The once so hyped American shopping app Wish has recorded a sharp drop in sales and user numbers in the first half of 2022. Are the trading platform’s former customers now undergoing a rethink or have they perhaps had a bad experience? We take a closer look 🔎
▶️ In Q1 2021, Wish still reported a turnover of 656 million dollars. One year later, it is only 134 million dollars. In other words, a steep drop of almost 80%. According to the quarterly report, there is a loss of 90 million dollars. According to its own information, however, there are capital reserves of almost 950 billion dollars.
▶️ An important loophole for Wish in EU law was closed at the beginning of July. Since then, import taxes are also levied on shipments up to a value of €22. In addition, there are flat fees charged by the parcel delivery companies.
▶️ A new app design, a better shipping service and new pricing are now supposed to stop the downward trend.
Is the hype about cheap products from predominantly Chinese suppliers over or merely a temporary low that could be remedied with Wish’s new measures? We are curious about future developments.