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":"ec19f07a2bee50a743314446b4fc2299","s":"1fe4f31e7ad1496f"}
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