Temu, the shopping platform owned by Chinese e-commerce giant PDD Holdings, is experiencing significant growth. In the first half of 2024, Temu's Gross Merchandise Value (GMV) reached $20 billion, surpassing its total sales of $18 billion for all of 2023. Notably, in the second quarter alone, Temu's sales hit approximately $12 billion, with over 45% coming from the U.S., a market the platform entered in September 2022.
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A key factor in Temu's success is a new service that lets external e-retailers handle their own deliveries, reducing costs for Temu and boosting U.S. sales by 20% in the past four months. This service is expected to expand to several EU countries soon.
Temu has set an ambitious GMV target of $30 billion for 2024, and its recent investment in Brazil, where the app quickly became the most downloaded, suggests it is on track to exceed this goal.
Source:www.ehandel.se