Home » Latest News » US E-commerce Weekly Update (Oct 26 – Nov 1): Amazon’s Record Profits and Temu’s Rapid Growth

US E-commerce Weekly Update (Oct 26 – Nov 1): Amazon’s Record Profits and Temu’s Rapid Growth

an amazon package

Amazon: Surpassing expectations with soaring profits

Q3 revenue triumph: Amazon’s net sales soared to $143.1 billion in Q3, a 13% increase year-over-year, with net profits skyrocketing by 241% to $9.9 billion, thanks to cost-cutting measures and profitable investment in Rivian Automotive.

Seller invitation to “CML”: Amazon is boosting exposure for US sellers in Europe by syncing ratings and reviews, with the “CML” program promising increased sales and visibility.

Potential black friday disruption: A global strike on Black Friday, involving over 30 countries, could significantly impact Amazon’s peak season deliveries, following a call to action at the “MakeAmazonPay” summit.

Temu: Pinduoduo’s new frontier

Seasonal sales surge: Temu’s GMV crossed the $5 billion mark in Q3, with a single-day GMV hitting $80 million in September, indicating a trajectory that could exceed its $15 billion annual target.

Global expansion: With its entry into 47 countries, Temu has set a record for monthly expansion and is showing strong customer retention rates, challenging established players like eBay and Amazon.

Others: Collaborations and innovations

SHEIN x Forever 21: A new partnership between SHEIN and Forever 21 under ABG Group will see the launch of a co-branded line, leveraging SHEIN’s on-demand production model to minimize inventory waste.

Wish’s new listing fee: Starting January 1, 2024, Wish will implement a listing fee for active products to enhance the shopping experience and support merchants in optimizing their product and store operations.

Online prices at 41-month low: The Adobe Digital Price Index reported a 4.6% year-over-year decrease in online prices in September, driven by non-essential goods, marking the lowest in 41 months.

Grocery price inflation slows: The rise in online grocery prices decelerated in September, with a modest month-over-month increase, indicating a shift in consumer spending towards more affordable online options.

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