![\"Retail](\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\")
<\/a><\/p>\n<\/p>\n
![\"Wish.com\"](\"https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2023\/10\/wish-pocket-scaled-1-696x477.jpg\" "\\"Wish.com\\"\/")
<\/div>\nWish was once the big new disruptor on the retail scene, offering pretty much everything, from the latest fashion trends and pet accessories to household gadgets you weren\u2019t aware existed but you now can\u2019t live without.<\/span><\/p>\n The US website shot to fame in 2018 for its cheap prices \u2013 and incredibly long delivery times \u2013 and quickly became the most downloaded shopping app worldwide, doubling its revenue that year alone to \u00a31.5bn ($1.9bn).<\/span><\/p>\n That was until rivals like Shein and \u2013 more recently \u2013 Temu started to gain traction, with a similar offering but more competitive delivery times.<\/span><\/p>\n Where does that leave Wish? Retail Gazette caught up with chief product officer Mauricio Monico on how it plans to compete with its Chinese rivals.<\/p>\n Wish now sits in a highly saturated market \u2013 not forgetting about the biggest Chinese giant Alibaba \u2013 but its not looking to do \u201csame thing, just a little bit better\u201d, explains Monico.<\/p>\n \u201cWhat we\u2019re continuing to do is innovate in the same way we did when we started,\u201d he says.<\/p>\n When it launched in 2010, Wish.com was the only\u00a0manufacturer-direct discount shopping app on the market.<\/p>\n The San Francisco-based platform shipped its vast array of discounted products straight from their factories.<\/p>\n \u201c[The site] really introduced this model of discovery-based shopping,\u201d explains Monico. <\/span>\u201cMost of the time you don\u2019t even know the products exist.\u201d<\/p>\n \u201cYou\u2019re not intentionally looking for anything but based on your interests, behaviour and all the information we can collect, we\u2019re going to be able to show you the products you are more likely to be interested in.\u201d<\/span><\/p>\n Flying on a high off the pandemic online shopping trend, Wish debuted on the Nasdaq stock exchange in December 2020 providing it with an initial valuation of \u00a311.4bn ($14bn).<\/p>\n However, its high was short lived when Shein, which launched in 2008, started to pick up momentum.<\/p>\n The Chinese fashion giant hit the $30bn turnover mark in 2022,\u00a0but was quickly knocked off the top spot when rival Temu debuted last September.<\/p>\n Meanwhile, Wish fell behind ever further. As of August 2023, the value of its stock has fallen more than 99% from its initial \u00a314bn valuation, meanwhile, the 13 year old business is still racking up substantial net losses.<\/span><\/p>\n However, Monico says that Wish is taking a much more sustainable approach to growth.<\/p>\n \u201cWhat you\u2019re seeing right now is the Temu\u2019s of the world, spending a tremendous amount of getting to the market,\u201d he says.<\/p>\n \u201cWe have been a lot more focused on retention of our users [and] ensuring that the products actually meet the expectations of our user.\u201d<\/p>\n Last year, then chief executive Vijay Talwar set out Wish\u2019s comeback plan as he looked to turnaround the business.<\/p>\n This included launching an invite-only merchant programme, adjusting its supply chain to make its famously slow delivery faster, and boosting the customer shopping experience.<\/p>\n \u201cIn the past, Wish used to be a completely open marketplace \u2013 like completely unmanaged, meaning that we let the demand and supply figure itself out,\u201d explains Monico.<\/span><\/p>\n \u201cRight now, we are a little bit more of a managed marketplace. We\u2019re putting merchants that we want on the platform, which also helps with quality and trust\u201d.<\/span><\/p>\n The move \u2013 introduced in January last year \u2013 has helped to make <\/span>\u201ctremendous amounts of improvement\u201d on the product listings, <\/span>Monico says, adding that its also helped to <\/span>reduce return rates.<\/span><\/p>\n Wish is also looking at providing a more curated feed for shoppers, with teams looking at finding further opportunities to develop the platform\u2019s current categories.