Pinduoduo's business model was summed up perfectly by Huang Zheng in one sentence: 'We don't follow the traffic logic; what we aim to do is reverse customization. Taobao operates on traffic logic, where the main focus is search, requiring a massive number of SKUs to meet long-tail demand. Pinduoduo represents matching—recommending products to consumers, concentrating massive traffic onto a limited selection of products, and then using scale to reverse customize, thereby reducing costs. This is the difference between Walmart and Costco.'