Monday, 18 June 2018

The Wish shopping app has 75m monthly users, and more than $1bn in revenues

"If you log onto the Wish app, you can buy dress shoes for $15, a watch for $3 or a 2-terabyte flash drive for $10.
Peter Szulczewski, CEO and co-founder of Wish, is hoping to turn those dirt-cheap prices into a sales empire to rival Walmart. And he has the numbers to suggest that's not such a crazy idea.
In an interview with CNET, he revealed a series of eye-popping figures about the discount online retailer. He said his San Francisco startup for the first time hit over $1 billion in revenue last year and has more than doubled revenue every year since its inception eight years ago. He added that "it looks like we will again" double revenue in 2018.
Szulczewski also said Wish hit 75 million monthly active users this April, has over 1 million merchants on its site and offers a selection of over 200 million items. The company expects to ship over 1 billion items this year. Plus, Wish is sitting on a war chest of over $1 billion in funding. In comparison, eBay has 171 million active buyers and Amazon has 2 million merchants, though both have staffs significantly larger than Wish's small team of about 500 employees."
Source:  CNET, 11th June 2018

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