Principally identified in China for connecting agriculture merchandise to shoppers, eCommerce market Pinduoduo is reportedly increasing its platform globally, with the primary launch within the U.S. subsequent month.
The platform and utility are anticipated to observe SheIn’s mannequin, the most important unbiased cross-border eCommerce platform in China, LatePost not too long ago reported. About 80 provide chain staff of Pinduoduo have moved to Panyu, Guangzhou, the place SheIn is alleged to be constructing a clothes procurement provide chain. SheIn is the most important Chinese language unbiased cross-border eCommerce platform.
Pinduoduo is headquartered in Shanghai and was launched in 2015 by former CEO and Chairman Colin Huang; founding member Lei Chen took over as CEO in 2020 and Chairman in 2021, in accordance with the corporate’s web site. Pinduoduo has grown to develop into the largest on-line market for agricultural merchandise in China and has since been attracting retailers from all classes, notably low-priced each day requirements and residential merchandise.
For background: Chinese language eCommerce Platform Pinduoduo Posts Improve in Web Earnings
Generally known as “Mission X” internally at Pinduoduo, particulars of the plans and the way progress is shifting have been confidential even internally, LatePost reported.
Buying and selling on Nasdaq beneath the ticker PDD, Pinduoduo is likely one of the few Chinese language corporations with shares buying and selling solely within the U.S. The corporate may find yourself itemizing in Hong Kong or one other change to keep away from threats of audits, Bloomberg reported.
{The marketplace} has an lively consumer base of topping 880 million and options group shopping for with mates to achieve greater reductions. Pinduoduo is anticipated to report second-quarter income development of two.5%, per the Bloomberg report.
Learn extra: China Retailers Financial institution Scraps 5-12 months FinTech Mission With JD
Pinduoduo didn’t instantly reply to PYMNTS for remark.
Within the U.S., Pinduoduo is first planning to supply low-priced each day requirements and residential textiles, areas it excels at in China, LatePost reported. SheIn has already verified that U.S. buyers search “quick new merchandise, low costs, and plenty of selections.”
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