1998 marked the birth of JD.com and kicked off the rise of e-commerce platforms. However, it wasn't until the rise of 2003 that the door to e-commerce really opened. In the next ten years, JD.com and ** competed with each other, and countless e-commerce platforms rose and gradually disappeared. However, Pinduoduo was launched in 2015 and has risen to become the third largest e-commerce platform in China in just a few years.
Pinduoduo started from scratch and has gone through a difficult process of overcoming obstacles, and now it has developed into a company with a market value of 230 billion. The company's founder, Huang Zheng, once surpassed Jack Ma in wealth.
The development of Pinduoduo, founded by Huang Zheng, is gradually maturing, but he suddenly announced his resignation and donated his assets of 100 billion.
His move caused a wide sensation, after all, he is only forty-one years old, which is relatively young compared to other successful entrepreneurs. People are speculating about why he made such a choice
Huang Zheng once again created a legend in the field of e-commerce.
When it comes to Pinduoduo, most people probably have feelings of love and hate. Although some of the above small products are indeed more cost-effective than other shopping software, Pinduoduo's various "routines" are difficult to guard against, and if you are not careful, you will fall into it and can't get out.
Its rise has been remarkable, especially polarised. However, there is no doubt that the development of Pinduoduo is widely known, and the scale of users is not inferior to ** and JD.com.
What was Huang Zheng's original intention in founding Pinduoduo?Before Pinduoduo was founded, people usually chose ** or JD.com for online shopping, but both platforms are more purpose-oriented.
Customers often search for the item they want to buy in the search bar, then select and place an order. But shopping software is not limited to shopping functions, it can attract customers who make impulse purchases just like a physical store.
As long as it's able to capture people's attention and make them enjoy the benefits online and be affordable, it's a great opportunity.
How can you be financially economical when shopping online?It's about making sure you're getting the best value for your money, but also about the cost. If the volume of orders is large enough and the distribution is concentrated in a specific area, then this problem is solved.
In order to meet the diverse needs of users, Huang Zheng considered that people will not only buy expensive brand-name goods, but also pay attention to more affordable fruits. Therefore, he founded Pinhao in April 2015.
They mainly sell fruits in the best way, they personally go to the fruit producing areas to select high-quality fruits and establish cooperative relations, and even order fruits across the sea.
Pinhao has always adopted the self-operated model, but the increasing orders have led to the delivery speed not keeping up. This is a serious drawback.
Due to the explosion of orders, a group activity directly led to the damage to the reputation of the good goods. Despite the company's overtime shipments, it was still unable to fulfill the orders in a timely manner, resulting in customers either not receiving the goods or receiving spoiled fruits. Huang Zheng worked with the company to deal with the matter, but the whole process took more than a week to resolve.
The increase in the number of orders proved that Huang Zheng's idea was viable, and then he decisively began to expand the scale. He still uses a grouping approach, but it is not limited to fruit sales, but covers a wide range of goods.
After the establishment of Pinduoduo, relying on the network of interpersonal relationships, it rapidly expanded the market scale through low-cost grouping. Even if the product is **1 yuan, you can also enjoy free shipping service, so that people can be both affordable and happy in online shopping, which is enough to be called a major highlight.
Four and a half months after Pinduoduo was launched, the number of paying users has exceeded 10 million. In 2015, the red envelope campaign and the catchy advertising slogans in various variety shows brought a large number of new users to Pinduoduo.
Pinduoduo's success is proven in fact. Despite the accusations of countless people, it has won people's attention with a powerful attitude. Many people living in both urban and rural markets may not choose to shop on JD.com, however, they will all come into contact with Pinduoduo. This is precisely the reason for Huang Zheng's success.
In 2016, the number of users of Pinduoduo exceeded 100 million.
In 2018, it was listed in the United States, and Pinduoduo was a success.
In 2019, Pinduoduo's market capitalization has exceeded $40 billion, and it is still **continuing**.
2020 was a special year for Pinduoduo, which developed into the largest e-commerce platform in terms of user base, and at the same time, the company's founder, Huang Zheng, also resigned as CEO.
Huang Zheng's wealth has exceeded 300 billion, directly surpassing Ma Yun and becoming the second richest person in China. The Pinduoduo he founded was a great success, but why did he let it go?By understanding Huang Zheng's experience, we can find the answer.
Enjoy the joy of success in starting a business.
