Week #20: Shein to Re-Enter Indian Market via Reliance Retail's Apps and Stores | Temu Tops iPhone and Android APP Stores for 2024
Latest news and analysis on China’s global e-sellers
Here’s our pick for last week’s news:
URTOPIA Secures Series A Financing Exceeding $10 Million
Alibaba.com Expands with South Korean Enterprise Site Launch
Chinese E-Commerce Giants Dominate Chile's Market in 2023
Shein to Re-Enter Indian Market via Reliance Retail's Apps and Stores
Autel Technology's H1 2024 Revenue Hits $250 Million
FastMoss: US TikTok Live Shopping to Smash $5 Million in Single-Session Sales
J&T Express Achieves 38.3% Growth in H1 2024, Shipping 11.01 Billion Parcels
Temu Tops iPhone and Android APP Stores for 2024
URTOPIA Secures Series A Financing Exceeding $10 Million
The e-bike brand URTOPIA has recently announced the completion of its Series A financing, raising over $10 million. The funds will be used for expanding sales networks, technological research and development, and establishing proprietary factories.
Founded in 2021, URTOPIA harnesses the strengths of China's supply chain and AIoT technologies, emerging as a formidable player among Chinese brands venturing abroad. Its offerings include e-bikes and cycling accessories, catering to European and American consumers through both online and offline channels.
URTOPIA has set up local teams in Germany and the US, collaborating with over 300 distributors for sales and maintenance. They are expanding their network at a pace of 50 new outlets per month, transitioning from an online brand to an omnichannel brand.
Propelled by global carbon neutrality initiatives and pandemic dynamics, the e-bike market has surged over the past three years, with over 7 million units shipped globally in 2023 and a market size exceeding $30 billion.
Alibaba.com Expands with South Korean Enterprise Site Launch
Alibaba.com, Alibaba Group's B2B platform, will unveil a new website specifically for South Korean enterprises in late 2024. This initiative is Alibaba's first country-specific site in Asia, targeting the increasing global demand for South Korean products. The platform will boost cross-border marketing and export efficiency for South Korean businesses by partnering with e-commerce firms to offer easy product registration and an app for automatic translation of Korean product descriptions into English.
To enhance the digital and global reach of South Korean SMEs, Alibaba.com will work with government bodies to provide comprehensive support. "We aim to build partnerships that help Korean products succeed globally," said Marco Yang, head of Alibaba.com Korea. Over the past year, Alibaba.com has seen significant growth in automotive parts (300%), instant noodles (82%), and skincare products (80%).
Chinese E-Commerce Giants Dominate Chile's Market in 2023
A new report from Chilean consultancy KawesLab reveals that Chinese e-commerce powerhouses AliExpress, Shein, and Temu secured over 50% of Chile's cross-border e-commerce market in 2023. AliExpress's market share surged from 26% in 2021 to 35% in 2023. Shein held a 13% share, trailing Amazon’s 18%, while Temu, a newcomer in late 2023, quickly captured 3%. Together, these three firms commanded 51% of the market. Christian Oros, CEO of KawesLab, attributes their success to tax-free policies for low-priced parcels, swift shipping, and competitive pricing. Oros also forecasts steady growth in Chile’s foreign trade, with more companies entering the fray.
Shein to Re-Enter Indian Market via Reliance Retail's Apps and Stores
After more than a year of signing the partnership, India's Reliance Retail Ventures is poised to launch the Chinese fast-fashion label Shein in the country within the coming weeks. This strategic partnership aims to offer Shein's products online and in Reliance Retail’s offline stores.
Shein was banned in India in 2020 during a broader crackdown on Chinese apps amid escalating border tensions. This forthcoming launch marks the fashion brand's return to the Indian market after a four-year absence, through collaboration with Mukesh Ambani-owned Reliance Retail.
The partnership will see Shein’s products available on Reliance Retail's app and in their physical stores. To spearhead Shein's operations in India, Reliance is likely to bring on board former Meta (Facebook) director Manish Chopra. Additionally, Reliance Retail is setting up boutique studios in select European cities to keep abreast of Western fast fashion trends and promptly introduce them to the Indian market.
