{
  "docId": "019dd923-5e88-73ef-bd5d-c4ba81e7f2fd",
  "docSlug": "28690baad9250d50",
  "documentTitle": "2019 Bond Cap Internet Trends 2019",
  "authorId": "BondCap",
  "authorName": "Mary Meeker",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "vc_research",
  "sourceTypeLabel": "VC research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.333,
  "pageNumber": 58,
  "pageCount": 334,
  "prevPage": 57,
  "nextPage": 59,
  "slideType": "case_study",
  "function": "illustrate_case",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Includes a quote from Pinduoduo Q4:18 Earnings Call.",
  "elementsJson": [
    "headline_text",
    "screenshot",
    "line_chart",
    "paragraph",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5d-c4ba81e7f2fd/58",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5d-c4ba81e7f2fd",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5d-c4ba81e7f2fd.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5d-c4ba81e7f2fd#slide-58",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We call it consumer-to-manufacturer, where we understand the users' needs first & enable upstream providers, be it farmers, manufacturers, etc. to produce appropriate products for our users.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-4e55-75b2-9bd9-9036ed67fccd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.45,
        "x": 0.52,
        "y": 0.2
      },
      "kind": "chart",
      "text": "Active Buyers, China",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0c763d4-29f8-4724-a56a-43895fcc65e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.31,
        "x": 0.1,
        "y": 0.25
      },
      "kind": "image",
      "text": "Group Discovery / Buying interface",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7541f6dd-f405-439f-a11a-034b6cb7f405",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Active Buyers: 443MM",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-4e55-75b2-9bd9-9876f71d4160",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.05,
        "y": 0.52
      },
      "kind": "paragraph",
      "text": "We call it consumer-to-manufacturer, where we understand the users' needs first & enable upstream providers, be it farmers, manufacturers, etc. to produce appropriate products for our users.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5ae7a3bc-a6b9-40e8-b79f-7fed92f7690f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.13,
        "y": 0.83
      },
      "kind": "quote",
      "text": "Pinduoduo – Q4:18 Earnings Call, 3/19",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ac2a2e9-0700-4be6-808c-6d3b6c47e76b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We call it consumer-to-manufacturer, where we understand the users' needs first & enable upstream providers, be it farmers, manufacturers, etc. to produce appropriate products for our users. This is different from how the current system works, where upstream producers design, manufacture & sell without necessarily being in tune with the changing needs of their targeted users. As we add more users to the network & also gain more data points through their increasing interaction with our platform, we can further refine our engine to deliver an even better user experience that keeps up with our users' evolving preferences. — Pinduoduo – Q4:18 Earnings Call, 3/19",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-4e55-75b2-9bd9-9501052096bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.3,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Pinduoduo SEC filings (2018), Q4:18 Earnings Call (3/19) & Morgan Stanley. Note: An active buyer is a buyer who has completed at least one transaction in the past 12 months.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "913dd423-d97c-4105-96bc-aa97a91f804a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.02
      },
      "kind": "title",
      "text": "China (Pinduoduo) = Connecting Consumer Preferences & Manufacturers... 443MM Buyers + ~2x in Five Quarters",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "35cfca38-28f0-44cc-b8c7-d08769c442f1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "customer-journey-map",
      "slug": null,
      "matchId": "cdb30e03-ab13-420a-9da1-d7568e4b22dd",
      "evidence": "Visual representation of the browsing and buying process on Pinduoduo.",
      "confidence": 0.7
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}