Temu, a Chinese online shopping platform, has emerged as a significant competitor to Amazon, boasting about ten million products at exceptionally low prices. In less than three years, it reported revenues of $40.3 billion in early 2024, marking an 80% increase from the prior year. The platform benefits from a customs loophole allowing duty-free imports under $800 in the U.S. and €150 in the EU, posing regulatory challenges as hundreds of individual parcels evade rigorous customs checks.
"In just three short years, Temu has grown into a major rival to Amazon and other Western online shopping platforms, offering up to ten million products at ultra-low prices."
"Temu achieved revenues of $40.3 billion in the first nine months of 2024, a nearly 80% increase on the same period in the previous year."
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