Tag Archives: retail

Introducing Temu, the Most Downloaded App in the US

China, Consumerism, News, , ,

It is safe to assume that most Americans would consider Amazon and Target to be the most popular online retailers, along with some other well-known conglomerates.  And until the Super Bowl last Sunday, that stood true. But now, in a surprising turn of events, a new online shopping platform has become the most downloaded app in the United States, surpassing even the biggest names in the industry.

Temu is an online shopping destination for just about everything, including clothing, houseware items, electronics, and much more. Based in Boston, it shares the same parent company as the Chinese e-commerce icon, Pinduoduo. The target market is anyone looking for great deals. And, with prices like $11 for a smart watch and $8.50 for wireless earphones, it’s not hard to understand the ultra-quick popularity Temu has gained.

https://youtu.be/RgNuwb9lpeg

In its 30-second Super Bowl slot, word about Temu reached millions of US homes. The ad focused on bargain prices yet feeling like a billionaire. The background song played: “The prices blow my mind. I feel so rich. I feel like a billionaire.”

According to Sensor Tower, since its release in September, the Temu app has been downloaded 24 million times.

Inventories Up: Economy Moving Forward

Economy, , ,

June’s data show that US business inventories realized their largest increase in seven months as retailers continue to re-stock at an accelerated pace in reaction to an increase in demand for goods at home.

According to the Commerce Department business inventories climbed by 0.5 percent after an unrevised increase of 0.3 percent in May.

Inventories are considered an important component of the country’s gross domestic product. Retail inventories did even better, rising by 0.6 percent in June and the same percentage in May.

Stock of motor vehicles surged by 0.7 percent after an even higher rise of 1.2 percent in May.

Retail inventories, not including cars, which are included in the calculation for GDP, went up 0.5 percent, up from 0.2 percent in May.

Inventory investment did not have an impact on the 2.6 percent annualized growth rate of the second quarter of this year, after severing off 1.46 percentage points at the beginning of the year.