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News on Medial
Temu is trying to win over America. Good luck.
Business Insider
·
1y ago
Medial
Chinese online marketplace Temu is making a big push to conquer America, with a multi-billion dollar advertising campaign during the Super Bowl. Temu's 30-second ad slots, estimated to cost $7 million each, totaled about three minutes of screen time during the game, reaching an audience of over 123 million viewers. The company aims to achieve scale in the West, following the success of rivals Shein and TikTok. Despite facing challenges such as a drop in sales and competition from Shein, Temu continues to invest heavily in marketing to dominate the US market.
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Related News
Jeff Bezos, Elon Musk cheer for Chandrayaan-3 moon landing
Economic Times
·
1y ago
Medial
"Root for India! Good luck, Chandrayaan-3," Bezos, who owns Blue Origin, posted on Instagram's Threads platform, commenting on ISRO's post on the mission.
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Indian-origin CEO defends 84-hour work week, says 'It's like a rocket launch'
Inshorts
·
8m ago
Medial
US-based AI startup Greptile's 23-year-old CEO Daksh Gupta defended 84-hour work week by comparing work to a "rocket launch". "When you have two groups of smart people trying to solve the same problem, one that works harder and is luckier wins," he said. "You can't control luck, but you can control how much time you put in," he added.
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Chinese ecommerce platform Temu drawing shoppers from US dollar stores
Economic Times
·
1y ago
Medial
Temu, a Chinese ecommerce platform, is gaining market share in the United States, competing against dollar stores like Dollar General. As of last month, Temu accounted for nearly 17% of the market share in the discount stores category, compared to 8% for Five Below, 43% for Dollar General, and 28% for Dollar Tree. Temu offers low-priced household goods and consumer staples, appealing to budget-conscious shoppers. The platform is expected to generate over $16 billion in revenue this year and is benefiting from shoppers' fatigue with high prices and inflation.
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Lex raises $2.75M for its AI writing tool that helps writers get past blocks
TechCrunch
·
1y ago
Medial
What I like about Lex is that it makes for a good writing tool that is fast, simple to use, and uses AI to help writers instead of trying to supplant them. Read more on the source article-
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Temu, Shein suspend Vietnam operations amid crackdown on ecommerce platforms
Economic Times
·
8m 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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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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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 leans into video in emerging Europe's online marketplace fight
Reuters
·
1y ago
Medial
Amazon and Chinese company Temu are both targeting Poland's online marketplace leader, Allegro, with different strategies. Amazon plans to invest in video streaming, producing more original Polish-language shows for its Prime Video service. They also see growth potential in the Central and Eastern European region as a whole. Meanwhile, Temu has gained market share in Poland through low-cost fashion offerings. Although Allegro holds a strong position due to loyal customers and a wide range of services, Amazon and Temu pose potential threats with their different strategies. Allegro plans to expand to other countries in the region, while Amazon and Temu continue to compete for market share.
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Chinese online retailer Temu faces European Union investigation into rogue traders and illegal goods
Economic Times
·
9m ago
Medial
Chinese online retailer Temu is facing an EU investigation for allegedly allowing the sale of illegal products on its platform. The European Commission initiated the probe under the Digital Services Act, which aims to regulate online platforms and protect consumers. Temu, owned by Pinduoduo Inc., entered western markets in the last two years and has gained popularity by offering cheap goods shipped from sellers in China. The investigation will examine Temu’s actions to combat rogue traders and non-compliant goods, as well as addictive design and transparency concerns. Temu can respond before facing potential fines or case dismissal.
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Low-cost ecommerce rivals Shein and Temu shelve US court cases
Economic Times
·
1y ago
Medial
Online low-priced fashion rivals Shein and Temu have filed joint declarations in U.S. courts to end their legal battles with each other. Both companies have been engaged in a global market share battle. The filings did not disclose the reasons for dropping the complaints or if a settlement was reached. Shein had accused Temu of using influencers to make false remarks about the retailer, while Temu alleged that Shein violated U.S. antitrust law. Both companies have disrupted the retail industry with their ultra-fast fashion and low-price shopping models.
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