E-commerce 2.0: Shein and Temu fight for the global market
Next-gen players are reinventing the supply chain for cross-border commerce, but face a host of challenges.
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NEED some new pants? Here’s a pair with a design you’ll love – based on your past searches – for just US$10. Throw in another dollar and you could get those sunglasses everyone’s discussing on TikTok. There’s free shipping and a tonne of discount codes.
This is the sweet proposition offered by two new-age apps with Chinese links: fast-fashion player Shein and budget shopping platform Temu. Both have taken the world by storm, with a potent combination of ultra-low prices and personalised recommendations.
Shein, founded in the Chinese city of Nanjing in 2012, surged during the pandemic to become one of the world’s largest fast-fashion retailers, threatening rivals Zara and H&M. The company, which has its global headquarters in Singapore, is said to be most recently valued at US$64 billion, down from US$100 billion last year.
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