What’s better than cheap? That’s right: even cheaper. Chinese online marketplace Temu has led the way and taken the hearts and especially the wallets of millions of people worldwide by storm. Now Amazon is following suit with its own offering and “insanely low prices.” Can the top dog be successful with this?
The first reports that Amazon might attack Temu, Shein and other Chinese suppliers with a new store for cheap mass-market products had already started circulating in July. Insiders reported a clandestine meeting between the US retail giant and retailers in China, with the first screenshots of the ominous cheap store already making the rounds. Pictured on it: a massage gun, dumbbells, cell phone cases and other nameless trinkets that cost less than $20. It was said that plans were already well advanced. The plan is to start in the autumn – Krone+ reports.
Amazon itself did not want to deny or confirm the reports at the time. We are “always looking for new ways to work with our retail partners to delight our customers with more choice, lower prices and more convenience,” was the official, rather unclear statement from the online retailer. Four months later he finally creates facts and presents his answer to the cheap competition from the Far East: ‘Haul’.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
