When Huang Zheng founded Pinduoduo in September 2015, the mainstream view of the entire Internet industry and capital markets was:Wechat traffic is not suitable for e-commerce (unless it is a fragmentary WeChat business).To be exact, at that time, most people thought that social e-commerce had no future in China. As for such things as C2M e-commerce, it only stays on the PPT of a few e-commerce companies and has never been seriously discussed.

Until early 2018, when I asked several e-commerce veterans about the future of Wechat, they still answered in the negative without exception. The standard answer I got was: "Wechat traffic is problematic in nature and the quality is too poor for e-commerce transactions." "at that time, Pinduoduo was running all the way, and he was going to go to the US stock market soon.

However, people still tend to think that this is an accident, an episode of history. In the eyes of mainstream investors and strategic analysts, the main function of Puduo is to provide after-dinner jokes.

Ashamed to say, I think so, too.

In September 2017, while chatting with friends from several big Internet companies, I said: "obviously, there will be nothing new in the e-commerce industry, nothing more than a protracted war between BABA and JD.com." and the two are becoming more and more alike-BABA continues to strengthen his own business, while JD.com tries to enter the platform business. "No one seriously refuted me, maybe because everyone thought that was it.

We never know whether the hero makes the times or the times makes the hero. I have read a lot of history. I have liked historical figures best since I was a child, but I still don't know:Heroes and the times, who makes who?

If Huang Zheng never founded Pinduoduo, would Wechat, social commerce and C2m e-commerce really become a mainstream in the Chinese market? I don't believe that. Nothing has ever happened before it happened for the first time.

Since August 2018, I have had a positive attitude towards Pinduoduo-I believe it will become one of the most popular e-commerce platforms in China, but I didn't expect it to grow so fast. However, outside perceptions change much later. Even as an analyst from an external financial institution, I can feel the tremendous pressure that Pinduoduo is facing. Although GMV and income are growing rapidly, the prevailing view in the market is that this is bogus growth made by burning money and will end with the end of burning money.

To tell you the truth, when BABA and JD.com launched the Empire counterattack in 2019, deconstructing, imitating and trying to surpass the Puduo model, I don't think Pinduoduo is likely to win this battle. In addition, Pinduoduo has to face more newcomers (such as Taoji, which closed down after a year of operation). Frankly, I thought Pinduoduo would stop at the scale of Vipshop Holdings Limited and become an important but not decisive platform in the retail e-commerce market.

The actual performance of Huang Zheng and his Pinduoduo reminds me of Zhukov's story in Leningrad. This story I have told many people has made Zhukov one of the most glorious historical figures in my mind, even though I have never been a Soviet fan:

When Zhukov was appointed head of the Leningrad war zone by the Soviet Supreme Commander-in-Chief in late August 1941, Leningrad's defensive posture was close to despair. Zhukov flew to Leningrad, got off the plane and drove to the Smolney Palace to listen to the military conference chaired by Marshal Vroshilov.

He was dismayed to hear that these people were talking about how to give up and blow up Leningrad! So he stood up angrily, showed them the order of the Supreme Command, and demanded that he take over the command immediately.

The first sentence after Zhukov took over the meeting was: "Leningrad must not be abandoned in this way." "supported by painstaking efforts and fearless will, Leningrad was finally held. From Zhuge Liang's point of view after the event, all major historical events are inevitable, but I always want to ask: without Zhukov's iron will, who could have changed his life so against heaven?

Up to now, Pinduoduo has been changing his fate against heaven, accomplishing one impossible thing after another:From white-brand e-commerce to brand e-commerce; from a small number of categories to all categories; from small programs to APP-based; launch a lot of self-operated vegetable shopping business.

In a short period of five or six years, it has completed the achievements of its competitors for more than a decade. It is true that it stands on the shoulders of giants, but not everyone who stands on the shoulders of giants can do so.

When we study anything in the Internet industry, or other industries, or human society, we should keep in mind:In the final analysis, we are studying people, especially those who are key.

The system needs people to implement, the technology needs people to invent, the system needs people to design, and the market needs people to maintain. I never see any "historical inevitability" or "world trend". I only see people one by one. Losers who fall short of success in the competition are not necessarily not great, because their opponents may be greater.

For example, when historians analyze the Battle of Leipzig, they always marvel at how impossible Napoleon accomplished. "even nearly defeated the entire European Union:" so many countries, so many ethnic groups, so many armies United against him, but the power of one man smashed the other to pieces! "

Now, just as Pinduoduo has handed in a better-than-expected quarterly report for the nth time in a row, Huang Zheng has announced his retirement. Not only did he step down as chairman, he also gave up the super vote and decided to devote himself to a longer-term research career.

A friend of mine, who is familiar with Internet entrepreneurs, made the following comments: "A smart founder will find the best long-term positive feedback when faced with different decision points." Now may be the best time for Huang Zheng to retire from Pinduoduo's daily affairs. He is only 40 years old and can start a new career, no matter what it is, which is always in line with public values. "

2021-22 will be a turning point for Puduo-it must enter the high-end clothing and beauty market as soon as possible to improve the monetization rate and leave behind the image of the historical "low-price platform". The agricultural products business represented by Buy more needs to be further expanded, while competitors' Taobao special version and Jingxi still have a decisive strength. It will not be a smooth road ahead, and we can even say that the most critical battle has just begun.

Frankly speaking, after leaving Huang Zheng, I am not sure whether Pinduoduo can fill the vacancy well and what kind of road Pinduoduo will take. The market is also bottomless, otherwise the stock price would not have plummeted.

This is the only way to become a great company. Like life, business competition is ninety-nine rounds. Winning seven or eight rounds or losing five or six rounds at the beginning may not affect the final outcome at all. Wily people always postpone the time to cheer victory. Do you remember? In December 1944, at a critical stage of the Battle of the highlight, General Patton, known for his optimism, said anxiously to his subordinates:"We could still lose the war. "

In any case, Huang Zheng has revolutionized China's e-commerce industry, and even the entire Internet industry. He proved that the impossible is actually possible. He told us not to jump to conclusions about anything.

The rise of Pinduoduo is a symbol of the strong vitality of China's Internet economy and the vitality of China's entrepreneurs and Internet workers. It symbolizes that any segment of the industry whose "overall situation is settled" may be subverted at any time. What a wonderful thing it is! I can't wait to see what the next big change in the Internet is.

Goodbye, Huang Zheng, I believe we will not be far away from you. Thank you and Pinduoduo for your great contribution to China's e-commerce industry, as well as the entire Internet industry and the entire consumer sector.

Your competitors should also thank you because you told them more possibilities and made them a better person and a better company. As for who should win the competition in the end, I am not particularly concerned about it.