当移动互联网进入下半场，流量竞争日趋白热化的今天，拼多多以拼购社交电商的创新模式，以低线城市消费者为突破口，作为电商市场的破局者横空出世。拼多多商业模式的特殊之处值得探讨和研究，而随着拼多多的迅速发展，竞争对手的步步逼近，拼多多的商业模式也面临着新的挑战，很多固有问题亟待解决。本文先以波特五力分析拼多多所处的电商市场，进而分析企业所具有的优势和劣势，以为机会和挑战（SWOT分析），研究其目前商业模式存在的问题和挑战，最终结合消费者需求和拼多多的发展目标来提出企业的重新定位、产品的重新定位、交易结构升级和盈利模式优化等一整套商业模式升级的完整解决方案。

While the mobile internet market is entering the second half, the traffic competition is becoming much fiercer today. Pinduoduo broke through from the intense e-commerce competition with its innovative business model of "team purchase" on social media, starting from the consumers in lower-tiered cities and counties. Pinduoduo's innovative business model is worth studying and researching. While its competitors are catching up with it, Pinduoduo's business model is also facing a lot of new challenges and there are some inherent problems need to be solved.This thesis first applies Porter's Five Force Analysis to analyze the e-commerce industry where Pinduoduo stands, and then applies SWOT Model to analyze its strengths, weaknesses, opportunities and threats. The thesis discusses the problems and challenges that the current business model faces. Taking both its consumers' demands and the platform's long-term vision into account, this thesis finally provides a surrounding set of solutions, covering the repositioning of the company and its products, the upgrading of its transaction structure and profitability model.