Temu has made its way over to Aussie shores, after launching in March and becoming the most downloaded app across the US.
👉 Background: Temu, which stands for Team Up, Price Down, is a China-backed online marketplace that sells everything from wireless blenders to eyebrow scissors. It's owned by the same company that owns the $130 billion behemoth Pinduoduo in China.
👉 What happened: Recently, Temu became the most downloaded app across the US - even more than Amazon. And now, Temu has made its way over to Aussie shores after launching in March.
👉 What else: And it raises the question whether Temu could become a real threat to the likes of Kmart, Amazon and Catch... But only if it can overcome the challenges of the online marketplace game.
💡In a world where customers expect millions of products to be delivered almost immediately, online marketplaces are some of the most challenging businesses out there.
💡There are a number of factors that make this business so tough:
💡Even stores like Kmart, Target and Big W have struggled to make their online stores a roaring success. And don't forget Amazon, who struggled when it first came into Australia back in 2017.
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