Did you hear that Pinduoduo has sold for USD969 Million of food products in 12 Days in China. Crazy news, that increase the shares of Pinduoduo Inc. (Nasdaq: PDD) rose nearly 2 percent to $ 20.41 after the start of the Guangxi Harvest Festival on Friday, June 7.
Pinduoduo declared that from June 1 to June 12, it had sold $ 969 million worth of fresh fruit, food and other agricultural products during the festival, of which nearly 70% came from first and second tier cities. a large volume of passion fruit.
Among the most popular fruits of the past two years, the passion fruit is appreciated by many consumers in first and second tier cities. Pinduoduo said that on the basis of stable consumer demand, Guangxi passion fruit production areas have already implemented a large-scale “planned production”.
What is Pinduoduo?
Pingduoduo is the mainstream mobile phone shopping app in China. It was established in September 2015. Groupon Business model, so Pinduoduo Members launched a wechat group with friends, family, neighbors, etc. to buy goods at a lower price. Designed to unite more people, buy better things at lower prices, and experience more benefits and fun. On July 26, 2018, Pingduoduo was listed in the United States
Pinduoduo’s daily active buyers have outnumbered JD.com and it came out of the mid-year Promotion festival in China. It was popularized by JD as a counterpart to archrival Alibaba’s “11/11” shopping day — with 135 million daily active users. .
- JD 88 million daily active users
- Alibaba’s Taobao 299 million daily active users
Pinduoduo is now second E-Commerce platform in China
That result further solidified Pinduoduo’s position as China’s 2nd biggest e-commerce company by number of daily buyers/users.
The Shanghai-based e-commerce site said the Guangxi Harvest Festival was only one part of its big “618” sale, which is similar to Black Friday with fresh products offered at very advantageous prices. At the event “618”, to be held on June 18, consumers will be able to taste the fresh products of Pinduoduo at a low price.
Consumers in first and second tier cities are the largest consumer groups of fixed-price agricultural products produced directly by the locality. and the brand goes to the countryside.The formation of obvious convections of commodities has in fact led the integration of the level of factor from the product level to that of the commodities, thus favoring a more unified internal market “,
Pinduoduo constantly increases the slope of the flows and its cash subsidies. On the basis of this plan, suppliers are actively adapting their procurement behavior.
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