The operations will be managed by a company wholly owned by Reliance Retail. Shein will not invest equity but will receive a licence fee as a share of profits from the company. Payments to Shein will only come from the profits generated within India. Importantly, all data and the app itself will be hosted and stored within India, ensuring that Shein has no access to or control over the data.
Autel Tech's H1 2024 Revenue Hits $250 Million
Autel Technology's half-year financial report for 2024 reveals an expected revenue of $251.75 to $254.50 million, marking a 26.41% to 27.79% increase from last year. Net profit attributable to shareholders is projected to be between $52.28 and $55.03 million, representing a 101.03% to 111.62% rise. The rapid growth of the new energy business was the main driver of this performance. During the reporting period, revenue from Autel’s new energy charging pile business reached $50.90 to $52.28 million, an over 80% year-on-year increase, significantly boosting its share of total revenue.
In recent years, while maintaining the stability and profitability of its traditional business, Autel has heavily invested in the R&D and market promotion of new charging piles, achieving substantial results. In 2022, Autel began mass production of new energy charging piles. By 2023, revenue from this business soared to $567 million, a 493.21% increase, accounting for 17.44% of total revenue.
Autel specializes in the R&D, production, sales, and service of new energy charging piles, automotive diagnostics, detection and analysis systems, and electronic components. Its products are primarily sold in the U.S., Europe, Japan, Australia, and over 70 other countries and regions. Autel is a professional provider of integrated solutions for smart charging, automotive diagnostics, TPMS, ADAS, and related software cloud services.
FastMoss: US TikTok Live Shopping to Smash $5 Million in Single-Session Sales
The "2024 H1 TikTok White Paper" by FastMoss reveals a significant rise in live shopping on TikTok in the US from January to June 2024, with a notable peak in May. During this period, 140 live streams in the US achieved over $100,000 in GMV. The UK also saw a spike in interest and spending on TikTok live shopping, hitting a high in April.
In Southeast Asia, nearly half of the consumers watch live shopping weekly, with Indonesia leading at 34.69%. The highest single-session sales in the region hit $2.36 million. Vietnam, the Philippines, Malaysia, and Thailand are also key markets.
FastMoss forecasts US TikTok single-session sales to exceed $5 million in November 2024, with Southeast Asia's daily GMV expected to surpass $100 million.
J&T Express Achieves 38.3% Growth in H1 2024, Shipping 11.01 Billion Parcels
J&T Express, a major global logistics firm, reported a stellar performance in the first half of 2024, shipping 11.01 billion parcels, up 38.3%. In Q2 2024, the company handled 5.98 billion parcels, a 30.7% increase from the previous year, with a daily average of 65.8 million parcels. Southeast Asia saw impressive growth, with 1.02 billion parcels shipped, a 30.8% rise, averaging 11.2 million parcels daily.
In China, the volume hit 4.89 billion parcels, up 30.6%, with 53.8 million parcels per day. Emerging markets like Saudi Arabia, UAE, Mexico, Brazil, and Egypt collectively shipped 72.2 million parcels, a 33.5% increase, with a daily average of 790,000 parcels. By mid-2024, J&T Express expanded its network to 19,900 outlets, particularly boosting presence in new markets.
Temu Tops iPhone and Android APP Stores for 2024
Temu has dominated the iPhone and Android app stores in the U.S. so far this year, spending more time at the top of the charts than any other free app, according to market intelligence firm Sensor Tower—as the China-based ultracheap ecommerce giant continues to break into the U.S. market.
Online marketplace Temu spent 72 days as the No. 1 app in terms of downloads on the iPhone App Store—including 13 consecutive days in the top slot, according to Sensor Tower. Temu also ranked No. 1 for free Android apps, spending 85 days atop Android’s Google Play store—27 of which were consecutive—making it the biggest free app of 2024 so far, according to Sensor Tower.
Temu may have spent upwards of tens of millions on the six ads it ran throughout the Feb. 11 Super Bowl, according to Bloomberg. The ad blitz followed a reported decline in sales on the app. At the end of January, Temu faced a noticeable decline in rankings on both Android and iPhone charts, but experienced a recovery before the Super Bowl in mid-February. The app reached the fourth spot on the iPhone chart on Feb. 10 and 11, remaining in the sixth spot for Androids—but the ranking started to improve shortly after.