Many original waist and tail merchants have the opportunity to become head merchants on this platform, and the platform’s low-price strategy is bound to tilt its traffic resources to low-priced goods, so merchants Active profit making is the most effective means of competition in the new environment (compared to the complex operations of other platforms). © 2020 Forbes Media LLC. Driven by sharing on WeChat, Pinduoduo’s average customer acquisition cost is only $2, compared to $39 and $41 for primary rivals JD.com and Taobao. The scale of user scenario requirements for low-priced goods is actually enormous. Pinduoduo also added some branch tasks in addition to the shared main task. The basic shopping guide of Pinduoduo is roughly as follows: category tab + product recommendation, simple user demand screening through category tab, and then promotion of users’ purchasing desire through low-priced recommended products. Let’s see how Pinduoduo guides users in this process. Mastering the supply chain is the core moat for e-commerce. The purchase bar below shows the two buttons of separate purchase and initiation of a single order. At first, I genuinely thought it was a new name for Sean “P Diddy” Combs and left it at that. The second is the lottery. In fact, there are some very interesting things that Pinduoduo has invented in the space of e-commerce that Alibaba and JD.com have openly and massively copied (we will cover that in the later part of this article). This creates urgency and excitement. The merchant has found it, and the next thing to solve is how to find the user. To break through the supply chain, many efforts should be made to develop the C2B model. This retention comes from the continuous re-engagement at the prospect of winning deep discounts. e-commerce platform that offers a wide range of products from daily groceries to home appliances Since many of the older women are charged with caring for a whole household, Pinduoduo’s bargain-priced group purchasing model has garnered broad appeal among the demographic. Would-be buyers have 24 hours to complete a buying group, and the app shows the discount increasing with each additional buyer added. For shoppers who love a bargain, it’s an irresistible experience. The quarterly growth of active users is 2X of those of JingDong and Alibaba. The first amount of the user’s demolition is large (about 40% of the total amount), and the user’s excitement is used to quickly guide the sharing and dismantle the second amount to the user. Pinduoduo is becoming a major force in China's e-commerce industry. He deliberately sought to combine a game-like experience with e-commerce. Specifically every one wanted to know about exactly how they are able to catch up with the big e-commerce boys in only 4 years since launch. PDD’s stock has … Appnext's technology is used to power app recommendations by most of the largest mobile manufacturers and serves 4 Billion app recommendations in over 60 Thousand different apps. The continuous amount forms a continuous sharing power. 3 . In a September article on Pinduoduo in Wired magazine, one such buyer, a 46 year old housewife and nanny from rural inner Mongolia, was quoted as saying: “I have to be careful not to use this app too much. I have more than 17 years of experience founding companies in the digital space, focusing on the future of consumer internet, mobile and marketing. Of course, the introduction of high-end suppliers and brand companies should also be promoted, but Alibaba and JD.com’s Dashan are in front, and their conflict with the main station’s team play may be a difficult problem to solve gamification with weak sharing that emphasizes interactive interaction within the station. PHH’s initial business model consisted of buying fruit in bulk from farmers and then selling it directly to consumers. Launched in 2015 by ex-Google engineer Huang Zheng, the company operates a bulk-buying business model similar to U.S.-based Groupon. Well-designed social+ companies address … Secondly, this is a new platform and new competitive opportunities. Regarding market share, Pinduoduo had achieved the seemingly impossible: organic growth despite a preexisting duopoly. PDD is a smaller company than JD in terms of revenue but has a larger market capitalization. There are many factors, but one of the most interesting is how Pinduoduo has successfully gamified shopping for the most mundane everyday products to drive re-engagement and user retention. Why it matters: Pinduoduo is looking to fundraise amid buoyed investor confidence on the company’s first-ever quarterly profit, reported in the quarter ended September.The fast-growing e-commerce platform plans to fund new business channels and cover … The replacement and mutual promotion of the means (red envelope subsidy) and the purpose (guided order placement) are also subtle. The per capita disposable income of this group is lower, more sensitive to price, and the pursuit of cost performance. The impact of this consumption escalation movement on consumers is irrespective of the impact on small and medium-sized businesses. It went public on July 26, 2018 and took only three years to become the seventh largest Chinese Internet company next to Baidu, Alibaba, Tencent (BAT), Xiaomi, JD and Netease. First of all, most of these merchants are small manufacturers or low-end sellers that cooperate with small manufacturers. The basic characteristics can be summarized as using discounts and cash stimuli to induce users to share and continuously spread in the user’s social relationship chain, so as to achieve the purpose of acquiring new users and activating