China’s fastest-growing ecommerce site Pinduoduo posted 123 per cent sales growth in its latest quarter, narrowly missing market expectations as its losses more than doubled, sending its shares down 22 per cent in early trading.
The Shanghai-based company has achieved huge growth in the world’s largest ecommerce market by gamifying the shopping experience, allowing customers to team up with others to secure discounts on everything from toilet paper rolls to slippers.
It has also rolled out promotions, coupons, advertisements and huge subsidies for shoppers in a bet that once they come on to its platform, they will stay. In June the company said it spent Rmb10bn subsidising discounts on thousands of its best-selling products.
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