LAUSANNE: While some sectors of the economy struggle for survival in a sudden, new, harsh reality, e-commerce is again faced with massive demand. With many of us confined to our homes, we have become reliant on online shopping. And while your weekly grocery shop or a book order might seem to have changed little in recent years, there is great innovation in e-commerce. To find it though, look to China. Even before people were forced to spend more time at home, there were two key trends in China radically changing e-commerce: Social buying and live commerce. SOCIAL BUYING Alibaba is China's largest ecommerce company by far. Number two is a company called PinDuoDuo (PDD). PDD was only founded in 2015, yet today its valuation of just under US$40 billion makes it worth more than eBay or Twitter. READ: Commentary: Japan hasn't declared a state of emergency over COVID-19. That's bad news LISTEN: COVID-19 and safe distancing – why this can save lives PDD's meteoric rise has taken many by surprise. By 2017, it had attracted 200 million active users, in mid-2018 it floated on the Nasdaq at a valuation of US$23.8 billion. Through PDD, consumers can buy a product immediately at a… Read full this story
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