old users. But Pinduoduo and other newcomers such as the Little Red Book and Shihuituan are challenging the traditional business-to-consumer model. E-commerce is essentially to solve the problem of the connection between people and goods. Pinduoduo puts new spin on group buying You may opt-out by. This enables item discovery and a space where purchase decisions are dynamic and can be influenced by other people. This creates urgency and excitement. For counterfeit goods, the platform can be rectified by strict review and severe punishment; for counterfeit goods, it can be rectified and guided both ways; but for inferior goods, it is subject to the small and medium-sized merchants’ own production capacity, not the platform can do it with a single effort Resolved quickly. Pinduoduo has an app and a WeChat Mini Program. This is evident in many game-like features that Pinduoduo uses to re-engage users, including special deals and promotions. Here we take the iOS side as an example for analysis. The business model ‘TEAM PURCHASE’ ... Duo Duo Farm operates on a tripartite partnership model involving Pinduoduo, local provincial governments, and agronomic research institutes (refer to Figure 3). It is also important. The basic business process is as follows: The total amount of red envelopes is huge, and users need to share multiple times to meet the conditions. This will inevitably become a difficult problem that can’t be circumvented on the development path of Pinduoduo-the pit that Taobao once stepped on. The shopping scenarios and shopping guides adopted by traditional e-commerce can be roughly summarized into the following categories: The difficulty of satisfying the demand with clear objectives, the demand with ambiguous objectives, and the goal with no purposeful loitering increases in turn. 1 . But the business model’s viability in the region comes with a few caveats. Background ; Pinduoduo was founded in September 2015 by Colin Huang, an ex The attractiveness of users with constant rewards will decrease rapidly as the user’s frequency of use increases. I have more than 17 years of experience founding companies in the digital space, focusing on the future of consumer internet, mobile and marketing. Pinduoduo was initially founded in early 2015 as yqphh.com, or Pinhaohuo (PHH, “piece together good goods”). 2019 full year Revenue: RMB 30.14 billions (130% growth YoY). The business is scaling rapidly. While the company has invented the ultimate social shopping experience through its low-cost strategy + social fission gamification this precise strategy has also become the barrier to growth after it has reach the current scale. There are few homepage modules, and there are no various special channels and scene channels that other e-commerce platforms have learned under the first focus, functional entrance, and big promotion floors, but directly access the product recommendation list, so that the recommended products are on the first screen. Opinions expressed by Forbes Contributors are their own. ... Pinduoduo Inc . Business Model Pinduoduo is a mobile-first e-commerce marketplace that is known for its value-for-money merchandise and viral marketing. Pinduoduo gathers consumer demand and provides small and medium manufacturers with sufficient demand information. First we downloaded the App and experienced it first hand. The company acquired products, such as fresh produce, from suppliers and sold them directly to buyers. If other e-commerce is using user interest preferences to guide users to place orders, Pinduoduo is using low-cost explosions to guide users to place orders. Huang Zheng’s understanding of Pinduoduo users is “price-sensitive users.” May wish to consider from two perspectives. Many researchers and entrepreneurs reached out to us with questions about their new group-buy business model. It is a volume-based model, with a focus on revenue rather than profits. With its “collective buying” shopping model, Pinduoduo has won some impressive victories in a time of overwhelming competition. You win coupons by spinning a wheel on an in-app game, then the coupon only lasts 2 hours, prompting an impulse buy. I hope these efforts will lead to more inspirations and business ideas for the future of Pinduoduo. It is essentially consuming the social currency of the initiator, and its viral spread has also caused many users to be deeply disturbed; second, its gamification introduces many advantages of gamification, but also brings a major disadvantage of gamification: it is difficult to guarantee long-term vitality. Active users: 585 millions, with 167 million increase YoY. Pinduoduo was founded initially back in 2015 as Pinhaohuo (PHH). In the e-commerce business model, a platform generates revenue through a commission on every transaction. In a September, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights. To support the farmers’ upskilling efforts, Duo Duo University, Pinduoduo’s training arm, equipped entrepreneurial farmers with e-commerce operations know-how, as well as marketing knowledge and … WeChat’s parent company Tencent, recognized Pinduoduo’s potential and became an investor in 2016, promoting Pinduoduo and turbocharging its user acquisition. I Was Networking, but He Thought It Was a Date, You Don’t Have to Be First But You Must Be Formative to Win, Inside the Takedown That Put Carlos Ghosn in Jail, Richard Branson — How The Virgin Brand Came To Life, The Damnation of Differentiation: How to Be Seen in an Ocean of Competitors Just Like You, Food Safety and Traceability With Technology, how to make merchants willing to sell at very low prices, how to find the