According to media reports, Temu, Duoduo’s cross-border e-commerce dark horse, has achieved remarkable results in the first half of this year, and its GMV (gross merchandise transaction) has soared to the $20 billion mark.
In the second quarter alone, it contributed about $12 billion, especially in the US market, which accounted for nearly 45%, highlighting its strong market penetration and growth potential.
Looking back at last year, Temu’s annual sales of $18 billion (equivalent to about 131.1 billion yuan at present), and TikTok e-commerce transactions in 2023, this extraordinary achievement not only marks the rapid rise of Temu in the field of cross-border e-commerce, but also laid a solid foundation for its subsequent continued expansion and deepening of the market layout.
Since its debut in the US market in September 2022, Temu has quickly won the favor of consumers around the world with its unique business model – featuring high-quality, low-priced goods at deep discounts.
Up to now, Temu has a footprint in at least 50 countries and regions, with a wide range of products, from fashion clothing to cutting-edge electronic products, to home and lifestyle products, to meet the diverse needs of consumers around the world.
It is worth mentioning that Pinduoduo has high hopes for Temu and has set an extremely aggressive annual GMV target for Temu: pointing to $30 billion (equivalent to about 218.5 billion yuan at present), which is not only far beyond the performance of the whole year last year, but also demonstrates the company’s firm confidence and grand blueprint for TEMu’s future development.