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T HE E-COMMERCE company that retailers talk about most these days is neither Amazon, the American juggernaut, nor Alibaba, China’s biggest. It is Pinduoduo ( PDD), a Chinese firm that started in 2015 as an online food supplier, but whose success has driven its market value above $200bn. Last year it was China’s fastest-growing internet stock, rising by 330%. Listen to this story Enjoy more audio and podcasts oniOSorAndroid. PDD attracts attention for two reasons. One is its business model. David Liu, vice-president of strategy, explains that it has ridden the rise of smartphone penetration in China to create an e-commerce experience in which people club together to buy products from robot vacuum-cleaners to bananas. During the pandemic this has expanded into a fast-growing business across thousands of towns and villages, in which

United statesJeff bezosRobin zhuJoe bidenAndy jassyDavid liuMichael jaisElinor leungBrian nowakBernstein mark shmulikMorgan stanleyAmazon web servicesEuropean commissionAnt groupUs postal serviceAdministration for market regulation