Here’s what we have for you today:
• Serving some tea
• Fashionably late
• Conquered e-commerce
Popular shopping app making a name
Made it big: Temu has become one of the biggest e-commerce companies in the world with billion(s) of users.
Product domination: The uprising e-commerce Temu specializes in providing low-cost selections of everyday consumer goods.
The producer: Estimates in early 2024 shows about 70% of all products sold on Amazon are made in China. That means unless there is a lack of quality, Temu is able to cut out the markup from resellers.
Fashion disruptor making a killing
Fashion listing: The clothing company Shein made more than $2 billion in profits in 2023.
It grew: Shein more than doubled its profits from $700 million in 2022.
In the making: During 2021 the average unit price for its goods amounted to $7.90.
Underdog of global e-commerce
Farming away: Colin Huang started Pinduoduo in 2015. His e-commerce platform started group buying, where customers could team up for bulk order with manufacturers to reduce cost. In addition, the company connected farmers directly with consumers through its platform, cutting out the middlemen.
Too good: After Colin stepped down as chairman in 2021, Pinduoduo launched Temu and took over by storm in the US during 2022.
No brainer: Consumers used the platform due to its lower costs, and it has proven to be a win-win.