The "Double Twelve" online shopping festival just passed, and Shanghai White -collar Liu Jingyi (29 years old) was the largest. I bought an iPad tablet on the shopping website "Pinduoduo".
Liu Jingyi told Lianhe Zaobao that this iPad price is nearly 800 yuan cheaper than the official website (RMB, the same, S $ 150), which is also cheaper than Taobao and JD.Although there is no color she wants the most, and it is impossible to provide free engraving services on the official website, she thinks these are secondary, "cheap is king."
Consumers like Liu Jingyi are increasing, driving the rapid rise of Pinduoduo, shaking the dominant position of the two old -fashioned e -commerce companies, Alibaba and JD.com.
Pinduoduo's financial report released on November 28 showed that the Group's third quarter revenue reached 68.84 billion yuan.Although this is only one-third of Ali's revenue in the same period, compared with Ali only increased by only 9 % year-on-year, The increase in Pinduoduo hit a 93.9 % historical high .
Two days later, Pinduoduo market value exceeds Ali for the first time, jumpJudu in the US -China stock list.As of Friday (December 15), the US stocks closed, and Pinduoduo's market value reached 197.1 billion US dollars (S $ 262.9 billion), which was much higher than Ali's $ 189.5 billion and US $ 42 billion in JD.com.This year, Pinduoduo's stock price has risen more than 75%. In the same period, Ali's stock price fell 19%, and JD.com's stock price fell 52.5%.
Pinduoduo established in 2015, compared with Ali and JD, founded in the 1990s, are just "little brothers".In the early days of the founding, the label of Pinduoduo was "cheap" and "cottage".The low price of goods is its biggest selling point, but the quality of product quality is different.
Pinduoduo mainly serves third- and fourth -tier cities and vast rural areas in the early days.Tianfeng Securities analysts Kong Rong and Sun Haiyang pointed out in the research report that factors such as the increase in rural Internet penetration rate and increased rural population disposable income to help Pinduoduo accumulate a large number of market users in a short period of time.Since then, Pinduoduo has attracted head brands to settle in by providing "10 billion subsidies" and reversing the reputation of the platform.
However, letting Pinduoduo really highlight the reversal of consumption trends after the outbreak of the crown disease.Zhu Feida, an associate professor of the School of Management of Singapore, analyzed in the interview that the tide of consumption downgrade helped the tide of consumption relegation to push the main cost -effective Pinduoduo; while Taobao and JD, which bet on consumption upgrades, did not keep up with the market.
The data released by the National Bureau of Statistics of China last Friday shows that even if there is a blessing of the "Double Eleven" online shopping festival, the total retail sales of consumer goods in November are still lower than the market expectations of 12.9%, only 10.1%.According to the official manufacturing procurement manager index (PMI) survey in November, more than 60 % of the interviewed companies reported that the market demand was insufficient.
This year's e -commerce platforms have not disclosed the total amount of Double Eleven transactions. CITIC Securities combined with the company's sales data through the company and the National Post Office's express data analysis., Person a lot of growth exceeds 20 %.The Goldman Sachs Research Report predicts that the growth rates (GMV) of Ali, JD.com and Pinduoduo's Double Eleven Commodity Transactions (GMV) are 1%, 3%, and 20%, respectively.
The international expansion like breaking bamboo is another major engine that drives Pinduoduo's market value.Temu Overseas Platform TEMU has expanded rapidly since its launch in September last year. In the past year, business has covered 48 countries and regions.The mobile application tracking agency Sensor Tower data shows that TEMU currently has more than 52 million monthly active users in the United States.
Pinduoduo's success in overseas is the same as China, that is, in an environment of slowing global growth and high inflation, it launch a low -cost offensive to price -sensitive consumers.Tianfeng Securities believes that, as domestic active users are close to saturation, overseas markets will become the main source of growth in the future of Pinduoduo.In optimistic situations, the number of overseas active users will increase from 131 million this year to 157 million next year.
In the increasingly saturated Chinese market, the rising shows such as Douyin, Kuaishou and Xiaohongshu have also emerged, making the market face a new round of shuffling.Statistics of Star Chart data on Double Eleven showed that during the Double Eleven period, comprehensive e -commerce sales represented by Tmall and JD.com decreased by 1 % year -on -year to 923.5 billion yuan, and live broadcast power represented by Douyin and Kuaishou as its representativesShang, a year -on -year increase of 19 % to 215.1 billion yuan.
Another heavy pressure faced by Ali and JD is the antitrust rectification of more than two years.The two companies have announced their business spin -off plan earlier this year to meet the regulatory requirements.Ali, who has been impacted more, was fined more than 25 billion yuan before and after, and the Ant Group holding an Ant Group has also been forced to put on hold on the listing plan worth $ 37 billion.
When the market value of Pinduoduo surpassed Ali, Ali's founder Ma Yun said on the group's inner network that the AI e -commerce era just started, and it was an opportunity and a challenge for anyone."I firmly believe that Ali will change, and Ali will change." Liu Qiangdong, the founder of JD.com, also blamed himself to "manage bad management" on the inner network, saying that Jingdong "must change, otherwise we have no way out."
In the past year, Ali ’s cross -border e -commerce platform Aliexpress emulates TEMU to launch a full -custody mode facing suppliers;Double Eleven shouted the "lowest price on the entire network" slogan this year.
Cui Lili, Executive Director of the Institute of Electronic Commerce of Shanghai University of Finance and Economics, pointed out in the interview of Times Financial and Economics that JD.com's logistics distribution and endorsement for high -value products are long -term advantages. The risk of low -cost strategy isWhether the help of sales can be sustainable.
Zhu Feida believes that in the face of more intense competition, it is difficult for Ali and JD.com to win at low prices."They should try to use the advantages established as the leader of the industry, such as Ali's leading layout in the field of artificial intelligence (AI), and JD.com's mature self -operated logistics chain."
