Social commerce platform Pinduoduo’s GMV increased 73% year-on-year to 1,457.6 billion RMB as of September 30. In Q3 2020, the platform’s total revenue was 14,209.8 million RMB, an increase of 89% from 2019.
Pinduoduo’s unique group buying model has enabled it to expand rapidly and, in August, Pinduoduo became the youngest company to feature on the ‘Nasdaq 100 Index’, ranking at 26. The platform has 643.4 million monthly active users, a growth of 50% from last year.
Pinduoduo’s long-term business plan is focussed on helping to digitalise China’s agriculture supply chain by connecting rural merchants with consumers. Earlier this month, the platform also announced the second phase of its 2018 ‘New Brand Plan’ which aims to release 100,000 new brand products and drive 1 trillion RMB in sales.
Read more in our case study: Pinduoduo’s social group buying model wins over Tier 3 & 4 consumers