The starting point of Huang Zheng's successful life is mathematics, and he won the first prize in the Olympiad when he was in elementary school, which made him go from ordinary to extraordinary.
When he was in middle school, he chose Hangzhou Foreign Chinese School, which brings together many outstanding students in the province. In this school, he had a different way of thinking about the world. After graduating from high school, Huang Zheng was sent to the Computer Science Department of Zhu Kezhen of Zhejiang University.
During his college years, Huang Zheng actively participated in many competitions, so he attracted the attention of NetEase founder Ding Lei at the age of 20.
At that time, Ding Lei was already quite famous, so Huang Zheng didn't expect that they would have the opportunity to communicate at first. However, as time went on, the two gradually became familiar. After learning that Huang Zheng successfully applied for a master's degree at the University of Wisconsin, Ding Lei introduced Duan Yongping to Huang Zheng.
Duan Yongping and Ding Lei are both benefactors in Huang Zheng's life. Duan Yongping, known as China's Warren Buffett, is a well-known investment guru. The two became friends after talking, and then Huang Zheng received a lot of advice from Duan Yongping in difficult moments, and he can be called Huang Zheng's mentor.
After graduating, Huang Zheng faced a thorny problem: Google and Microsoft invited him to join at the same time. Microsoft has a huge influence in the global computer field, and Google, although it is in the development stage, its strength should not be underestimated.
Duan Yongping gave him advice when he was in a dilemma, that is, to join Google, because Google has great potential and will be of great help to Huang Zheng's future.
In 2006, Huang Zheng and Kai-Fu Lee returned to China together to found Google China. During his tenure at Google, he realized the impact of the Internet on people, which led to the idea of starting a business.
In 2007, Huang Zheng quit his job and founded "Ouku" with some like-minded friends. In order to verify the feasibility of Ouku.com, Huang Zheng first went deep into the grassroots and engaged in mobile phone sales in order to understand the mobile phone sales channels.
After Huang Zheng confirmed the feasibility of online sales, he created Ouku.com. In the start-up stage, Duan Yongping fully supported the products of Ouku** backgammon.
In three years, Ouku.com has not only successfully ranked among the top three e-commerce companies in the mobile phone and electronic education industry, but also brought Huang Zheng an annual income of nearly 60 million.
Huang Zheng was not satisfied with the first success, but decided to ** Ouku, and founded a second company - Leqi. Subsequently, Leqi e-commerce also achieved great success.
After his success, Huang Zheng turned to the online game market again and created Dream Seeking Games. However, it was not the first time that he had left Dream.
With keen market insight, Huang Zheng has started and succeeded again and again, accumulating rich wealth. However, he was not satisfied with this, and this time he set his sights on online e-commerce platforms.
Resign from their jobs with great fanfare and generously donate equity.
In the space of five years, Pinduoduo has created a myth and successfully changed the pattern of e-commerce competition. In July 2020, Huang Zheng resigned as CEO of Pinduoduo and handed over this responsibility to Chen Lei.
Huang Zheng was only 41 years old at the time, and the news came as a surprise to people because his future was full of possibilities and Pinduoduo was mature. Why did Huang Zheng leave?
Some people speculate that Huang Zheng may once again have his eye on a certain market and is ready to start a business, just like before. Some people also speculate that Huang Zheng's body may have a certain degree of problems.
Huang Zheng then responded, admitting that he quit his job for health reasons. He explained that he had otitis media, and although it was not serious, there were certain risks. After weighing the pros and cons, he made this decision. In addition, he said that in the future, he will devote himself to the research and development of food and life sciences, and will not be idle.
Huang Zheng donated most of his equity, of which 77% went to Pinduoduo, 37% went to angel investors, and the remaining 33% donated to Star Charity**.
The equity donated by Huang Zheng is valued at about 100 billion, and Fanxing Charity** promises that all assets will be used for public welfare. In addition, Huang Zheng also donated 6500 million RMB for the exploration of cutting-edge science and technology, which will promote the research and exploration of Zhejiang University in various fields such as biology, medicine, agriculture and food.
Epilogue. In the process of continuous entrepreneurship, Huang Zheng has always looked at the world with enthusiasm and novel eyes. In a society where money is paramount, he does not blindly pursue wealth, but focuses on creating value, both for society and for himself.
Huang Zheng successfully withdrew from the market, and then began to set foot in the field of life sciences, what kind of surprises will this bring us in the future?Let's wait and see.
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