Are you “shopping like a millionaire”?
That's the somewhat infamous tagline of Chinese e-commerce marketplace Temu, which has seen meteoric rise since being introduced to U.S. shoppers in 2022.
Since then, the platform has attracted around 60 million monthly users and offers amazingly low prices on everything from clothing to electronics to kitchenware and more. Now, the dominance of companies like Amazon and Walmart.com appears to be under threat.
technical expert Omar Galaga He joined the Standard to talk about the rise of the e-commerce giant.
Highlights of this segment:
– Temu has surpassed previous Chinese retail giant Alibaba and is now aggressively expanding in the US with a multi-billion dollar advertising campaign.
– Temu can’t match Amazon’s fast shipping, but it promises cheaper products the longer you wait. Amazon is taking note of this and is trying to spotlight more sellers who can promise customers better deals.
– Some are looking to see how long Temu’s rise can last, pointing to the app’s plateauing growth and the possibility of impending regulation by US authorities.
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