Shein pushes Amazon out of the top spot

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While SHEIN may not be the household name in e-commerce that Amazon is in the United States, it has pulled off a feat that few other retailers have achieved: it has managed to move Amazon out of the top spot in terms of app downloads.

PYMNTS ‘latest shopping app provider rankings reveal that last month, fast fashion app SHEIN takes the top spot, while Amazon is “on its heels” at No. 2 as it strengthens its e-commerce deals with things like third-party subscription boxes. Walmart, in particular, holds third place.

And PYMNTS isn’t the only data source to put SHEIN first. The Sensor Tower and App Annie rankings also reflect the fact that Amazon has been eliminated from its first ecommerce position on iOS and Android in the United States.

SHEIN’s leading position is somewhat surprising, as its rise to a $ 15 billion valuation and # 1 spot in app stores happened in a fairly low-key way that not only didn’t attracted media attention, but at times actively sought to avoid it.

Sometimes referred to as the ‘Tik Tok’ of e-commerce, the company is known to exercise strict controls over its commerce process, with every element of its production chain – from prototype to procurement to manufacturing – under its umbrella. direct supervision, highly digitized and carefully integrated. As a result, SHEIN is known to be able to deliver hundreds of new products tailored to the needs of consumers in near real time.

SHEIN’s position at the top of the rankings in May can be seen as a long way to go. It briefly topped the Android ranking at the end of April, according to reports.

Much of SHEIN remains a mystery. Its list of investors is not public information and is not confirmed by the company, although Chinese media have named AFCO Asia, Greenwoods Asset Management, IDG Capital, Sequoia Capital China, Tiger Global and the founder of Xiaomi. , Lei Jun’s Shunwei Capital among its backers. It’s also unclear how much it spends on marketing to attract so many new consumers to the world – or how many of those downloads actually translate into consumers who are active users of the app.

However, the app is generating a lot of interest from millennials and Gen Z users who praise its wide variety of products and low prices, according to reports. Last week’s popular options, among 6,239 new items that debuted, included a floral halterneck top (US $ 5), purple dinosaur-print pajamas (US $ 10), and a fitted dress with sleeves. butterfly with pearl trim (US $ 22).

The bigger question is, will SHEIN have the power to hold onto its top spot, given that Amazon has always worked hard to reclaim that top spot over and over again, as players like Wish have managed to make the top spot. headlines by supplanting the e-commerce giant at position # 2? And while it’s not quite the digital powerhouse that Amazon is, Walmart is well established in the mix, standing firmly in third place with plans to take on and (if it succeeds) topple Amazon – or at least. less move it from the first place.

SHEIN has made impressive strides in the market since its founding in 2008 – and it clearly doesn’t suffer from a lack of ambition when it comes to tackling the global ecommerce scene. But the competition is fierce, and it looks like SHEIN will no longer be able to get away with quietly crawling around in a market that hasn’t paid much attention to it for the past fifteen years, even though consumers are increasingly noticing it. in addition and love it.

Because the arrival of SHEIN in the first place officially announces its competitive presence – and strong. It will be interesting to see how the trading world reacts.

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NEW PYMNTS DATA: FOCUS ON AI: THE BANK’S TECHNOLOGICAL ROADMAP

About the study: The AI ​​In Focus: The Bank Technology Roadmap is a research and interview report examining how banks are using artificial intelligence and other advanced IT systems to improve credit risk management and other aspects of their operations. The Playbook is based on a survey of 100 banking executives and is part of a larger series assessing the potential of AI in finance, healthcare and others.



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