Cheapest Stuff On The Internet

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Weezy Kim is a reporter who examines how the world’s richest people wield influence, including the policies and cultural norms they help shape. Before joining the company, he was a senior writer at Refinery29.

Cheapest Stuff On The Internet

When I first opened the app for Temu, a Chinese shopping site, I was greeted by a pop-up: I could spin the wheel and win $200. The spinner is down to “1 more place.” I spun again and this time won $200. But wait, there was something else: If you had checked in the next 10 minutes, you could have won a cool $300. Cold cash straight into my wallet? Well, no: $300 worth of coupons that use Temu to buy your choice of home goods, fashion electronics, clothing—really, anything you can think of.

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This carnival barker is Temu’s first gambit; this is how the company hopes to attract you and keep you coming back. Such products and games attract attention or completely frighten the unsuspecting buyer. The overwhelming and disappointing introduction is also your first clue as to what Theme: Cheap Ring has to offer.

. A pair of wireless headphones for $6.80. Headphone cleaning kit (to fit into small holes) for only 98 cents. 14 piece chopper for $15.49. Danish Cookie Clips Set for $2.49. It’s virtual channel after virtual channel of fun, useful, quirky and gag gifts, Dollar General mixed with Etsy, and the Spencer series.

There was no topic more than a year ago. It launched in September 2022, but rose to the top of the app store charts thanks largely to a series of social media ads rather than two Super Bowl commercials worth the slogan opposite of the company: “Buy like a billionaire.” Temu, which is sold in 48 countries, had more than 100 million active users in the United States as of May, according to app industry analysis website Business of Apps.

Like Amazon, this site sells a seemingly endless amount of products, but Amazon has changed the shopping experience, especially for those customers who have a clear idea of ​​what they want to buy (usually an important product that is the cheaper on the site ). or difficult to buy. source elsewhere), Temu has perfected the art of persuading people to make impulse purchases. It does this by emphasizing that it can satisfy any of your online curiosity.

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Earlier this year, John Herrman of New York Magazine asked if Temu was the future of shopping; it looks more like the inevitable end of Amazon’s retail race to the bottom.

With such a variety of often strange things on the site, it is difficult to determine exactly who Temu’s customer is. Taking a quick look, I see five pairs of ankle socks for $2.69 and a cute little pack of poker cards for just 39 cents. A Temu spokesperson said in an email that “everyday on our platform is like Black Friday.”

“The thing about cheapness is that the barrier to entry is low,” says Wendy Woloson, a historian of consumer culture at Rutgers University and author of “Cheapness.”

. Tema delivers affordable products while satisfying “our craving for novelty,” says Woloson. If the product is not as good as you expected, it doesn’t really matter. “We want to be inspired by things and by the buying process itself.”

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This explains the company’s slogan “Buy Like a Billionaire” – which encourages customers to buy everything they want without worrying about the cost like the rich. Never mind that playing roulette and the invasion of cheap mass-produced goods are the opposite of a rich store. The super rich are looking for what is owed to them, and rare, hard-to-find items are often acquired by private buyers. What Temu offers “looks like a very personalized store,” says Woloson. This is the illusion that something was chosen especially for you, when in fact the products were cheaply produced in the tens of thousands.

And while his slogan is reminiscent of billionaires, Temu’s main customer has a limited budget. The largest share of US sales between September 2022 and August 2023—about 40 percent—came from households earning less than $40,000 a year, according to an analysis by research firm YipitData. Among the major retailers studied, only Walmart, Dollar General and Family Dollar had more sales to households under $40,000, with Walmart only narrowly beating Temu. (In contrast, less than 20 percent of H&M’s sales come from this income group.) Google Trends data shows that searches for Temu are highest in Mississippi, West Virginia, Arkansas, Kentucky and Alabama, states with the highest poverty rates in the country. . Country.

Nearly a third said they shop less at Walmart and Amazon because of Temu, according to a survey of American consumers by Deutsche Bank Research. This is not a direct threat to the Great Empire; YipitData shows that the average spending of Dollar General customers remained the same before and after Temu was opened. On the other hand, Shein’s consumption decreased.

In a conversation with Temu’s representative, he emphasized how often the site can handle household appliances, as well as entertainment products such as pickling kits and even musical instruments. “With many families facing high living costs, Temu is where most of their money is spent,” the spokesman said in an email.

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But the low barrel prices on the front page don’t tell the whole Temu story. Big discounts are strategic. Temu’s prices are higher than big discount chains like Dollar General, says Rui Ma, a technology analyst at Tech Buzz China, and not always cheaper than Amazon. “They will make these things really cheap,” he says, and then put the money back into other products where “their prices are comparable and sometimes even higher than Amazon’s.” At the time of publication, one Temu Waterless Perfume Diffuser was being sold for US $ 79.98 ($ 67.98), which is more expensive than many of Amazon’s best hits. Discounts, meanwhile, drive traffic, encouraging customers to return and keep looking for the next deal.

If you find yourself spending endless hours scrolling through Temu, that’s by design. Temu puts more emphasis on providing personalized recommendations based on a vague combination of user behavior – you could say it’s overdoing it in this regard. At the beginning of my search for a Theme, I chose fuzzy cow slippers to wear around the house. Next thing I knew, I was being served everything related to the cow: thermoses of cow milk, cow jibbits (a small device that can be attached to crocs), cow nails and sets of cow blankets.

The reason for this kind of surprise. “They’re trying to go after things that aren’t currently sold on Amazon,” Ma says.

The Chinese retailer was also quick to recommend some American clothing, including semi-casual pieces like Morgan Wallen T-shirts, sweatshirts T.S. 1989″, as well as several pieces of New York-branded clothing, such as a crew-neck T-shirt that says “BROOKLYN” in “Union Made” and “Raw Denim” in small letters (claims that seem dubious). , as well as candles, written. in writing. Two millennium slogans in your life. Overall, it was a refreshing collection of things that tried to evoke a sense of fun:

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Actually, maybe, I don’t know. But many modern electronics manufacturing enterprises are focused on creating this siren phone. Temu’s junk collection may in some ways remind you of Wish, another large, well-established, algorithm-driven marketplace for discounted items that was also once one of the most downloaded apps. Tema stands out as an ideal online shopping destination for low-income Americans who want affordable and unique products that aren’t even available on Amazon. And he has deep support, determined to see it through.

As of June 2023, Temu’s gross monthly sales (GMV)—the total value of products sold—was $1 billion, according to Business of Apps. That compares to Amazon’s estimated annual GMV of about $477 billion, but that’s a big number for a company that hasn’t even hit its first birthday yet. Shein, launched in 2008, had annual revenue of about $610 million in 2016, according to Business of Apps; his popularity did not explode before the disaster.

How could a young retailer grow so fast? Because it can be sold at a very low price thanks to its parent company PDD Holdings, a Chinese e-commerce giant that also owns Pinduoduo, the most popular online shopping site in China. PDD is listed on Nasdaq and has a similar market capitalization to Verizon. “It’s simple

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