GMV Comparison of Temu and SHEIN: 2021-2023

GMV Comparison of Temu and SHEIN (2021-2023)

In recent years, Chinese cross-border e-commerce platforms Temu and SHEIN have expanded rapidly globally, becoming benchmarks for exporting enterprises. Based on industry public data and reasonable estimates, the following compares their Gross Merchandise Value (GMV) from 2021 to 2023.

Key Data

• SHEIN: As a fast-fashion e-commerce pioneer, its GMV was approximately $20 billion in 2021, grew to $30 billion in 2022, and further climbed to $45 billion in 2023, with an average annual growth rate of about 50%.
• Temu: The cross-border platform under Pinduoduo launched in September 2022 and experienced explosive growth. Its GMV was about $0.5 billion in 2022 (only three months of operation), and estimated at $14 billion for the full year 2023, a year-on-year increase of over 2,700%.

Trend Analysis

• SHEIN, leveraging its mature supply chain and brand effect, maintained steady growth, but the pace gradually slowed.
• Temu, relying on ultra-low prices and social sharing, quickly grabbed market share, especially in North America.
• Combined GMV of the two platforms increased from $20 billion in 2021 to $59 billion in 2023, accounting for a significant portion of China's cross-border e-commerce export value (about 1.5 trillion RMB).

Market Impact

• Intensified competition: SHEIN and Temu directly compete in low-priced women's apparel and home categories, driving global e-commerce prices downward.
• Logistics and compliance: Both rely on a direct-from-China shipping model but face overseas regulatory risks (e.g., EU Digital Services Act) and tariff adjustments.
• Future variables: In 2024, Temu's GMV is projected to exceed $30 billion, while SHEIN targets $60 billion, but growth may be affected by geopolitics and platform policies.

Note: Data based on industry reports (e.g., Marketplace Pulse, LatePost) and public information estimates, for reference only.