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It’s day 1 for Amazon Haul — the tech giant’s answer to Temu and Shein

More stuff for less is probably not a hard sell after years of inflation.

11/14/24 11:40AM

As the mass at the center of the e-commerce universe, when Amazon makes a move, the industry usually follows. But, for once, it’s the online giant looking to catch up with its competition, with the company rolling out its new — currently mobile-only — storefront, Amazon Haul, yesterday. It offers an array of products under $20, from fashion to home goods to electronics. Items like $2.99 holiday table runners, $1.79 iPhone cases, and $7.99 quilted totes are available to be shipped directly from warehouses in China to bargain-seeking shoppers in the United States.

From Amazon’s perspective, this feels smart — directly taking on the new kids on the block Temu and Shein, which have burst onto the scene in the last few years, at a time when inflation-weary consumers are more open to finding a bargain than ever before.

Temu & Shein Google Trends
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Despite already holding a ~41% share of the US e-commerce market (compared to Temu and Shein’s 1% each), Amazon is clearly determined to give shoppers as few reasons as possible not to visit amazon.com — even if it means easing up on its signature same- or next-day delivery. In a statement yesterday, Amazon noted shoppers are willing to bear with “one to two weeks” if they can snag “ultralow-priced” items.

According to data from website-intelligence platform Similarweb, Amazon’s main site has had more than 22 billion hits this year — more than 10x what Shein and Temu have racked up combined.

This isn’t Amazon’s first time taking cues from competitors; the company has been accused of borrowing products or business models from online furniture retailer Wayfair, shoe brand Allbirds, and Canadian e-commerce platform Shopify — reportedly even forming task forces to monitor them, according to The Wall Street Journal.

Amazon’s timing might come with challenges: US and European regulators are cracking down on a loophole allowing imports under $800 to dodge tariffs, plus there is Trump’s proposed 60% tariff on Chinese imports.

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Elon Musk at Donald Trump Rally At Madison Square Garden In NYC

The Tesla directors who just proposed giving Elon Musk a trillion dollars say it’s “critical” he stay out of politics

Even still, the company doesn’t appear to be putting up hard guardrails for Musk’s political ambitions.

$1T

Tesla jumped more than 2% premarket on Friday after the company proposed an unprecedented roughly $1 trillion pay package for CEO Elon Musk, according to proxy filings.

To receive the massive payout, Musk will have to increase the company’s market cap to $8.5 trillion from the approximately $1 trillion it is today over the next 10 years.

The pay package also requires that Musk expand Tesla’s product offerings to include 1 million Robotaxis in commercial operation and the “delivery of 1 million AI Bots.” Currently the company has about 30 autonomous robotaxis in its invite-only Austin ride-hailing service, though this week the company expanded the waitlist for the service to everyone. Tesla's Optimus robots are still under development.

Musk would also have to take part in his own succession planning and develop a framework for who’s to follow him.

Investors have historically tied the fate of Tesla with Musk, so holding on to him for an extended period of time and having his blessing for the succession plan is typically seen as good news for the stock.

“We believe that Elon’s singular vision is vital to navigating this critical inflection point,” the filing reads. “Simply put, retaining and incentivizing Elon is fundamental to Tesla achieving these goals and becoming the most valuable company in history.”

A judge twice struck down Musk’s previous $56 billion compensation package. Last month the board approved a $30 billion interim pay package, saying that “retaining Elon is more important than ever.”

Shareholders will vote on the pay package at their annual meeting on November 6.

Old Navy store on 34th street in New York City, U.S.

Gap pops as the denim giant takes a big swing into beauty and accessories

The retailer is piloting beauty through shop-in-shops at Old Navy before rolling it out to Gap stores next year.

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