On November 12, after Pinduoduo released its third-quarter 2020 financial report, Huang Zheng's net worth soared by US$8 billion, becoming China's fourth-richest person and ranking 24th in the Forbes Global Rich List. Many people on know Ma Yun and Liu Qiangdong, the two giants of the Chinese e-commerce business, but they don’t know much about Huang Zheng, the founder of the third largest e-commerce company Pinduoduo. However, as Pinduoduo continues to rise and attack, Huang Zheng’s name It is destined to leave a strong mark in the history of China's e-commerce development, and Pinduoduo, as Huang Zheng's work, has also continued to create miracles in the history of China's e-commerce.
1. Social e-commerce software
In 2015, micro-business has just emerged, and the monetization ability of social traffic has been paid more and more attention to, but there is no corresponding business in China at this time. Driven by extreme market gaps and huge business opportunities, Huang Zheng decided to put social traffic and e-commerce together, so Pinduoduo came into being. Maybe you haven't used it, or even downloaded Pinduoduo, but you must be dominated by it in your WeChat group and circle of friends. "It's a brother, come and chop me." "Your ex asked you to get back together, maybe just to beg you to chop me." The jokes like this one by one prove the popularity of Pinduoduo. Users can purchase goods at lower prices by initiating group groups with friends, family, neighbors, etc., aiming to gather the power of more people and experience the benefits and fun gained in the relationship . The social concept formed through communication and sharing has formed Pinduoduo’s unique new social e-commerce thinking, and through continuous iterative updates and stimulating users, the user group remains fresh and active. Even if you don’t use it, you must know it. This is its "out of the circle" road .
2. Accurate and unique marketing strategy
(1) Unique market positioning
In 2015, Taobao and JD.com are busy upgrading their consumption, focusing more on high-end users to meet their higher-level needs . But Huang Zheng did the opposite. Z1z targeted low-level consumers and set out to open up the low-end market. At that time, the market in first- and second-tier cities of was almost monopolized by Taobao and JD. However, there were huge market vacancies in third- and fourth-tier cities and below. Huang Zheng spotted this business opportunity and set his sights on meeting the needs of low-end consumers. Started to launch the fresh food e-commerce platform "Pinghaohuo". In September of the same year, it started to create a full-category e-commerce platform "Pingduoduo" for merchants. Relying on this accurate and unique market positioning, Pinduoduo broke out under the monopoly of Taobao and JD.com.
(2) Accurate user group division
Pinduoduo's classification of its user groups is very accurate, you share links or recommend products to him, theoretically are of the same class or have similar preferences, the platform is in the users When purchasing goods, it is possible to spend less cost to recommend and obtain more accurate user preferences , which is more advantageous than Taobao and Jingdong. "User group buying" is similar to group buying but a simplified consumption model based on this, allowing users to have more humane choices in decision-making, and also making the design of the entire product more efficient.
(3) Attractive low price advantage
At this stage, China’s population is still mainly working class. When buying goods, price is the main influencing factor for consumers. Low-priced goods have Always an advantage. Z2z Pinduoduo’s user groups are mainly concentrated in the sinking market . Consumer groups are mostly price-sensitive groups. As long as they can buy cheap goods, they are willing to spend time to share. Low-priced sales methods such as “one-yuan purchase for new users” and “group buying” maintain Pinduoduo’s price advantage, which not only consolidates the original consumer group, but also attracts new consumers to join.
(4) Focus on the improvement of product quality and build a high-quality and inexpensive platform
In 2018, the problem of fakes broke out on Pinduoduo. Counterfeit products such as "Kang Shuaifu instant noodles" and "Yueli Yue biscuits" have emerged in an endless stream, causing dissatisfaction among consumers and the market. Today, Pinduoduo's name is still ridiculed as "Beixixi", which is also a consumer fight A feedback that Duoduo's product quality is worrying. In 2018, Huang Zheng established an anti-counterfeiting office in Pinduoduo,In the case of counterfeit goods, merchants will be fined for three months of turnover or even freeze all back-end funds . Under a series of stringent measures, Pinduoduo’s product quality has been greatly improved, and merchants will also turn their attention from counterfeit to independent Operating. Quality is very important to e-commerce platforms. The quality reform of Pinduoduo's products determines that it can survive the survival of the fittest in the market.
In many Chinese companies, from establishment to the NASDAQ listing in the United States, Ali spent ten years, JD.com spent ten years, and Pinduoduo only used three years . No matter how the external opinions differ, the success of Pinduoduo is undeniable. With the ever-expanding e-commerce market, Pinduoduo has embarked on an unusual path. Its successful experience tells us: price is not a measure The only standard of goods, cheap and good goods!
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picture source network, intrusion and deletion of
copywriting / Lu Kairui
typesetting / Liang Jiangyan
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