Description
Pinduoduo Inc. is the largest interactive e-commerce platform in China and in the world. It is the second-largest online marketplace in China by number of users and number of orders. It is also one of the world's largest internet companies.[citation needed] It has pioneered several new trends including social e-commerce, team purchase and consumer-to-manufacturer (C2M) that have revolutionized online shopping in China. Pinduoduo ranks just behind Alibaba Group with close to 600 million users and recorded 1 trillion yuan in GMV in under five years. Getting to the same scale took Alibaba 10 years to achieve. One blogger wrote that “to understand the success of Pinduoduo is to understand the future of global e-commerce."
As of Dec 31, 2019, Pinduoduo has generated over RMB 1 trillion gross merchandise value (GMV), 585.2 million active buyers in the last twelve months, 481.5 million average monthly active users in the 4th quarter of 2019, and an average daily order of 54 million parcels in 2019.
History
Founded in 2015, Pinduoduo has become the fastest growing tech company in the world. In Q1 2017, the company ended its online direct sales model of acquiring fresh produce and other perishables from suppliers to sell to consumers, and transitioned to purely providing online marketplace services to third-party merchants. This change from a first-party model that takes inventory and sells to consumers, to a third-party facilitator to connect consumers and merchants marked the start of explosive growth for Pinduoduo.
