On May 22, Pinduoduo Group released its performance report for the first quarter of 2024 as of March 31. Benefiting from the general environment of a better start to the consumer market and an increase in the accumulation of positive factors, as well as the enhancement of the capabilities of the "multi benefit" and "good service" platforms, Pinduoduo Group achieved revenue of 86.8 billion yuan in the first quarter of this year, up 131% year on year.
In the first quarter, the platform continued to launch profit giving activities such as the New Year Goods Festival and the Spring Festival without closing, and focused on the theme of "national fashion brand", preferred high-quality agricultural products and brand goods to tilt subsidy resources, enriched supply, and solidly helped the platform users to obtain tangible benefits from both consumption and supply.
▲ Recently, when Guangdong lychees are listed, we will spend more to tilt subsidy resources to help consumers buy quality lychees. Aerial photo by Zhou Yi This year is an important year for Pinduoduo Group to increase investment in deepening high-quality development. Zhao Jiazhen, Executive Director and Co CEO of Pinduoduo Group, pointed out that "in the future, the company will continue to make efforts in three aspects: consumer side, supply side, compliance and platform ecology, and ensure high-quality supply and service while vigorously giving back to consumers."
"High quality development cannot be achieved overnight, nor can it be achieved immediately." Chen Lei, Chairman and Co CEO of Pinduoduo Group, said that since the decision to transform, the platform has been ready for long-term investment and continuous efforts
Strengthen high-quality development and strengthen efforts to benefit people's livelihood
In the period of rapid business progress, Pinduoduo Group actively transformed into high-quality development, largely due to its insight into the general trend of consumption upgrading. In the first quarter, Pinduoduo continued to make progress in terms of "more benefits" and "good service". The business team not only pays close attention to quality products and high prices, but also actively innovates consumption scenarios, enriches commodity types and service patterns. Through a series of new product launch activities, it helps release consumption potential and makes it easier for more people to live a better life.
At the annual goods festival, which was launched at the beginning of the year, Pinduoduo not only favored more than 3 billion yuan of in station resources and red envelope concessions to consumers, but also cooperated with millions of preferred quality merchants in thousands of landmark production areas in all provinces and cities across the country to provide consumers with good products from the source, covering landmark products, "county heads' recommendation" and high-quality goods such as direct purchase of sharp goods from all over the world.
Taking Yili, a domestic dairy brand, as an example, it launched a limited product for the Year of the Dragon in combination with the New Year customs during the New Year Festival, and launched it in Pinduoduo. With the help of platform resources, the sales volume of the new product will soon rank first in the category best seller list and hot search list.
At the same time, Pinduoduo continues to optimize platform services. In the first quarter, Xinjiang Express package mail service to the village "went to the next level", the distance between the terminal distribution network and consumers was shortened to 2 kilometers, and the time limit for signing in was reduced to 24 hours. More than half of the village consumers in Xinjiang can enjoy the convenient shopping service of "package mail area". Thanks to this, the order volume of the platform in these regions grew rapidly year on year, forming a positive cycle with the improvement of the platform's service capability.
▲ Nowadays, more and more Xinjiang consumers can walk to the village express collection point to receive Pinduoduo Express. Photographed by Liu Zhou In terms of global business, in order to cope with the rapidly changing international market, in the first quarter, Duoduo cross-border launched a more flexible semi custody mode on the one hand. Sellers with warehouse logistics partners in the target countries can decide their own warehousing and logistics solutions, so as to continuously improve their comprehensive strength in the process of facing overseas consumers and better integrate into the global market; On the other hand, dozens of industrial belt docking activities have been carried out in the Yangtze River Delta, the Pearl River Delta, Beijing Tianjin Hebei and Jiaodong regions. Through offline communication, resource preference and other ways, more enterprises in the industrial belt have been supported to seize the opportunity to go overseas and expand the order channel.
"We will continue to tap high-quality businesses and commodities, adapt measures to local conditions, provide appropriate performance links, improve supply chain efficiency, and provide various types of high-quality goods for different consumers around the world." Chen Lei said that supply chain capacity, compliance capacity, and service capacity will be the three "internal skills" of many cross-border key cultivation.
Strengthen technology, compliance and ecological construction, and focus on improving endogenous value
Scientific and technological innovation is an important engine for achieving high-quality development. Since its establishment, the company has spared no effort to invest in technology research and development, polished the supply chain capacity through technological innovation, and promoted cost reduction and efficiency increase of the supply chain.
In the past two years, the R&D investment of Pinduoduo Group has exceeded 10 billion yuan. In the first quarter of this year, the company invested 2.9 billion yuan to support research and development, with a year-on-year growth of 16%. Chen Lei said that he would continue to increase investment in research and development, precipitate easy-to-use tools and services, further empower businesses, and promote industrial digital upgrading.
Agriculture is the basic plate for a lot. As the largest agricultural product uplink platform in China, Pinduoduo has not only optimized the circulation link of agricultural products, but also fully supported the development of agriculture through science and technology, and actively contributed to the promotion of agricultural technology to the countryside and the transformation of scientific research achievements.
In the first quarter, Pinduoduo deeply supported the finals of the second Science and Technology Academy Competition, which not only set up a stage for young students across the country to learn and exchange cutting-edge agricultural technologies, but also contributed to the promotion of the 3.0+version of the Science and Technology Academy, making more people pay attention to and support the achievements of the Science and Technology Academy in solving people's livelihood and governing learning. For the characteristic agricultural and sideline products, such as orange, honey pomelo, kiwi fruit and flowers, which are mainly studied by the Academy of Science and Technology, Pinduoduo also continues to tilt support resources to help farmers increase income and revitalize the countryside.
In this quarter, the fourth "Duoduo Agricultural Research Science and Technology Competition" was officially launched. Pinduoduo, as the sponsor, aims to attract more innovative talents and enterprises to participate in agricultural technology innovation and jointly promote the transformation and upgrading of traditional agriculture by taking the lead in building an agricultural science and technology innovation contest. It is understood that at present, many achievements of the competition have been written into papers or entered the stage of patent substantive examination and acceptance, and a series of innovative technologies formed in the process of the competition have been put into use in the front line of agricultural production after practical demonstration.
▲ Pinduoduo continues to promote the acceleration of Yunnan flower and other special agricultural products, and urges flower farmers to obtain higher income. Photographed by Hu Hongbiao In addition to being technology driven, the platform for sustainable development also needs a healthy, orderly and compliant ecology. Especially at the moment when digital technology and modern commerce are highly integrated, consumers and regulators have put forward higher requirements for e-commerce platforms. As a platform enterprise, the Group actively takes responsibility, sticks to the compliance bottom line, carefully conducts forward-looking research on laws and regulations in various markets, and invests resources to strive to build first-class compliance capacity in the industry. In the first quarter, the company continued to promote the "10 billion ecological" project and implemented a series of special governance actions. For example, in order to prevent improper publicity and display of information, the governance team improved the ability and efficiency of problem image recognition by optimizing the accuracy and coverage of image recognition to achieve the control and interception of incremental content.
With high-quality development entering the deepwater area, Pinduoduo Group is also in a period of growth and investment. Zhao Jiazhen said that high-quality development is a long-term, huge and complex systematic project. In the future, we will continue to invest in consumption, supply, compliance and platform ecology
Chen Lei also stressed that the e-commerce industry is in a stage of rapid development, and competition and opportunities are accelerating. "The development of the company's business is not linear, but has fluctuations. But we believe that as long as we continue to focus on long-term value creation, all performance fluctuations will eventually return to the endogenous value that we continue to accumulate and grow."
extension
