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Havish Gupta
Figuring Out • 5m
How PinDuoDuo became China's ECommerce Giant? What if shopping could be cheaper and more fun by buying in Group? That’s something Colin Huang wanted to build.. Thus he decided to start Pinduoduo, an Ecom site where you get better deals if you shop together! So, here’s how it works: 1) You find a product you like. 2) You either buy it solo (at a higher price) or start a group to unlock huge discounts. 3) You share the link with friends or family, and once the group fills up (usually 2-5 people), the deal is unlocked. It’s basically ecom and social networking togeather (kinda) —and the results have been insane! 2015: It was Launched! 2017: Achieved $15 billion GMV! 2018: Listed on NASDAQ at $33 Bln Valuation! And By 2021, it surpassed Alibaba in annual active buyers. This has been possible due to their lower costs, group buying experience, and gamification. Today, Pinduoduo makes over $32 Billion sales, have 637 million active monthly buyers making it a worthy rival to Amazon and Alibaba. Also, It's parent company owns Temu, one of the leading ecom platform in the West! Would you use a platform like this?
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