eCommerce,

Wish: The Billion Dollar eCommerce Startup

June 15, 2018

wish app

Shopping app Wish is the place where you can get fashion, decor, and electronics at dirt cheap prices. Printed T-shirts go for as low as a dollar.  A pair of sneakers can be had for 8 bucks, and a smart wristwatch is yours for only 13 dollars.

The startup was co-founded by CEO Peter Szulczewski, and he’s got his sights set on beating Walmart. In an interview with CNET, he revealed his revenue numbers and said the SF based startup hit $1 billion in revenue in 2017 and said revenue had doubled year after year since the founding of Wish eight years ago. He thinks they’ll double in 2018 as well.

Wish got its start by selling clothes, electronics and beauty products directly from Chinese manufacturers at rock-bottom prices. The prices are low because you won’t find any brand names. You’re ordering direct from manufacturers so there’s no middleman. Because you’re ordering direct from China, some product may take weeks to arrive.

Szulczewski said in the CNET interview: “We want to become the default platform that consumers go to — specifically value-conscious consumers — in a way that Walmart has become for a lot of people.”

Wish is now the No. 1 Android shopping app in the US and nearly 40 other countries, and the startup is currently valued at about $8 billion.

To show the company is now in the big leagues,  last year they signed a multimillion-dollar deal to get its logo on Los Angeles Lakers jerseys.

Wish

 

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