The Chinese shopping app has racked up over 70 million downloads in less than a year with a flood-the-zone offensive that emphasizes adding new customers over profit.
egan Payette, a mother of three who lives outside Peoria, Illinois, has been obsessed with Temu since she discovered it on Facebook last year. She spends hours playing games on the shopping app and has persuaded more than 250 friends, relatives and strangers to join. The payoff: $6,000 in free merchandise, including four Nintendo Switch consoles, a sno-cone machine for her son’s birthday party, materials for her candle-making hobby and tons of children’s clothing and toys..
That’s only possible because its parent company, the Chinese e-commerce giant PDD Holdings, has deep pockets. Previously called Pinduoduo, the retailer has racked up 740 million monthly active users and $19 billion in annual revenue since it started in 2015. That success has made Huang, the founder who still owns 28% of the company, a fortuneestimates at $30 billion. However, the company is looking for new sources of growth amid a slowdown in spending among Chinese consumers.
Still, its traction has not come cheap. Temu paid for as many as 862 keywords on the Google Play and iOS app stores in February, the same month it ran its $14 million Super Bowl ad. Walmart, meanwhile, paid for just a tenth the number of keywords that month. “As a new entrant, Temu is willing to do things other retailers aren’t,” said Kaziukėnas. Most of its competitors tend to be far “quieter,” he said.
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