Pinduoduo Shares Soar as Global Brands Flock to 11.11 Shopping Bonanza
AInvestThursday, Nov 7, 2024 5:32 pm ET
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Pinduoduo recently made significant strides during the seventh China International Import Expo, where it collaborated with state media to host a special livestream event. This showcase involved goods from twenty countries and attracted an impressive audience of 30 million viewers who engaged in group purchases.

The event's timing coincided with Pinduoduo's 11.11 shopping promotion, a period marked by soaring sales facilitated by their "Super Double Subsidy" initiative. This campaign witnessed a considerable increase in brand participation, with orders during the initial phase reaching 16.4 million. International brands have eagerly joined Pinduoduo, including H&M, which opened an official flagship store as part of their strategic expansion in China.

The Expo's influence was apparent as consumers were introduced to various international products, such as Tanzanian cashews and Norwegian mackerel. The broadcast also celebrated significant diplomatic anniversaries, spotlighting French luxury goods and boosting sales for prestigious brands like Lancome and Hermes.

The livestream extended beyond foreign luxury, as Pinduoduo's subsidies also boosted sales of domestic brands. Products from Chinese companies, known for both affordability and quality, experienced a surge in consumer interest.

As the 11.11 shopping festival approached, the participation of renowned overseas brands further highlighted the platform's growing international appeal. H&M's recent entry into Pinduoduo signifies a shift towards a comprehensive retail strategy aimed at reaching a broader Chinese audience.

Pinduoduo's substantial subsidy investments during the shopping event helped international merchants gain a stronger foothold and achieve early sales successes. As the event progressed, Pinduoduo announced plans for continued heavy subsidies and efforts to select more global brands, ensuring consumers access high-quality products at competitive prices.

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