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Temu, Shein suspend Vietnam operations amid crackdown on ecommerce platforms
Economic Times
·
7m ago
Medial
Chinese online retailers Temu and Shein have suspended their operations in Vietnam in order to register their ecommerce services with the government. The Vietnamese authorities and domestic businesses were concerned about deep discounting by Chinese platforms and the potential sale of counterfeits. Vietnam demanded that Shein and Temu register by the end of November, or face blocked internet domains and app usage. Temu missed the registration deadline and will have its operations temporarily suspended. Shein's status is unclear, but its Vietnamese website is currently unavailable. The Vietnamese government recently approved legal changes regarding VAT and tax exemptions for foreign ecommerce platforms.
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Vietnam says Temu, Shein must register with govt or be blocked in country
Economic Times
·
8m ago
Medial
The Vietnamese government has announced that it will block the internet domains and apps of Chinese online retailers Shein and Temu if they fail to register their operations with the trade ministry by the end of November. There are concerns about the impact of these platforms on local markets due to their steep discounts and the quality of goods they offer. The Ministry of Industry and Trade will take technical measures, such as blocking applications and domains, if the platforms do not comply. Shein has been operating in Vietnam for a while, while Temu recently started serving users in the country.
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Temu, Shein far lag Amazon as online holiday shopping ramps up
Economic Times
·
1y ago
Medial
Upstart online retailers Temu and Shein are struggling to convert website visitors into actual sales, lagging behind market leader Amazon. While Shein saw a 7.25% increase in monthly visitors to its website, the percentage of visits resulting in transactions declined. Temu, which launched in the US in 2022, experienced a significant increase in visitors, but only 4.5% of those resulted in purchases. In comparison, Amazon had 56% of its monthly visits resulting in purchases. Shein and Temu are aggressively marketing their platforms, but face tough competition from Amazon's established reputation and customer trust.
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Amazon’s new focus: Fending off rivals Temu and Shein
Livemint
·
1y ago
Medial
Amazon has identified Temu and Shein as major threats to its e-commerce dominance and is closely monitoring their growth. While Amazon believes its logistics and quick delivery remain advantages, Temu and Shein are expanding in the US and targeting Amazon customers. Temu has become the top advertiser on Meta Platforms in 2023, spending billions of dollars on advertisements. While Amazon can leverage its warehouse network and Prime subscribers as a barrier in the US, defending against competition overseas may be more challenging. Customer trust and speed of delivery remain key focuses for Amazon.
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Behind cheap stuff from Shein and Temu: A hard bargain with suppliers
Livemint
·
1y ago
Medial
Chinese e-commerce platforms Shein and Temu have become popular among small suppliers in China, offering them access to a global market. However, suppliers are facing challenges such as razor-thin profit margins, pressure to cut prices, and high inventory risks. Some suppliers are struggling with unsold inventory and questioning the long-term sustainability of working with Shein and Temu. While the platforms offer opportunities for manufacturers to reach a wider audience, suppliers are grappling with various costs and restrictions imposed by the platforms.
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Walmart, Amazon holiday spending rise as Target, Best Buy stumble, data shows
Economic Times
·
7m ago
Medial
Walmart, Amazon, Shein, and PDD Holding's Temu had a successful Black Friday and Cyber Monday sales period, outperforming retailers like Target and Best Buy. Walmart saw an increase in sales, with top-selling items including pre-owned Rolex watches and singer Sabrina Carpenter's perfumes. Amazon, Walmart, Temu, and Shein experienced growth in sales during this period, while Best Buy struggled. Despite exclusive merchandise partnerships, Target's sales performance was muted. Overall, ecommerce sites performed well during the holiday season, with record-breaking sales recorded by key players.
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US spending on TikTok Shop gains as TikTok faces threat of ban, data shows
Economic Times
·
7m ago
Medial
TikTok Shop has gained market share in US ecommerce during the holiday shopping season. The platform, launched in September 2023, serves as an ecommerce channel for popular brands. With sales reaching $100 million on Black Friday, TikTok Shop saw a significant increase in the number of people purchasing goods each month. However, a potential ban on TikTok in the US could impact TikTok Shop as well. The platform competes with rivals Shein and Temu, showcasing merchandise from third-party vendors, often shipped from China. TikTok's curation of content and products has attracted users like Jasmine Whaley who enjoy the convenience and quick delivery. LIVE sessions on TikTok Shop have also seen significant growth, offering a unique shopping experience. US spending on TikTok Shop exceeded that of Shein and Temu leading up to Cyber Monday, according to data from Facteus.
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Temu Is Burning Cash to Challenge Shein and Amazon on Black Friday
Wired
·
1y ago
Medial
Temu, a cut-price ecommerce app owned by Chinese giant PDD Holdings, has gained popularity in the US, attracting customers with heavily discounted prices. However, its rapid growth has come at a cost, with sellers reporting warehouse capacity issues and the company struggling financially. Temu is projected to make a loss of around 30-40% per order and has increased its net loss budget to $3.17 billion for 2023. While Temu has been investing heavily in advertising and promotions to compete with rivals Shein and Amazon, analysts are concerned about its ability to turn a profit with its current spending habits.
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Amazon plans discount store in US to fight China's Temu and Shein: report
Economic Times
·
1y ago
Medial
Ecommerce giant Amazon is reportedly planning to launch a dedicated section for affordable fashion and lifestyle products on its US website. The move is seen as a response to competition from Chinese ecommerce companies, such as Temu and Shein, which have gained popularity in the US market due to their low prices. Amazon aims to directly ship these low-cost items from China to US consumers within 9 to 11 days. The new section will feature unbranded items priced below $20 and will allow Chinese sellers to trial new products in the US market.
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US safety commissioners call for investigation into Shein, Temu
Economic Times
·
10m ago
Medial
The U.S. Consumer Products Safety Commission (CPSC) is being urged to investigate e-commerce retailers Shein and Temu after reports of dangerous baby and toddler products being sold on their platforms. Commissioners want to assess how these platforms comply with CPSC rules, handle relationships with third-party sellers, and represent imported products. Shein and Temu's use of de minimis, which exempts packages worth $800 or less from tariffs, is also raising concerns. Critics argue that their low prices and use of de minimis contribute to their success, and both companies have faced scrutiny for product quality.
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Congressional report says there’s an extremely high risk Temu’s supply chains have forced labor
Apnews
·
1y ago
Medial
A Congressional report criticizes Chinese retailers Shein and Temu for allegedly failing to comply with U.S. laws banning goods made with forced labor. The report accuses Temu, owned by Pinduoduo Inc., of avoiding responsibility and reveals a high risk of forced labor in its supply chains. Shein is also criticized for relying on a trade rule loophole to dodge import taxes and evade scrutiny. Lawmakers are urging increased scrutiny on these retailers and considering changes to the trade rule. Both companies have denied involvement in forced labor and emphasized compliance with laws.
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