What if we told you that better products were available at lower prices? The rise of online shopping has been one of the single biggest changes to manifest out of the past decade or so, at least from a marketing perspective. No longer are shoppers or buyers beholden to conventional markets, instead working together (or against one another) to lower prices, improve profit margins, and expand product catalogs.
While many shoppers are familiar with e-commerce giants like Amazon and Wal-Mart, it is the new Temu that has been shaking things up and leading to changes within the online shopping world.
What is Temu?
Temu is an e-commerce platform that was designed in collaboration between Chinese and American businesses. The platform was developed as a response to the Wal-Mart and Amazon’s of the world with one slight caveat and distinction: the low prices that shoppers see are indicative of quality goods, not the inverse.
Temu was developed under the idea of Team Up, Price Down (TEMU) to introduce collaboration between buyers and sellers. This collaborative idea is the foundation of Temu’s business model, incentivizing a reduction in prices while improving the overhead and profit margin for sellers. This three-step manufacturing process has taken the internet by storm.
The first step of the Temu process involves anticipating demand through product design. Working with sellers, Temu gives businesses the tools they need to anticipate potential demand so that they can cut costs and charge a lower price.
The second step of Temu’s process involves optimized marketing metrics produced through the dashboard at Temu. These marketing metrics are curated through the incentivizing of shoppers to leave notes and comments. This information is then synthesized for sellers to maximize what they are doing.
The final step in Temu’s revolutionary process involves improving ROI outcomes for businesses. With the metric systems outlined above, businesses can reduce overhead while monitoring sales and catering to the needs of their customers.
Changing the Manufacturing Paradigm
Online shoppers have grown increasingly accustomed to finding low prices from the larger e-commerce platforms and big box stores. While these prices are normally pretty low, consumers have come to associate poor quality with their production. This just isn’t the case, at least not always, and it is thanks in large part to Temu.
Temu utilizes a host of technologies to automate its system, incorporating order fulfillment and product design into a system that streamlines everything. Amazon and Walmart have worked to reduce prices by streamlining their manufacturing, and Temu is doing it by creating a collaborative approach between buyer and seller. Data-driven metrics are available through the Temu dashboard, giving businesses the information and subtle guidance that they need to make better decisions.
Temu offers higher cost savings than most other companies, brands, and platforms thanks to its next-generation approach to manufacturing. Temu reduces overall marketing and advertising costs, which allows brands to pass those savings right on to the consumer.