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Platform, Integration, or Socially Driven? Comparative Analysis of Business Model Evolution and Strategic Dynamics in Alibaba, JD.com, and Pinduoduo

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Multi-case analysis of Alibaba, JD.com, and Pinduoduo reveals distinct business model strategies, indicating varying profitability and user value.

The platform model achieves high profitability through ecosystem synergy, yet faces governance complexity.
The integration model provides service controllability via asset investment, but reports lower capital returns.
The social-driven model enables quick user growth, although per-user value is lower than traditional platforms.
The findings highlight strategic adaptations and flexibility necessary in the evolving digital economy.

Gao Feng (2025) studied this question.

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Multi-case analysis of Alibaba, JD.com, and Pinduoduo reveals distinct business model strategies, indicating varying profitability and user value.