TechCrunch reports on Pinduoduo, launched in China in 2015 as a group-buying service for fruits.
The company believes its “pin” or “group-buying” approach can help standardise growing practices and bring economies of scale to small farms.
Just 2.5% of China’s agricultural goods were distributed online last year, with over half through traditional wet markets and about a third through supermarkets, said a report from research firm iiMedia.
Working to turn a profit and shake off its fake-goods reputation, Pinduoduo set itself an ambitious goal for 2025: surpass 1 trillion yuan or $145 billion annual gross merchandise volume of agricultural products.
