Social e-commerce giant Pinduoduo reports robust 2018 revenue growth

Source: Xinhua| 2019-03-14 20:47:04|Editor: mingmei
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BEIJING, March 14 (Xinhua) -- China's social e-commerce giant Pinduoduo reported a soaring revenue growth in 2018 over Chinese consumers' growing appetite for online interactive shopping.

Pinduoduo's revenues totaled 13.12 billion yuan (about 1.908 billion U.S. dollars) last year, surging 652 percent from the previous year, according to its latest financial report.

Online marketing services stood out as the biggest revenue contributor, which grew 852 percent year on year to 11.5 billion yuan.

Its gross merchandise volume (GMV) last year amounted to 471.6 billion yuan, up 234 percent year on year, data from the report showed.

Describing 2018 as a milestone year for the company, Huang Zheng, Chairman and CEO of Pinduoduo, attributed the robust 2018 GMV expansion to rapid growth in its annual active buyer base and a near doubling in the annual spending per active buyer.

The e-commerce upstart's annual active buyers expanded by 173.7 million to reach 418.5 million last year, with an average spending of 1,126.9 yuan, nearly doubling the amount in 2017.

Thanks to the growing number of consumers and consumption frequency, Pinduoduo dealt with 11.1 billion orders in 2018, a notable growth of 158 percent from the previous year.

Founded in 2015, Pinduoduo is known for offering group buying deals with big discounts and enjoys a huge consumer base in rural areas and small cities.

Huang said the company would be devoted to innovation and make continous progress to satisfy consumers' changing needs.