Chinese e-commerce player Pinduoduo will continue to make in-depth commitments to agriculture, said its Chairman Colin Huang and CEO Lei Chen.
The Shanghai-based company held an internal celebration of its 5th anniversary Thursday. At the event, Huang delivered a speech, and CEO Lei Chen wrote an open letter to partners.
“Although we have experienced rapid development, Pinduoduo is still in its early stage of bringing value-for-money products to consumers,” Huang said. “The 5-year-old Pinduoduo has become a company with strong social responsibilities.”
In his speech, Huang pointed out that Pinduoduo will continue to make investments and in-depth innovation in agriculture.
“We are willing to make heavy investments, in-depth innovation, and solidly transform our traditional agriculture industry chain. We should conform to the changes in consumers’ habits, and truly improve the quality of life of our consumers. Whether we make money or not from this, this is in line with our core of ‘value creation for consumers’.”
Starting in May, Pinduoduo held an agricultural technology competition, aiming to help improve and develop China’s agricultural industry. The winning team will get research funding from the Pinduoduo Agritech Research Fund, an opportunity to help with implementation at a Duo Duo Farm in Yunnan Province, and further academic and commercial support.
As of May 14, a total of 140 million orders have been sold in related agricultural areas and activities, and sales of agricultural and sideline products totaled more than 850 million catties.
The company also plans to invest in technology related to precision farming, which can help optimize inputs, better control diseases, and reduce production costs.
In addition to Huang’s speech, Chen, who became CEO of Pinduoduo in July this year, wrote an open letter to partners on the same day.
In the letter, Chen stated that Pinduoduo will continue to adhere to a “more open” strategy, and is committed to becoming an e-commerce platform serving the daily lives of the vast majority of people in China.
“In the past year, although a small number of platforms still tried to maintain the old pattern through high-pressure monopoly, consumers increasingly hope to have more choices instead of being trapped in a single system,” Chen wrote.
“In the forest of the internet, a few big trees can no longer block all the sunlight. Many new companies like Pinduoduo are scrambling to grow,” Chen wrote in the letter.
He added that Pinduoduo will continue to invest in 10 billion subsidies, new brand plans, product iteration, etc.
“We will also invest unlimited traffic, data and technical support to realize the value of our enterprise in the journey of serving consumers.”