With rising inflation, American consumers are increasingly turning to the Chinese e-commerce platform Temu for their shopping needs. With its enticing

China's Temu Takes Over 17% Of US Market Share, Cutting Jobs From American Amazon And Decimating Small Businesses

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2024-04-25 22:00:07

With rising inflation, American consumers are increasingly turning to the Chinese e-commerce platform Temu for their shopping needs. With its enticing tagline “Shop like a billionaire,” Temu has captured 17% of the U.S. market share, posing a challenge to traditional American retailers such as Amazon.com Inc., Dollar Tree Inc. and Five Below Inc. The rise highlights the lucrative and disruptive nature of startups.

Owned and operated by PDD Holdings Inc. (NASDAQ:PDD), Temu offers a wide range of products, including home decor, pet supplies, beauty and health products and clothing. The platform is known for its competitive pricing, often offering significant discounts on items compared to prices on Amazon. Coupled with Temu’s discount codes, consumers can enjoy even greater savings.

Temu has even become the No. 1 Shopping App on Apple’s App Store, surpassing Amazon, Target Corp. and Walmart Inc., which currently hold the third, fourth and eighth spots, respectively. The No. 2 shopping app is Shein, another Chinese retailer.