We visited Pinduoduo company with the delegation in the morning. The company has an office campus in the Shanghai area. Frankly, it came as a surprise that Alibaba had reached valuations of $250-260 billion, as well as the number of active users and customer sales, in a short period of 9 years. Besides; They have created a new generation e-commerce site with its algorithms, group shopping, combining gamification and e-commerce, encouraging shopping such as in-game items and e-commerce credits, and personalized product search and display. A company that has rapidly scaled the approach of having the same purchasing power, social status and economic expectations as your group of friends, combining it with technical insight. Pin comes from the Chinese word together, and the company has turned into a giant institution that is a combination of a game studio and e-commerce company, with a mission that encourages more fun and more shopping together, and country tables with an algorithm that realizes the mission. He manages a very young team that is very ambitious and growing exponentially. It is also reflected in energy growth figures. Seeing that these successes are emerging in China, the company positions Temu as a global marketplace app with certain changes. The company, which allows you to quickly expand to 55 countries, uses local warehouses and Chinese e-commerce logistics infrastructure in every country (e.g. JD infrastructure). TEMU also provides services in English with a different interface from the same team, with features and results that are no less than Pinduoduo. What they both have in common is that they are based on an algorithm that makes shopping fun and compatible with the customer's social environment through personal experiences, rather than the older generation of users who know what they are looking for. Also, without forgetting, they have a potential user base of 500 million to test these algorithms with. A very impressive example of a disciplined but somewhat state-supported team work that created two companies from the same structure.
We left there and quickly visited China's most popular post-Tiktok social media group called LittleRedBook. This is an innovative, and more importantly, very entertaining team that has rapidly scaled a structure that was established before the pandemic. It is a large company that resembles an agency, from the company mascots to the layout of the office, presentation area and decoration, to the modesty of the meeting rooms. It quickly reached 300 million users, but by reversing the funnel logic in the algorithm and expanding the early adopter audience, it reached larger audiences by producing lifestyle content and sharing stories. He classified the concepts we call influencers, such as KOC and KOL, into content producers and campaigners and made them categorically accessible. It has features from every social media channel and its perspectives are very clear. They shared success stories that worked. Social e-commerce and social e-export are possible in China. I believe that access to these etc. companies will be localized thanks to IGEXX ISTANBUL GLOBAL E-EXPORT SUMMIT.
Next stop: Hangzhou
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