“More Playful” Pinduoduo Lands on Brandz’s Retail Top 20
The fast rising Chinese retailer Pinduoduo (PDD) has made it to this year’s Brandz Retail Top 20 list for the first time, as well as the brand database’s annual Top 100 Most Valuable Global Brands.
As one of the two newcomers on the Retail Top 20 list, PDD “added more upscale brands that appeal to a wider audience also attracted by the site’s group-buying discounts and gamification of shopping,” the report noted.
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The report also evaluates online retailers in terms of brand personality characteristics. PDD scores higher than average in the categories of adventurous, fun and playful. PDD said it distinguishes itself from legacy e-commerce competitors that have a “search, pay and leave” business model by offering more interactive and personalized experiences.
“In our view, Pinduoduo’s rapid success in social commerce will be replicated by others globally, which will continue to drive commerce in social-driven categories online,” according to a Pinduoduo’s case study for start-up accelerator Y Combinator. “And so, to understand the success of Pinduoduo is to understand the future of global e-commerce.”
Livestreaming feature, that has been incorporated by most online retailers this year, became widely used as a means to promote products, further blurring the line between physical and online shopping. PDD has also jumped on the bandwagon while emphasizing on the “experience,” or the content being promoted rather than just the sales numbers.
Online retailing are probably one of the few industries that benefit from the COVID-19 pandemic. “Now more than ever, people are relying on online platforms to meet not just their discretionary needs, but also their critical needs,” said PDD chairman Colin Huang during the company’s earnings call with analysts in May.