来源：华尔街见闻
作者：卜淑情
Temu平台各品类构成较为分散，Shein则专注于快时尚，在运营模式、定价和全球供应链建设方面均有所不同。
今年以来海外需求旺盛，美国网络零售额持续走强，中国电商凭借高性价比优势在海外广受欢迎。
在所有出海的电商中，Temu和Shein两大巨头快速崭露头角，展开了一场激烈的王者之争。那么，未来谁有机会坐上跨境电商王者的宝座？
安信证券从三个方面对比了两家跨境巨头的区别，发现Temu平台各品类构成较为分散，更追求性价比，Shein则专注于快时尚，在供应链全球化进程更快。
在运营模式、定价和全球供应链建设方面均有所不同。
随着海外网络零售走向繁荣，电商渗透率逐渐提升。2023Q3，美国网络零售额达2716.53亿美元，同比增加7.8%，电商渗透率14.9%。安信表示，相比于$亚马逊(AMZN.US)$、$eBay(EBAY.US)$等美国本土电商，我国跨境电商凭借价格优势和市场响应优势可快速打开市场。
Temu为$拼多多(PDD.US)$旗下跨境电商平台，其销售额实现快速增长，2023年10月达11.84亿美元，环比增加34%。分品类来看，Temu平台各品类构成较为分散，其中服装、鞋履、家居厨房、运动户外、美容健康品类占比较大。
Temu月活和下载量均表现亮眼，新客数量快速增长。2022年，Temu应用程序以近1500万的下载量排名第二。从MAU来看，数据快速增长，2023年8月，ST MAU达108.52亿，环比增加9%，Data AI MAU达119.99亿，环比增加20%。
Shein主营B2C快时尚跨境电商，其网站已经成为2022年北美流量增速最快的快时尚网站，平均年流量高达183.45%，GMV高达300亿美元，F轮估值已经超过千亿美元。
Shein包含新自营模式、全托管模式、POP模式三种运营模式，其中新自营模式为主导；Temu模式与Shein的全托管模式类似，是一种类自营的运营模式而非纯平台，商品最终定价由Temu决定。
Temu在品类选择上以小件、日用作为差异化突破点，更强调产品实用性，采用低价策略提供物美价廉的产品，10美元以下的产品GMV占据总GMV大部分；Shein则以快时尚品类为主，强调产品的时尚性，并非一味追求低价。
安信证券表示，考虑到跨境监管政策具有不确定性，同时海外供应链具有时效性更高、税收更优惠等优势，因此布局海外本土供应链成为必然趋势。
Shein已经开始加速建设海外供应链，已在巴西、土耳其建厂，计划墨西哥建厂，未来巴西辐射拉美、墨西哥辐射北美、土耳其辐射中东、欧洲。Shein早前宣布重仓拉美，并加速巴西本土化进程，已经与巴西12个州的330家供应商和物流服务商签署了合作伙伴关系，计划到2026年，其巴西85%的销售额将由本地生产的产品构成。
而Temu目前尚未开启海外供应链建设，供应商仍均在中国。
编辑/tolk
Source: Wall Street News
Author: Bu Shuqing
The Temu platform's various categories are scattered, while Shein focuses on fast fashion, which differs in terms of operating models, pricing, and global supply chain construction.
Overseas demand has been strong since this year, online retail sales in the US have continued to strengthen, and Chinese e-commerce has gained popularity overseas due to its high cost performance advantage.
Among all e-commerce businesses going overseas, the two giants Temu and Shein quickly rose to prominence and started a fierce battle for the king. So, who will have a chance to become the king of cross-border e-commerce in the future?
Anxin Securities compared the differences between the two cross-border giants from three aspects and found that the various categories on the Temu platform were scattered and sought more cost performance, while Shein focused on fast fashion, and the globalization process in the supply chain was faster.
They all differ in terms of operating models, pricing, and global supply chain construction.
As overseas online retail becomes prosperous, the e-commerce penetration rate is gradually increasing. In 2023Q3, online retail sales in the US reached US$271,653 billion, an increase of 7.8% over the previous year, and the e-commerce penetration rate was 14.9%. Anxin said that compared to$Amazon(AMZN.US)$,$eBay(EBAY.US)$As for local e-commerce in the US, China's cross-border e-commerce can quickly open up the market with price advantages and market response advantages.
Temu is$PDD Holdings(PDD.US)$Its cross-border e-commerce platform achieved rapid sales growth, reaching US$1,184 billion in October 2023, an increase of 34% over the previous month. Looking at the various categories on the Temu platform, the composition of the various categories on the Temu platform is scattered, with clothing, shoes, home and kitchen, sports and outdoor activities, and beauty and health categories account for a relatively large share.
Temu's monthly activity and downloads are impressive, and the number of new customers is growing rapidly. In 2022, the Temu app ranked second with nearly 15 million downloads. Looking at MAU, data is growing rapidly. In August 2023, ST MAU reached 10.852 billion, an increase of 9% over the previous month, and the Data AI MAU reached 11.999 billion, an increase of 20% over the previous month.
Shein specializes in B2C fast fashion cross-border e-commerce. Its website has become the fast fashion website with the fastest traffic growth rate in North America in 2022. The average annual traffic is as high as 183.45%, the GMV is as high as 30 billion US dollars, and the F round valuation has already exceeded 100 billion US dollars.
Shein includes three operating models: a new self-operated model, a fully managed model, and a POP model, where the new self-operated model dominates; the Temu model is similar to Shein's fully managed model. It is a self-operated operating model rather than a pure platform, and the final price of the product is determined by Temu.
Temu uses small parts and daily use as differentiation breakthroughs in category selection, and places greater emphasis on product practicality, and uses a low price strategy to provide good-quality and inexpensive products. GMV for products under $10 accounts for most of the total GMV; Shein, on the other hand, focuses on the fast fashion category, emphasizing the fashionability of products, rather than simply pursuing low prices.
Anxin Securities said that considering the uncertainty of cross-border regulatory policies, and at the same time, overseas supply chains have advantages such as higher timeliness and more favorable taxes, the layout of overseas local supply chains has become an inevitable trend.
Shein has begun to accelerate the construction of overseas supply chains. It has built factories in Brazil and Turkey, and plans to build factories in Mexico. In the future, Brazil will cover Latin America, Mexico will spread North America, and Turkey will spread the Middle East and Europe. Shein announced earlier that it is investing heavily in Latin America and is speeding up the process of localization in Brazil. It has signed partnerships with 330 suppliers and logistics service providers in 12 Brazilian states. It is planned that by 2026, 85% of its sales in Brazil will be comprised of locally produced products.
However, Temu has yet to start overseas supply chain construction, and all of its suppliers are still in China.
