Pinduoduo and Vertically Integrated Social Commerce

And then — especially in the business press — because it furthered the narrative that even the hugest of consumer goods companies, long stuck in codependent relationships with the hugest of retailers, would start trying to sell more of their products direct.

After a couple of years of explosive growth and gladiatorial competition, the manic production of new O2O models cooled off. Many overnight O2O unicorns died once the subsidy-fueled growth ended. But the innovators and gladiators who survived—like Wang Xing’s Meituan Dianping—multiplied their already billion-dollar valuations by fundamentally resha

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