It’s been a crazy couple of weeks for Pinduoduo. Last week, they announced that their active users tallied 788.4 million in 2020; overtaking Alibaba’s 779 million. As China’s rural living standards increase, their focus on serving low-tier cities and provinces is paying off – with average annual spend per buyer up 23% in Q4, 2020. On the same day this news was announced, PDD’s 41 year old founder Colin Huang stepped down as chairman, to be replaced by CEO Chén Lěi.
China marketing enthusiast Ashley Dudarenok has laid out her top picks for the major trends western brands should be looking at this year in China. Some top takeouts include: (i) the Guilt-Free Economy, (ii) The Singles Economy, (iii) the Fitness Economy, (iv) the She Economy, (v) the Guochao Economy, (vi) the Lazy Economy, the (vii) the Pet Economy and (viii) the Sleep Economy.
Taobao Special Offer [Alibaba’s answer to Pinduoduo] will soon be available within the Tencent ecosystem via a dedicated WeChat Mini Program. Merchants launching on the platform will also be enabled to accept payments via WeChat Pay, which has up until now been barred across Alibaba’s marketplaces. The move is a strong signal that Beijing’s recent antitrust crackdown on tech-monopolies is starting to take effect.