$JD-SW(09618)$ The biggest pro

$JD-SW(09618)$ The biggest problem is that the business models of Alibaba and Pinduoduo are not retailers, but commercial real estate. JD.com is the business model of retailers. The essence of retail is low gross profit margin and high turnover rate. Tmall's gross profit margin is high, so Pinduoduo is taking advantage of the trend. Now that Pinduoduo's gross profit margin is high, the capital market is also panicking, and flash sales are likely to take advantage of the trend. Retailers must eventually learn from Costco.

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