PDD Holdings, the multinational commerce group that operates the Pinduoduo and Temu platforms, said that it’s unlikely to sustain current profitability with planned increases in technology investments amid intense industry competition.
In late September, Beijing-based tech giant ByteDance announced a new online retail platform called "If Yooou." However, recent data shows that it has experienced a "[web] traffic crisis."
Temu sprang onto the US e-commerce scene with a bold claim that it can deliver quality products at affordable prices for just about any budget. Yes, that’s right - "quality" and "affordability" in the same sentence.
SHEIN, an online retailer of fashion and beauty products, on October 17 announced the launch of SHEIN Exchange, an integrated online peer-to-peer resale destination to buy and sell previously owned products bought on the site.
Kuaishou's e-commerce and commercialization divisions are preparing for the upcoming Kuaishou November 6 (116) Shopping Festival, and the effect of this round of adjustments will also appear after the shopping event.
Fast fashion giant Shein is constantly hatching new brands and building an expansive business matrix. This year, the firm launched and promoted an underwear brand called Luvlette.
US online marketplace Temu is receiving effusive praise from consumers who found shopping on the e-commerce platform fun and uplifting.
All product information on the app of Missfresh, a Nasdaq-listed Chinese retailer, has been emptied out by the firm, and many user balances now display '0'.
On September 8, with the end of Apple's new product launch event, Meituan, a local life service platform, announced that it will continue to work with local Apple authorized stores throughtout China.
A new e-commerce website and mobile app that bears the same registered address as Pinduoduo went live on September 1, weeks after speculation that the Chinese agriculture-focused technology company will launch a cross-border service.
On August 25, Shanghai Secoo E-Commerce Co., Ltd., an affiliated company of luxury e-commerce platform Secoo, added a bankruptcy review case.
On August 22, Beijing-based e-commerce company JD.com announced that as of July 2022, the number of "PLUS" members on its platform had exceeded 30 million, making it the largest paid membership system in the industry.
It was reported that the headquarters of Secoo, a luxury e-commerce platform based in the center of Beijing's business district and once filled with luxury goods, is now empty. Regarding the concerns, Secoo said such reports were not true.
On August 4, the stock price of Nasdaq-listed retailer Missfresh rose rapidly before the close of trading, posting an increase of more than 160%, amid market rumors that ByteDance's Douyin is considering an acquisition.
On August 2, Xu Zheng, founder and CEO of Missfresh, published a message on his personal social media account that denied rumors that Missfresh, a fresh food e-commerce platform, had a broken capital chain and was unable to operate.
Regarding the rumors of dissolution, Missfresh responded on the afternoon of July 28 that under the larger goal of achieving profit, the company adjusted its business and organization.
Chinese e-commerce firm EachNet.com, which was once owned by eBay, has recently announced that it will cease website operations at 24:00 on August 12, due to the adjustment of its operation strategy.
Missfresh, a Chinese fresh food e-commerce platform, announced on Friday that it has reached a strategic investment cooperation agreement with Shanxi Donghui Group, which plans to invest equity worth 200 million yuan ($29.58 million).
Last Friday, a Minnesota court held a four-hour hearing in which Liu Jingyao, the accuser, asked for punitive damages from both Richard Liu and Chinese e-commerce giant JD.com. She attended the hearing in person.
Wei Wenwen, President of Douyin E-commerce, announced that the platform's GMV in the past year increased 3.2 times year-on-year, and that more than 10 billion products were sold.