User:Steven7sum/Temu (marketplace)

History
Temu has reached double the predicted value in gross merchandise since its forecast in January 2023, at an estimated value of $13 billion. Temu’s success in the United States shares many similarities with Pinduoduo’s early, promising performance.

Product and Services
As of October 2023, Temu boasted an impressive user base that surpassed 120 million in the United States, signifying that approximately one out of every three U.S. residents had installed the Temu app on their phones. This rapid growth outpaced many prominent e-commerce rivals, as it took Taobao five years to attain a comparable user count in China.

Moreover, Temu's reach extended far beyond the United States, encompassing 36 additional countries and regions, spanning Northern America, Southern America, the Atlantic region, West Africa, and East Asia.

Combats with Shein
On July 18th, 2023, Temu filed a new lawsuit in the Boston Federal Court, accusing SHEIN of violating U.S. Antitrust Laws. Temu stated in the indictment that as of 2022, SHEIN owns more than 75% of the U.S. ultra-fast fashion market and leverages its market dominance to compel exclusive agreements with apparel manufacturers, restricting them from collaborating with Temu. In May 2023, SHEIN mandated that all 8,338 manufacturers supplying or selling on their platform sign exclusive distribution agreements, preventing them from offering their products on the Temu platform or to Temu-affiliated sellers. Temu contends that over 8,000 manufacturers linked to SHEIN constitute a substantial portion, estimated at 70% to 80%, of all merchants offering ultra-fast fashion products in the US, leading to to higher prices, limited consumer options, and hinders the growth of the U.S. ultra-fast fashion market.

In February 2023, Temu set a goal to exceed SHEIN's GMV (gross merchandise volume) in the North American market before September, pledging to invest 20 billion RMB to achieve it. [2] In May 2023, Temu's sales in the United States were 20% higher than SHEIN's.