Its algorithms claim to help tailor products that customers see to their interests and budget, and Wish takes a commission from every product sold. Its business model prioritises value over brand, packaging or speedy delivery.
Wish.com was founded in 2010, by Peter Szulczewski and Danny Zhang, who met at university in Ontario, Canada. Szulczewski remains the CEO. The San Francisco-based company now has offices all over the world including Amsterdam, Toronto, and Shanghai and employs more than 800 people.
In June 2020, Wish.com had 122.5 million visits according to web analytics service Similarweb, with 69.9 unique visitors from around the world.
What does Wish.com sell? From jewellery to shoes, tablets to smartphones, fancy dress to baby nappies and everything in between; Wish.com sells almost anything you can think of. It’s caused hilarity on social media for offering up items as bizarre as fake plastic human tongues and tutus for dogs. And while it claims to tailor products customers see in their feed, many shoppers are left baffled by the items marketed to them – pigeon carriers, trousers printed with Hollywood actor Nicholas Cage’s face, helmets for chickens and loo roll earrings, to name but a few.
Peter Szulczewski says he founded Wish to sell to an underserved that has been neglected by existing companies. In other words, he is targeting everyone except the 150m or so households that an Amazon Prime subscription.
Their low prices are the result of a direct line to the Chinese supply chain. The vast majority of the goods on the site are shipped directly from the country’s manufacturing hubs. It is a model which China’s e-commerce behemoths Alibaba and JD.com have employed domestically/ Wish just marketed the same idea to Westerners linking the 10m users up to 500.000 or so merchants.
Changes in postal rates can mean dangers ahead
But, of course, while Wish.com are experiencing this rapid growth changes in international postage rates as they almost doubled overnight and that change is now filtering through to the real world.
Its 15% cut resulted in revenue of $1.7bn in the first nine months of 2020, up from $1.3bn a year earlier.
Technogym has opened the latest of its consumer-facing retail store concepts in Los Angeles, US
A key supplier of fitness equipment to gyms and leisure centres, Technogym, is also looking to serve the home-based fitness market and opening retail stores across the world.
As a result of the pandemic many, if not most gyms were closed and even now where some countries are easing their restrictions many formers gym customers are not returning. The home exercise market has seen a boom, so even the most successful suppliers of studio gym equipment are now adapting their channel strategy.
For a while, Technogym has had a platform at the upmarket department store, Harrods, in London catering for their exclusive clientele. Please notice the statement on the website posted below that their prices are ‘On application’.
Technogym selling through the department store, Harrods
Their new store in Los Angeles sits on two floors, covering 325 square metres, is located in the heart of the West Hollywood Design District and will showcase the full range of Technogym’s equipment and services.
Specifically targeting the high-end consumer market, the store will allow people to access and discover the company’s at-home products and solutions.
Staff at the site will include experienced personal trainers and interior designers, who will assist with bespoke home-gym projects and personalised consultations. The opening forms part of Technogym’s strategy to increasingly target the direct-to-consumer market, which has experienced a boom in the past year as a result of the coronavirus pandemic.
Technogym’s new store in Los Angeles
Similar stores are located – or planned – for Milan, New York, Madrid, Dubai, Mexico City, Doha, Vienna, Zurich and Moscow.
The opening forms part of Technogym’s strategy to increasingly target the direct-to-consumer market.
Danish online supermarket start-up sees massive growth, also in the 65+ segment
Nemlig.com is a Danish online supermarket for everybody delivering organic food, discount food, branded food and so on to the customer via an easy and convenient home-delivery solution.
Not, surprisingly, during the lockdown, they have been experiencing massive growth, but unexpectedly their second-biggest consumer segment is now the over-65s. They put this down that the slightly older people during lockdown have become increasingly digital-savvy as they are getting used to Zoom, Teams and so on.
A few lessons learned:
• Nothing is static
• Consumer changes should be seen both as a challenge and opportunity
• Digital is a massive opportunity
• Run regular ‘what-if’ sessions
• Think ‘wrong’ and very lateral
All the beat and good luck keep #growexport in the new normal world…