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...Pinduoduo’s practices call into question the ethics of a company that is expanding globally by selling cut-rate Chinese goods through its Temu app....
...as having the lowest price in the market”....
...It has also been hit by the rise of lower-price retailers such as China’s Shein and Temu, as well as Primark before them....
...Dan McCrumSo this is the company behind Temu, the online flea market where you can buy just about anything you’d like, flown direct from China extremely cheaply....
...Getting its position back as Temu continues to expand its presence around the world, especially in the US market, is a tall task....
...Temu has undertaken a multibillion-dollar internet advertising blitz on Google and Meta to grab US market share....
...Wish, an algorithmic Temu-like ecommerce site, saw a $22bn market value dwindle almost to nothing. Yet few have promised as much to investors as PDD....
...We talk to a lot of the logistical providers that help both PDD and Temu in the international market....
...Chinese internet marketplace Temu has undertaken a multibillion-dollar internet advertising blitz in the US, as it seeks to grab market share from Amazon in the world’s biggest consumer market....
...Temu’s sister app Pinduoduo already dominates the Chinese market....
...They fear the market’s biggest players would be targeted, allowing Chinese rivals to expand their market share....
...That demand has continued and sustained air freight rates, supporting logistics companies in an otherwise weak cargo market....
...At their peak in 2021, shares in the digital payment powerhouse were worth more than $300 each, giving the company a market capitalisation of $362bn. These days they trade for less than $60....
...Market watchers have wondered for years about what really goes on inside trading firms like Citadel Securities, Susquehanna and Virtu....
...That same year, Shopify’s market cap overtook that of another ecommerce rival: eBay....
...Analysts at Goldman Sachs reckon Temu has spent $1.2bn on Meta advertising in 2023....
...It is best known for the hit shopping app Temu, which is the most downloaded app in the US....
...Online shopping site Temu has accused rival Shein of “unlawful exclusionary tactics” in the US, intensifying a battle between two of China’s biggest ecommerce groups for dominance of the American market....
...Retail rivals China’s ecommerce industry has reached a historic point: for a brief moment, PDD Holding’s market cap in the US surpassed that of compatriot Alibaba after the Temu parent’s July-September...
...PDD launched Temu in the US more than a year ago and has since gone on a multibillion-dollar advertising blitz to gain market share....
...“The core reason behind this shift is the market change,” Liu said. “The Chinese market has reached a point where it can no longer sustain the high levels of growth seen in the past....
...Shein reportedly has more than three-quarters of the ultra-fast fashion market in the US. Temu is catching up....
...Shein, which is headquartered in Singapore, is doubling down on the UK market as it battles competition from Pinduoduo’s Temu, an ecommerce platform that has replicated Shein’s model of shipping cheap goods...
...But three of the largest rising threats to its market share in the US — Shein, TikTok and Temu — have social media trends in their favour. All three have their roots in China....
...Separately, Wolfson called on the government to close a loophole that typically allows fast-fashion disrupters such as Shein and Temu to avoid custom duties by shipping items directly from factories overseas...
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