<\/span><\/p>\n \u201cWe\u2019re going into H2 with a very deep focus on some new categories, as well as trying to improve the [current ones] and making them a lot more visible, more discoverable, and a better experience,\u201d says Monico.<\/p>\n For example, the platform \u201cdramatically expanded\u201d its range of sexual wellness products last month after the line was proving increasingly popular among shoppers. <\/span>It joins investments in its refurbished, health and home and garden ranges.<\/p>\n \u201cWe\u2019re managing those categories very strongly and ensuring that those products actually meet the expectations of our user,\u201d Monico adds.<\/p>\n Delivery is a \u201ckey compenent\u201d of Wish\u2019s turnaround plan, says Monico, especially as its long waiting times,\u00a0is one of the factors that saw it drop behind the marketplace newcomers.<\/p>\n One of the ways it is shortening lead times is through setting up distribution centres in key regions, allowing for selected products to be shipped directly.<\/p>\n Monico admits that \u201cless than 2% of our products are stocked in the warehouses\u201d.<\/p>\n Wish has also introduced \u201cincentives for users to build a basket\u201d through providing flat rate shipping, where the price is calculated on the size of the packaging instead of weight.<\/p>\n \u201cWe used to have delivery dates of upwards of four weeks, and now for the vast majority of our markets it\u2019s less than 15 days and is some regions, it\u2019s anywhere between six to 10 days.\u201d<\/p>\n As part of Wish\u2019s turnaround plan, the business has been investing in building a community among users and has taken influences from social media platforms.<\/p>\n It introduced Wish Clips \u2013 a scrollable video section on its app \u2013 back in January last year allowing users \u201cto see the product and understand how to use it\u201d, Monico explains.<\/p>\n The video function has proven to be a \u201cvery good match\u201d, helping to increase engagement among users on the platform, he says.<\/p>\n There are plans to invest further in building the feature\u2019s capabilities, including its social components and user generated content.<\/p>\n The business launched Wish Creators last month, where influencers can earn commission when followers buy from their recommendations.<\/p>\n \u201cWe have created a variety of different functionalities to make the discovery experience more entertaining,\u201d says Monico.<\/span><\/p>\n These initiatives form part of the company\u2019s strategy to build trust with customers.<\/p>\n It has also worked on its product reviews, which are instrumental to online marketplaces with vast ranges.<\/span><\/p>\n However, some ecommerce platforms have seen an influx of fake reviews promoting poor quality goods.<\/p>\n \u201cWe only allow verified purchase reviews,\u201d Monico says, explaining that it doesn\u2019t even allow merchants to upload reviews received from other platforms.<\/p>\n It also has other checks in place to ensure all reviews are genuine.<\/p>\n \u201cWe have AI tools in place that allow us to identify suspicious buyer\/merchant signals \u2013 from IP addresses to delivery addresses,\u201d he says.<\/p>\n Wish has some way to go to catch up with Shein and Temu.<\/p>\n Total sales for the business dropped 46% to \u00a3174m in the six months to June 30 2023, a stark contrast to \u00a31bn its biggest rival Shein raked in across the last 16 months for its UK business alone.<\/p>\n However, it seems that Wish is not letting the fierce competition in its market deter it and is focused on improving its core services over targeting mass growth.<\/p>\n \u201cWe\u2019re continuing to innovate in the same way we did when we started,\u201d Monico concludes.<\/p>\n Catching up with its rivals may seem like wishful thinking, however, the desire to create a more sustainable business model brings a welcome dose of realism.<\/p>\n![\"Wish.com\"](\"https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2023\/10\/MauricioMonico_Wish_20220914_Headshots_SF_187A8068-300x200.jpg\")
Becoming a reputable marketplace<\/strong><\/h3>\n
![\"Wish](\"https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2023\/10\/Wish-screen-472x1024.png\")
<\/p>\nSpeeding up delivery<\/strong><\/h3>\n
Building a community<\/strong><\/h3>\n
![\"Wish](\"https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2023\/10\/Wish-clips-461x1024.jpg\")
<\/p>\n