Many years ago, I described a scene I had noted as a secondary school student in my village market. In the piece which was published in the Harvard Business Review, I explained how market women gathered around a truck, pooling resources together to get big discounts on foodstuffs by buying in bulk.
In China, someone has reduced the friction of that congregation with an app, making it easier for people to come together to buy things at scale for huge discounts. The platform is one of the most fascinating apps in the world. The app is called Pinduoduo and it is worth billions of dollars!
Its model is exciting: you want to buy 10 cups of rice. Certainly, a bag of rice offers deep discount over just buying the 10 cups. To get that discount, you put a bag of rice in your wish list, and then invite friends to take a look.
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Once you have gotten the number of people that will enable you buy a bag of rice, you have a deal. And then you will go and buy that bag of rice and everyone will share. In the end, because of the volume discount, you might have saved up to 60% on the 10 cups of rice!
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