Chinese online giants set their sights on U.S. market
November 1, 2022
TikTok owner ByteDance has launched an apparel website called If Yooou and Pinduoduo has opened Temu, an online platform for a wide range of goods. Both companies are looking to replicate the success of Shein in the U.S. market. The moves by ByteDance and Pinduoduo will likely “eat away at Amazon’s share of certain sectors as Shein has done, but ultimately they won’t jeopardize Amazon’s stranglehold on the U.S. e-commerce market,” said Jacob Cooke, CEO of WPIC.
Recent News
Grocery Prices Have Finally Fallen for the First Time in a Year
Some grocery staples are seeing a decline in price.
Under Armour Layoffs Set Company up for Major Restructuring, Says CEO
Amid a decline in revenue, the brand is restructuring.
Almost 900,000 Yogi Tea Bags Recalled Over Pesticides
East West Tea Company, LLC has initiated a recall affecting almost 900,000 Yogi tea bags in 54,846 boxes sold nationwide.
McDonald’s Introduces Limited-Time $5 Value Meal & New McFlurry
McDonald’s will launch a $5 value meal in the U.S. starting June 25, available for roughly a month.