In the first month of launch, the average daily GMV of Pinduoduo’s cross-border business Temu exceeded US$1.5 million
Pinwan, October 27th, according to 36氪 learned from multiple independent sources that the average daily GMV of Pinduoduo’s cross-border business Temu has exceeded 1.5 million US dollars after going online for more than a month, and the number of registered merchants is nearly 30,000. SKUs range from 300,000 to 400,000, covering 24 first-level categories. According to people familiar with the matter, although this GMV level is slightly lower than internal expectations, considering the arrival of "Black Friday", Pinduoduo is more optimistic about the growth at the end of the year. According to the previous assumption, Temu's GMV target by the end of the year is 300-500 million US dollars, and it will reach a target of 3 billion US dollars in the next year, which is equivalent to 1/10 of SHEIN's current GMV volume. According to previous reports, in the first half of 2022, SHEIN's GMV exceeded 16 billion US dollars, with a year-on-year growth rate of over 50%, and it is expected to complete the annual sales target of 30 billion US dollars ahead of schedule. At present, among Temu's new customer acquisition channels, instagram accounts for 30%, Facebook accounts for 30%, Google accounts for about 20%, and the rest such as Tiktok, Youtube, website alliance, etc. account for about 15%, which is roughly equivalent to SHEIN. However, a person in the cross-border e-commerce industry told 36Kr that taking the US market as an example, SHEIN’s customer acquisition cost in the Facebook channel in the first half of the year was around $35, while Temu’s cost was 30-40% higher. Insiders said that Temu’s budget for September reached 1 billion yuan, and this budget will exceed 7 billion in the next year, mainly for public domain traffic acquisition and content-based delivery (such as cooperation with KOLs, etc.), but the specific investment Will be subject to market conditions. In the first half of 2022, Pinduoduo's marketing expenses exceeded 22 billion yuan.