Within two years, Temu has become the world’s largest online dollar store, with 50M shoppers in the US a month and estimates projecting the company will generate $30B in US sales this year, Bloomberg Businessweek reports, citing Sensor Tower and EMarketer. Temu’s rise was aided by its parent company, PDD Holdings (PDD), which spent a lot of money on ads, and also Donald Trump, for his tariffs on China raised the cost of other products but a loophole exempt packages worth less than $800. Now, Trump is looking to eliminate that loophole and competition is heating up, specifically from Amazon (AMZN) and TikTok Shop, but, for now, Temu continues to win over more customers and sellers.
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