Pinduoduo Says Slower User Growth Inevitable and Inroads by Short-Video Platforms Show Market Dynamism

Pinduoduo, the e-commerce upstart that has ascended at meteoric speed to challenge the market incumbents, may be starting to feel the effects of gravity.

In Pinduoduo’s results announcement for the quarter ended June, the company reported annual active buyers rose to 850 million, marking the smallest number of new users since 2019.

Alibaba has accumulated…