target user group on the buyer’s side. Founder Colin Huang has mentioned that their strategy is the “Costco+Disney model”. The growth story behind Pinduoduo is nothing short of impressive. Chinese e-commerce platform Pinduoduo is planning to raise up to $6.1 billion through a convertible notes offering and equity. China. In addition to the usual promotional activities, relying on thousands of personalized recommendation algorithms to build scene-based channels, make efforts to do video graphics and other content, subdivide user scenario needs, and refine operations, including Taobao, JD. First, these gamification are still mainly one-sided profit and can not achieve mutual benefit. The low-price strategy allows Pinduoduo to take over the low-end supply chain. Pinduoduo started by targeting price-conscious (as opposed to brand-conscious) buyers in third and fourth tier Chinese cities – an underserved market. The author believes that the main supply chain of Pinduoduo in the future may be in the form of one to several super strong products corresponding to one manufacturer. One was called its online direct sales business, which ran under the name Pinhaohuo. The third is to open the red envelope by completing the single order, and to guide the user to place the order is the ultimate goal of the platform. Pinduoduo builds on this new model, supporting merchants by supplying consumer insights, R&D suggestions and preferences to help them tailor-make products for their targeted customers. Afterwards, the core purpose of the page design is to guide the user to make orders quickly. In some scenarios, low-priced goods have great appeal. At present, there are various social games on the platform as follows: There is a certain difference between the activities of getting cash every day on the Android side and the iOS side (price discrimination). Pinduoduo was found in September 2015 in Shanghai by former Google engineer Zheng Huang and is a third-party social commerce platform that focusses on connecting manufacturers, suppliers and retailers with end-consumers in the B2C market. But the lessons of building a socially shared, dynamic experience where the use of app itself drives consistent re-engagement are more important than ever. This unique business model allows Pinduoduo to carve out its niche at the beginning, but its success depends on the excellent quality of the product itself. The B2C model Tmall and JD.com have limited support for small merchants at the long tail, and the survival space and benefits of the merchants in Taobao’s tail are increasingly encroached upon. Combined with the core gamification, the basic shopping process of a Pinduoduo user should be: Homepage-flip Category tab page (or click the recommended icon at the bottom)-look at the product recommendation list-view product details-initiate a single order-payment is successful. Also from the beginning of the 15th and 16th years, smartphones have rapidly spread to cities below the third and fourth tier cities, and a large number of sinking users who have been taken into the mobile Internet have brought a huge wave of underutilized traffic benefits. Let’s Break Down Pinduoduo’s Business Model. I cover the evolution of the mobile marketplace and the app economy. The first is the group with low spending power, and the typical ones are the third- and fourth-tier user groups. And how did Pinduoduo achieve it in the face of such large established competitors? Pinduoduo now claims more than 343.6 million active buyers with an annual GMV of RMB 262.1 billion, or $38.5 billion. The strategy of Pinduoduo with low-price discounts as its core was to solve 3 problems: The early stage of the establishment and development of Pinduoduo was in 2015 and 2016 when the e-commerce field began to advocate “consumption upgrading”. Pinduoduo is known as PDD. With the gradual saturation of the e-commerce market, how to better meet the user’s purposeless loitering needs, increase the user’s use time, and increase the user’s order rate have become the top priority. through C2B, promote the upgrade of the low-end supply chain. Most of the products sold are “white-brand goods”, that is, non-branded goods. It has so many deals that I want to spend all my time and money on it.”. So we decided to dig extremely deep about this company. The problems of counterfeit goods, counterfeit goods and inferior goods have become the deepest pains of Pinduoduo. China’s e-commerce market is huge and still growing, but the real question remains whether the business model can be expanded abroad to other countries and … Pinduoduo benefits from the secular shift of consumers from brick-and-mortar shopping to online shopping. What has been the secret to this incredible growth? The prerequisite for a successful APP is simply whether the business model works, and if the market is large enough for it. The advantage of the stranger’s billing is that the order is quickly formed, but the more encouraging way of the product is to initiate the payment of the bill and then share it with friends in the circle of friends. But even more impressive is its 7-day retention rate of 77%, the highest of any e-commerce platform in China. Bottom line: A new IPO by e-commerce company Pingduoduo could do reasonably well due to its rapid growth and unusual business model, but could suffer from a “flavor of the day” element over the longer term. Pinduoduo once described its business model as "Costco meets Disneyland." Recently, it has appeared with much greater frequency in my news feed in this initialized form: PDD. China’s fresh fruit market was growing fast in 2015, but less than 