📈 Temu’s Rapid Growth in Australia
Temu, launched in early 2023, has swiftly risen in Australia’s online retail market. By October 2024, its market share reached 20%, surpassing eBay’s 17% for the first time. This milestone underscores Temu’s ability to capture consumer attention in a competitive sector.
📉 eBay’s Decline in Market Share
eBay’s share in the Australian market has steadily fallen since its 2022 peak of 43%. October 2024 marked a new low at 17%, reflecting a shift in consumer loyalty. Analysts attribute the drop to increased competition and evolving buyer preferences.
🏆 Amazon Holds the Top Spot
Amazon remained the dominant player, commanding over 50% of online retail spend in October 2024, a 16% increase year-over-year. Amazon’s strong customer loyalty, with 75% of category spending retained, demonstrates its market resilience despite new competitors.
📉 Smaller Retailers Feel the Impact
Smaller players like Kogan, Catch, and The Iconic have been losing market share to larger competitors. Temu’s rise, combined with Amazon’s dominance, has squeezed these retailers, prompting experts to question their strategies for staying competitive.
What can smaller retailers do to compete?
