Do you “shop like a billionaire”?
That’s the somewhat notorious tag line of the Chinese e-commerce marketplace Temu, which has seen a meteoric rise since its introduction to U.S. shoppers in 2022.
Since then, the platform has amassed some 60 million monthly users, offering merchandise ranging from clothing to electronics to kitchen gadgets and a whole lot more – all at ridiculously cheap prices. Now it appears to be threatening the dominance of the likes of Amazon and Walmart.com.
Tech expert Omar Gallaga joined the Standard to talk about the rise of the e-commerce giant.
Highlights from this segment:
– Temu has surpassed the previous big Chinese retailer, Alibaba, and is currently aggressively looking to expand in the U.S. with a multi-billion dollar ad campaign.
– While Temu can’t compete with Amazon’s faster shipping, it does promise cheaper goods for the longer wait. Amazon is eyeing this, and looking to spotlight more merchants who can promise customers better deals.
– Some eye how long Temu’s rise can be sustained, pointing towards the plateauing of the app’s growth and possible looming regulations from U.S. officials.