There’s a common perception that price equals quality in today’s retail world. That couldn’t be further from the truth. The reality is that the cost of making the product, including the materials, machining, and workmanship, makes up only one part of the final sticker price you see on that tee shirt or bag.
Other costs include marketing, transportation, and storage. As the product makes its way through the supply chain, each link in the chain adds a markup. A new online marketplace, Temu, is bringing a new way of shopping to consumers by offering quality products at affordable prices.
It is able to do this by working with a vast network of suppliers to curate products that are of good quality but are lower priced. By connecting the buyer directly with the seller through the platform, Temu also helps to reduce the number of intermediaries standing between the sale, thus lowering prices.
This holiday season, consumers can shop on Temu for health and beauty supplies, one of 16 product categories featured on the site. Featuring bath supplies that are perfect for pampering and makeup that mesmerizes, Temu is the perfect online retailer for those that are seeking to get beautiful on a budget!
A member of the Nasdaq-listed PDD e-commerce group, Temu is a sister company of Pinduoduo, the wildly successful e-commerce platform that pioneered interactive mobile e-commerce, sometimes called social commerce, and also the consumer-to-manufacturer (C2M) model, which shortens the supply chain through digital technology and makes manufacturing more responsive to consumer needs.
Case in point: A woman’s hair removal razor goes for $0.49 on Temu, a set of fake nails for that manicure goes for $1.49, while a matte lipstick will set you back $0.82.
Temu is able to achieve such prices because it is able to source from the same supplier that cater to its sister company, Pinduoduo, one of the largest e-commerce platforms in the world with close to 900 million customers. Both companies belong to Nasdaq-listed PDD (NASDAQ: PDD), a Nasdaq-100 company that was valued at more than $200 billion at one point.
Temu’s ability to tap on the network of more than 11 million suppliers gives it a leg up over other online marketplace. Many of these suppliers are top-notch manufacturers that have honed their manufacturing expertise over years of supplying to global customers.
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