerce market in terms of sales volume, JD makes up 16.3%, and the young Pinduoduo somehow successfully grabbed 5.2%, according to WalktheChat’s analysis.
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