Consumers: COVID-19: Have Developed Online Shopping Habits

Media reported that last Friday (20th), Wish, a well-known mobile shopping app company in the United States, submitted its IPO prospectus to the US Securities and Exchange Commission (SEC). Statistics show that in the first nine months of 2020, the company has a cumulative loss of US$176 million, which is much higher than the US$5 million in the same period last year. Revenue has increased from US$1.33 billion to US$1.75 billion, an annual increase of 32%. It currently employs 828 people. Full-time employees.

Wish hopes to raise 1 billion U.S. dollars through an IPO and plans to list on the Nasdaq exchange. The stock code is “WISH”. It will be held by JP Morgan, BofA Securities and Goldman Sachs.

The report pointed out that the COVID-19 epidemic is raging around the world this year, and more and more consumers have developed online shopping habits, driving online shopping business opportunities, and the Wish IPO case has particularly attracted market attention. During the epidemic, e-commerce platforms such as Shopify and BigCommerce became one of the few businesses that benefited from the epidemic. Online payment companies Square and PayPal also “were all in the rain” and delivered brilliant financial reports.

Wish is headquartered in San Francisco and was established in 2010. It is famous for selling cheap and discounted products, covering everything from household goods, clothing, electronics to toys, allowing low- and middle-income consumers to find cheaper than Amazon and other platforms s Choice.

However, Wish relies heavily on Chinese sellers for its operations. According to previous estimates by Marketplace Pulse, up to 94% of sellers on the Wish platform are from China, and the remaining 6% are from the United States, the United Kingdom, Canada and India.

 

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