With the continuous development of Internet technology, the e-commerce industry has become more critical in the context of the information age. People are increasingly aware of the comfort and convenience brought by online shopping in their daily lives. From this, various business platforms have also contended, striving to compete for their world in the fierce market. When the e-commerce industry is in full swing, Pinduoduo stands out among many e-commerce platforms as a dark horse, quickly occupying a place in the e-commerce market in a short time. Such success is not accidental. It was after the Pinduoduo team comprehensively inspected the current e-commerce market situation in China and accurately judged various opportunities based on their advantages. This article thoroughly analyzes the basis of Pinduoduo's development, business strategy, the multiple options and challenges it seizes after entering the market, institutional innovation, and model innovation. In addition, taking the other two robust e-commerce platforms, Taobao and JD, as an example, the advantages of traditional e-commerce platforms and bottlenecks in the development period are analyzed. The rise of Pinduoduo has expanded the market size and space of e-commerce, highlighted the development potential of novel business models, and inspired other companies to break through the limitations of their mindset and strive for market-oriented innovation and transformation. In this context, this article takes Pinduoduo as the research object. By analyzing Pinduoduo, a successful case in the Internet enterprise market, we focus on how latecomers can innovate through business models and then come to the top in the fierce market competition. This paper's research conclusions and suggestions have specific practical guiding significance for the future development of e-commerce in China.