Will Temu kill Amazon?

Temu appears unstoppable. Since the Chinese shopping app launched in the U.S. a year ago, it has become the number one e-commerce app in the country, with downloads skyrocketing 50x from 600,000 to 30 million in just one quarter, according to Bernstein analysts. In contrast, Amazon’s downloads have dropped off a cliff, falling 40% in a year. Known for wild discounts and dirt-cheap prices that severely undercut Amazon’s, Temu has ratcheted up its ad spend to infiltrate the American consumer, set to spend an estimate $2 billion in marketing in 2023. This week on Tech Check, we dive how Temu has hit Amazon’s weak spots to take the country by storm. (Source: YouTube CNBC)