“Make affordable products accessible to everyone”
Founded: 2010 in San Francisco, USA

Category: Online marketplace

Primary office: San Francisco, CA (USA)

Core technical team: San Francisco, USA

Status: Private

Employees: 1715

Amount raised: $1.6 billion (9 rounds – August 2019)

OVERVIEW

  • Cross-border online marketplace that connects manufacturers and sellers of a wide variety of products directly to customers at highly affordable pricing
  • Digital shopping mall with products serving a large number of low-income earners and bargain-hunters from a wide socio-economic background.
  • Employs intense personalization/targeted ads such as limited-time offerings and discounts to influence customer’s behavior to buy

 

PERFORMANCE METRICS

  • Valuation – $11 billion (2019)
  • Revenue – $1.9 billion (2018)

 

ACHIEVEMENTS

  • High profile Venture-backed
  • 90 million monthly return users and 1 million merchants in 100 countries (2019)
  • 200 million product listings and 3 million daily sales
  • World’s most downloaded e-commerce app – 61 million installs (2018)
  • 112 million monthly website visits
  • Third biggest e-commerce marketplace in the U.S. by sales

Sells

  • Online Marketplace service
  • 300 million products for sale

Channels

  • Online and Mobile Apps (iOS and Android)
  • Use of low-cost postal agreements between China Post and the United States Post Office) – most products on Wish come from China
  • Partnership with local brick and mortar store for easy delivery/pick-up service – WishLocal
  • Direct suppliers-to-customers

Competencies

  • Founder-led Management team
  • CEO/Co-Founder, Peter Szulczewski – former Google Engineer – with expertise in Search Optimization and advertising algorithms
  • Big data Analytics and Machine learning
  • Scalable e-commerce platform
  • Identified market for cheap, unbranded goods

Resources

Assets

  • Sophisticated ad algorithm, search optimization and personalization technology
  • Large network of global direct suppliers (mostly Chinese)
  • Global business operation with offices in USA, Canada, Europe (Netherlands) & China
  • E-commerce platform available in 13 languages

Processes

  • User-friendly omni-channel platform for easy click and buy
  • Intensely leverages social media feeds and Influencer marketing (e.g. NBA Lakers team) for wider reach adverts and to drive traffic to the application or site
  • Drives Customer reviews and feedbacks for purchase recommendation/assurance
  • Responding to quality control issues, hired new executive who organized approximately 10,000 Wish users to weed out shady merchants (providing such users with free goods and discounts)
  • Tracks every interaction
  • Culls 8 million products over a week – or 3% of all products on the site
  • Fines/penalties for suppliers of counterfeit products or other unethical behaviors; good behavior is rewarded

Priorities

  • Grow global network of merchants/sellers
  • Hire highly talented diversified workforce with improved work culture
  • Increase profitability
  • Servicing “ordinary folks;” 41% of US homes do not have $400 worth of liquidity
  • IPO in 1-2 years

Assertions That Best Describe What the Company Did to Scale Early, Rapidly & Securely

  1. Develop and sell products that address a problem, job to be done or a need that is shared by a large and growing number of individuals and organizations in various regions to increase sales.
  2. Sell online using a variety of online and offline promotional channels to increase the number of new customers and the retention rate of existing customer
  3. Increase value by arranging and directing a community comprised of groups that are external and internal to the company and connect everything needed to scale
  4. Increase market share by applying digital technology to brand, market, sell, and service customers more cost-effectively than competitors
  5. Increase the company’s value by continuously seeking and receiving funding to support the company’s plan to scale and improve its image in the marketplace
  6. Continuously improve the user interfaces and applications that directly influence the entirety of the customer experience including personalized content, quality messaging, and the delivery and returns process to increase sales

References

Azevedo, M. 2019. Wish raises Series H at $11.2B valuation after doubling revenue in 2018. [online]. Crunchbase News. https://news.crunchbase.com/news/wish-raises-series-h-at-11-2b-valuation-after-doubling-revenue-in-2018/

Crunchbase. 2019. Wish. https://www.crunchbase.com/organization/wish#section-funding-rounds

Olson, P. 2018. Wish founder revamps “culture & operations” to tackle Walmart, Amazon. [online]. Forbes. https://www.forbes.com/sites/parmyolson/2018/06/15/wish-ecommerce-management-churn-china/#444273fd5579

Olson, P. 2019. Meet the billionaire who defied Amazon and built Wish, the world’s most downloaded ecommerce app. [online]. Forbes. https://www.forbes.com/sites/parmyolson/2019/03/13/meet-the-billionaire-who-defied-amazon-and-built-wish-the-worlds-most-downloaded-e-commerce-app/#7b1d1ad470f5

Owler. 2019. Wish. https://www.owler.com/company/wish

Wish website. https://www.wish.com/


Contributors

  • Yinka Olanrewaju-Olawepo
  • Dan Craigen