![]() In April 2019, it launched Duo Duo Farm – an educational platform aimed at upskilling farmers in areas like online selling, marketing, and business management. Pinduoduo gradually began to sell other goods through its platform, though agrifood products have remained its focus. This enabled customers to get better bargains on produce, while farmers were able to sell larger amounts and cut their costs. The Shanghai-based company was one of the pioneers of the community group-buying model, which allows individual consumers to team up via the Pinduoduo app and collectively buy goods in bulk from sellers. ![]() Initially it purchased produce from growers before selling it on to shoppers, but later transitioned to a pure marketplace, hosting third-party vendors on its site and connecting them directly to consumers. Huang, a former software engineer at Microsoft and Google, established Pinduoduo in 2015 as a farmer-to-consumer business. “What can we do if we were to take a step further and go beyond efficiency improvements? As the founder of this company, I am probably the most suitable person to take on this task by stepping out of the business and the comfort zone.” $42 billion in agrifood products “Improved efficiency in distribution and sales still does not fundamentally add value to agricultural products, nor inherently improve our health significantly,” he wrote. In a letter to shareholders, Huang said that Pinduoduo’s success in boosting farmer incomes and cutting costs for consumers had been driven by its improvements in downstream distribution and midstream supply chain efficiency.īut he suggested that the company will need to shift its focus to upstream innovation, in areas such as foodtech and biotech, to remain relevant in the longer term. In a statement, Pinduoduo said that Huang stepped down “to pursue research in the food and life sciences, disciplines where breakthroughs could drive the future of China’s largest agriculture platform.”įormer chief technology officer Chen Lei, who replaced Huang as CEO in July last year, has been appointed to take over as chairman while continuing in his current role. ![]() Pinduoduo founder Colin Huang has resigned from his roles as chairman and director of the Chinese agrifood e-commerce platform, just as it reported better-than-expected financial results for the past year. ![]()
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