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PINDUODUO (PDD)
Note: GGV is not an investor in PDD. This deck is for informational purposes only.
W H AT I S P D D ?
A fast-growing mobile shopping platform in China that uses a “team purchase”
model and leverages social sharing (WeChat) for its viral growth
Taobao Taobao
JD
PDD
JD
PDD
Note: A substantial share of PDD’s traffic comes from WeChat (owned by Tencent),
instead of its own app.
529
229 233
144
86 70 53
0
Taobao
手机淘宝 JD.com
京东 PDD
拼多多 Vipshop
唯品会
Mobile
Source: Jiguang Data & CMS
(China Merchants Securities)
pīn
V. To piece together, to
aggregate.
PDD Groupon
Taobao Taobao
40%
37% 33%
2nd tier
$6
17%
10% 10% 1st tier
JD.com Taobao PDD JD.com Taobao PDD
Mobile and Tmall
Source: Jiguang Data & CMS
(China Merchants Securities) Source: Companies’ filings
168M
93M
85M
64M
1st一线
tier 新一线 st
Emerging 1 tier 二线
2nd tier 三四线 th
3rd and 4 tier
Source: CMS (China Merchants Securities),
National Bureau of Statistics of China
Online marketing
services, $200M Commission fees,
$84M
68% 30%
Merchants bid for PDD charges a 0.6%
search keywords and commission fee
advertising placements
2%
Pinhaohuo (direct sales),
$0.5M
External factors
✓ Increased smartphone penetration in lower-tier Chinese cities
Taobao
Internal factors
✓ Product design prioritizes gamification of commerce and
incentivizes social sharing via WeChat and thus lowers the CAC
(customer acquisition cost)
✓ Large engineering team that uses algorithms to predict users’
Bloomberg’s Decrypted Podcast with Colin Huang: Son of Chinese Factory Workers Built This $1.5 Billion Startup
https://overcast.fm/+HWy7CWz34
Article by WalkTheChat: Pinduoduo: a Close Look at the Fastest Growing App in China
https://walkthechat.com/pinduoduo-close-look-fastest-growing-app-china/
ChinaTechTalk Podcast: The E-commerce Platform Becoming A Threat to Alibaba with Thomas Graziani
https://overcast.fm/+I8dmHF4NU
Chinese:
Caijing’s interview with Colin Huang: 对话拼多多黄峥:后流量时代,只有错位竞争才能生存
https://news.caijingmobile.com/article/detail/357771
【招商零售|深度报告】消费升级or消费分级:拼多多、名创优品们的生存空间
https://mp.weixin.qq.com/s/IT7vkIGA7GdcUz9J2P8ngQ
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