The pandemic has spurred on this trend in a number of ways. By December 2020, as many as 70% of China’s population – around 989 million people – were online, the majority via their mobile devices. Nearly 80% of this cohort were shopping online at this time, while 86% were actively using mobile payments. Add to this the restrictions on travel, Chinese consumers and tourists found it more difficult than ever before to make in-person purchases of international goods and have therefore turned to cross-border online retailers to do so.
In an overview, the report explained, “China’s dominance of global ecommerce is no accident. It came about because of a specific set of planned circumstances: the rollout of fast-speed mobile networks even to rural communities, the building of logistics networks including warehousing and delivery; and the near total adoption of mobile payments across China in recent years.”
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Pinduoduo’s MAUs increase by 74.6 million quarter-on-quarter in Q3 2020
Chinese ecommerce platform Pinduoduo increased its monthly active users (MAUs) by 74.6 million in Q3 2020 compared to the previous quarter, to a total of 643.4 million. Its number of annual active buyers also rose by 36% to 731.3 million compared to the same period in 2019. At just five years old, this makes Pinduoduo the fastest ecommerce company to have surpassed 700 million active buyers.
Gross merchandise value (GMV) reached a whopping 1.5 trillion yuan (+73%), while its revenue climbed 89% year-on-year to 14.2 billion yuan ($2.1 billion US) as Chinese consumers continued to favour online shopping after it