Chinese e-commerce player Pinduoduo announced their financial results for 2019. The fast-growing technology platform is one of the leading Chinese e-commerce players. The company's turnover in 2019 grew 113% compared to 2018.
Pinduoduo noted a total turnover of RMB1,006.6 billion ($144.6 billion), compared to RMB471.6 billion in 2018. The large increase of users explains this growth for a large part. In 2019, the e-commerce platform welcomed 585.2 million visitors on its site. This is an increase of 40% compared to 2018 (418.5 million visitors). On average, a visitor of Pinduoduo spends RMB1,720.1 ($247.1) in 2019. This is more than twice as much as in the previous year (RMB1,126.9 +53%).
Chairman and CEO, Mr Zheng Huang comments: "2019 was an important, formative year for Pinduoduo, a year in which we built up our capabilities and offerings." The chairman further says it will continue to invest in its 585 million users. The company stays committed to creating an open platform that benefits all and services the best interests of consumers.
Like all other businesses, Pinduoduo experiences the consequences of the COVID-19 outbreak in the world. To help merchants, the platform directed resources in its ecosystem to support frontline relief efforts, stabilise prices of necessities and help with the recovery of merchants and business partners, the company claims.
Despite the current crisis, Pinduoduo expects to continue to grow in the upcoming years.
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