3% was sold online. The same goes for the ultimate models of Netease Yanxuan, Xiaomi Youpin and Beijing-made. You get free products for getting friends to install the app, and there are leaderboards showing people who have had the most friends sign up. This forces the game to continuously update, iterate and create, creating novelty and changeable rewards for users. Within three years of its founding, Pinduoduo has attracted over 300 million active buyers and over 1 million merchants through a new shopping format and experience. Pinduoduo. ... For instance, Alibaba’s core is e-commerce, but the Chinese titan also “operates in the cloud-computing business and digital-media and digital … Compared with the branded products on the market, the price is much lower. Today Pinduoduo’s $40+ billion market cap is the equal of JD.com and its 366 million monthly users and 536 annual active buyers are both second in China only to Alibaba. A 50 yuan red envelope can form a huge sharing chain, and the most powerful thing is that the amount is only effective if the conditions are met-so, continuous feedback and reluctance to sink the cost will make users find ways to start after the task To complete (of course, the chain of control tasks should not exceed the user’s patience limit); and if the user fails to complete the task, all the previous sharing is just to do the wedding clothes for the platform-the platform gains massive new users through the user’s sharing. The name Pinduoduo means “Together, More Savings, More Fun.” It’s a great summation of the company’s core group-buying value proposition, which has been described as “Groupon on Steroids.” But there are key differences. Pinduoduo’s business model is largely misunderstood in the West, it’s simply viewed as another e-commerce company. Of course, it is even more worth mentioning that what makes Pinduoduo stand out (and also makes it highly criticized) should be its various social fission gamification outside the main process of Pinjang. If you can buy reliable products at low prices, users in first- and second-tier cities can also become loyal users of the products. These small and medium-sized businesses that have been squeezed out and eliminated during the continuous upgrade are precisely the resources of Pinduoduo’s early merchants. This balancing act applies not just to product design, but to your distribution, business model, and even what categories you operate in. There is no brand premium for the goods. It enables these buyers, often women in charge of household purchases, to obtain deep discounts by getting their friends to participate in group buys of items ranging from produce to diapers. The business Pinduoduo is a third-party social commerce platform, mainly providing group buying offers at reduced prices. It’s just that the two have different approaches. This is profound: the desktop e-commerce model (Amazon/JD.com) is based on a multitude of SKUs, the buyer knowing what they want, and the search function. ... business model may not be sustainable in the long run. This can be seen as a unique form of empowerment of Pinduoduo to the supply chain, and also a more suitable way for Pinduoduo to guide small and medium-sized manufacturers to upgrade. Category tab page: The category tab page is the product recommendation list under the second category, without the filtering function, all users can do is keep scrolling down the page. Less intermediate circulation links mean lower intermediate costs and non-branded goods. In fact, Alibaba already did. The category tab serves as a fixed top navigation bar, and users can swipe left or right to switch tabs. The purpose of the latter is to attract more traffic through social elements. Over Pinduoduo’s short history, it has tested two business models. It’s no coincidence that founder Huang “Colin” Zheng, an ex-Google engineer, had prior startup experience on a consumer electronics e-commerce site as well as a WeChat based role playing game company. 2019 4th Quarter Operational Loss: RMB 1.34 billions (compared to 2.1 billions YoY). None of these promotional hooks and viral strategies would work if the fundamental user experience wasn’t itself engaging. Pinduoduo can achieve a certain degree of mass customization to the upstream supply chain through the aggregation of consumer demand. Merchants gradually gathered heard about Pinduoduo; new small and medium-sized businesses. All Rights Reserved, This is a BETA experience. The company was founded back in 2015 and has grown into a $135 billion market capitalization e-commerce powerhouse in a short time span. Founded in September 2015, Pinduoduo is the fastest growing e-commerce startup in the history of China, attaining a GMV of $15 billion only two years from launch, a milestone that took incumbents Alibaba and JD.com 5 and 10 years to achieve. Here is Huang’s core insight: that the mobile shopping experience is based on browsing, not searching, and that you could push deals rather than items. 1 e-commerce Alibaba and no.2 JD.com, directly challenging the incumbents that had taken 20+ years to build. Where Groupon focused on local vendors of “want to have” goods and services like fancy dinners and massages, Pinduoduo offers deep discounts for bulk purchases of everyday “need to have” household items. Interestingly, compared with the general e-commerce business-driven characteristics, Pinduoduo has strong product-driven characteristics, and excellent product design and gamification directly contributed to its success. Fresh fruit market was growing fast in 2015 and has grown into $. 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