Temu：中国电商出海新势力的崛起与挑战

Temu：中国电商出海新势力的崛起与挑战

Temu: The Rise and Challenges of China's New E-commerce Force Going Global

作为中国领先的电商平台之一，拼多多在国内市场取得成功后将目光投向了国际市场。2022年9月，拼多多子公司Temu在美国率先上线，随后迅速扩张至北美、澳大利亚、欧洲、东南亚等地，旨在复制拼多多国内的成功模式，扩张海外市场版图。

As one of China's leading e-commerce platforms, Pinduoduo turned its attention to the international market after achieving domestic success. In September 2022, Temu, a subsidiary of Pinduoduo, launched first in the U.S. and then rapidly expanded to North America, Australia, Europe, Southeast Asia and other regions, aiming to replicate Pinduoduo's domestic success model and expand its overseas market presence.

商业模式与核心竞争力

Business Model and Core Competitiveness

Temu的业务模式经历了多次调整，从最初的"全托管模式"到2024年3月推出的"半托管模式"，再到考虑中的"第三方平台模式"。这种灵活的业务模式使其能够适应不同市场的需求和竞争环境。

Temu's business model has undergone several adjustments, from the initial "fully managed model" to the "semi-managed model" launched in March 2024, and then to the potential "third-party platform model" under consideration. This flexible business model enables it to adapt to the needs and competitive environments of different markets.

全链路供应链体系是Temu的核心竞争力之一。通过整合国内丰富的"白牌商品"资源，直接对接海外市场，实现了成本的有效控制与价格的极致优化。Temu甚至能将某些品类的价格控制在Shein的53%~80%之间。

The end-to-end supply chain system is one of Temu's core competitive advantages. By integrating China's abundant "white-label" resources and directly connecting with overseas markets, it achieves effective cost control and extreme price optimization. Temu can even control the price of certain categories to 53%-80% of Shein's prices.

全球扩张策略

Global Expansion Strategy

Temu采用了市场细分+低价优惠的扩张策略。截至目前，其业务范围已覆盖了82个国家和地区。在东南亚市场，Temu选择菲律宾作为首站，随后进入马来西亚、越南、泰国和文莱等市场。

Temu adopted a market segmentation + low-price promotion expansion strategy. To date, its business has covered 82 countries and regions. In the Southeast Asian market, Temu chose the Philippines as its first stop, followed by Malaysia, Vietnam, Thailand and Brunei.

低价优惠策略是Temu迅速扩张的要诀。在东南亚，Temu采用全托管模式，通过承担卖家物流和运营环节来换取更低的进货价格，同时具备定价权，形成了系统的低价优势。

The low-price promotion strategy is the key to Temu's rapid expansion. In Southeast Asia, Temu adopts a fully managed model, obtaining lower purchase prices by taking on sellers' logistics and operational processes while maintaining pricing power, forming a systematic low-price advantage.

面临的挑战

Challenges Faced

在美国市场，Temu正面临取消小额进口商品关税豁免政策的影响。如果小额豁免政策被取消或收紧，Temu将面临更高的关税成本。据分析，极端情况下，Temu全托管模式可能面临10%左右的提价压力。

In the U.S. market, Temu is facing the impact of the potential cancellation of the de minimis tariff exemption policy. If the de minimis policy is canceled or tightened, Temu will face higher tariff costs. Analysis shows that in extreme cases, Temu's fully managed model may face about 10% price increase pressure.

在市场竞争方面，亚马逊上线了名为Amazon Haul的低价客户端，与Temu形成直接竞争。在东南亚市场，消费者购物渠道偏好固定，且印尼已禁止消费者访问Temu以保护本地中小企业。

In terms of market competition, Amazon has launched a low-price client called Amazon Haul, forming direct competition with Temu. In the Southeast Asian market, consumers have fixed shopping channel preferences, and Indonesia has banned consumers from accessing Temu to protect local SMEs.

未来展望

Future Outlook

Temu正逐步调整其全球化战略，从专注美国市场转向更加均衡的全球布局。预计美国市场对Temu GMV的贡献将从2023年的超50%降至2024年的33%，而欧洲市场有望在2024年成为Temu最大的GMV来源，占比达37%。

Temu is gradually adjusting its globalization strategy, shifting from focusing on the U.S. market to a more balanced global layout. It is expected that the U.S. market's contribution to Temu's GMV will drop from over 50% in 2023 to 33% in 2024, while the European market is expected to become Temu's largest source of GMV in 2024, accounting for 37%.

凭借其独特的商业模式和拼多多的支持，Temu在短短两年内实现了快速的国际化扩张。未来，Temu需要继续优化其供应链管理，加强本土化运营，以应对日益激烈的国际市场竞争。

With its unique business model and the support of Pinduoduo, Temu has achieved rapid international expansion in just two years. In the future, Temu needs to continue to optimize its supply chain management and strengthen localized operations to cope with increasingly fierce international market competition.