Temu, an e-commerce platform owned by PDD Holdings, has entered the Philippines to start its expansion into the region. The Chinese-owned, Boston-based marketplace is set to go up against the established e-commerce stores in Southeast Asia namely Lazada, Shopee, and TikTok Shop.
Temu Enters Philippines
Temu recently had a pretty quiet ‘grand opening’ in the Philippines and it offered up to 90% off items like shirts, double-sided tape, and more.
The debut of the e-commerce platform is just the start of its expansion in Southeast Asia after it started operations in Japan and South Korea last month. It also started in Europe in April and expanded to Australia and New Zealand in March. Adding to its availability in more than 38 countries, currently.
According to global management consulting firm McKinsey & Co. in a December report, the e-commerce market in Southeast Asia, comprised of 11 economies, is projected to reach around USD 230 billion in gross merchandise by 2026.