Retail
April 30, 2020
Chinese online retailer Pinduoduo has found amazing success with its “collective buying” shopping model, but now it needs to innovate or suffer the consequences. Photo: Shutterstock
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","iv":"245e995db205515e3d8fb6c314715533","s":"7439775a994dbff1"}
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