Wish (company)

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Wish.com
Wishlogo19.png
Type of businessE-commerce
FoundedJuly 4, 2010; 9 years ago (2010-07-04)
Headquarters,
U.S.
Area servedWorldwide
Key peoplePiotr Szulczewski (CEO), Danny Zhang
IndustryOnline shopping
Employees900
SubsidiariesWish Outlet
Wish Express
Websitewww.wish.com
RegistrationRequired
Current statusActive

Wish is an online e-commerce platform that facilitates transactions between sellers and buyers. Founded in 2010 by Piotr Szulczewski (CEO) and Danny Zhang (former CTO). Wish was the most downloaded shopping app worldwide in 2018, and as of 2019 it is the third-biggest e-commerce marketplace in the United States by sales.

Wish is operated by ContextLogic Inc. in San Francisco. The platform employs browsing technologies which personalise shopping visually for each customer, rather than relying on a search bar format. It allows sellers to list their products on Wish and sell directly to consumers. Wish acts as an intermediary handling payments but does not stock the products themselves or manage returns.


History[edit]

Wish was started by Peter Szulczewski, a former Google engineer, as a software company called ContextLogic. In September 2010, ContextLogic received $1.7 million in investments and involved Yelp CEO Jeremy Stoppelman.[1]

In May 2011, Szulczewski invited college friend Danny Zhang to relaunch the company as Wish.[1] It was created as an app that allowed shoppers to create wish lists of their favorite products before matching them with merchants. They also earned revenue with a Pay-per-click model by advertising on Facebook.[2]

In 2013, Szulczewski met with Hans Tung, an investor with GGV Capital in Menlo Park, California and noted that a large number of sales were coming from Florida, Texas and the Mid-West rather than New York or California.[1] Wish became an e-commerce site after asking merchants to host their products directly on the Wish app, with Wish taking a portion of each sale.[3]

In 2017, Wish signed a multi-year partnership with the NBA's Los Angeles Lakers.[4][5] Wish conducted a World Cup campaign in 2018, that featured Neymar Junior, Paul Pogba, Tim Howard, Gareth Bale, Robin Van Persie, Claudio Bravo and Gianluigi Buffon.[6]

In 2018, Wish was the most downloaded shopping app worldwide.[7] The company doubled its revenue to $1.9 billion. As of 2019 it is the third-biggest e-commerce marketplace in the United States by sales.[1]

In August 2019, Wish received a Series H funding round, led by equity firm General Atlantic, taking the company's assets to $11.2 billion.[8] JD.com is an investor in Wish.[9]

Services[edit]

The Wish platform employs browsing technologies which personalise shopping visually for each customer rather than relying on a search bar format. More than 1 million merchants,[10][11] list their products on Wish’s platform to sell directly to consumers, eliminating distributor fees for the sellers while providing shoppers with low-priced merchandise. The products sold are usually smaller items which are cheaper to ship,[9] aided by an agreement between China Post and the U.S. Postal Service which lowers costs of shipping for goods weighing less than 4.4 pounds.[1] Wish offers Express Shipping in 5 days, or 6-8 days in some cases,[12] as well as standard shipping that takes 2-3 weeks, for customers who prioritize savings over speed of delivery.[7]

Wish’s ‘wheel of fortune’ style game, Blitz Buy, integrates a layer of gamification to offer consumers additional discounts on top-selling items.[13] The Wish app is available for download on iOS and Android and has been the most downloaded shopping apps in the United States.[14]

Criticism[edit]

Like other major e-commerce sites which feature independent sellers, Wish has been criticised for listing poor quality or counterfeit goods.[15][16][17] Customers have complained about lack of communication from sellers and quality. As a result, Szulczewski has hired Connie Chang of Facebook to organize a community of about 10,000 Wish users to expose unsatisfactory dealers in exchange for free goods and discounts.[1]

References[edit]

  1. ^ a b c d e f Olson, Parmy (13 March 2019). "Meet The Billionaire Who Defied Amazon And Built Wish, The World's Most-Downloaded E-Commerce App". Forbes. Retrieved 5 November 2019.
  2. ^ "Meet Wish, the $3 Billion App That Could Be the Next Walmart". Recode. Retrieved 24 January 2018.
  3. ^ Del Ray, Jason (12 July 2013). "Mobile-Commerce App Wish Says It Knows What Its Users Want to Buy". Wall Street Journal. All Things Direct. Retrieved 30 June 2018.
  4. ^ Melton, James (22 September 2017). "Wish.com teams up with LA Lakers to put the online marketplace's logo on jerseys". Digitalcommerce360.com. Retrieved 5 November 2019.
  5. ^ "L.A. Lakers Partner Wish Jumps to No. 1 in Earned Social Media Value Among NBA Jersey Patch Sponsors". Martechseries.com. 7 June 2019. Retrieved 5 November 2019.
  6. ^ Ostrander, Paris (13 July 2018). "Wish Recruits Howard, Neymar For 'Time On Your Hands' Campaign". Sports Business Daily. Retrieved 5 November 2019.
  7. ^ a b George-Parkin, Hilary (17 June 2019). "Wish, the super popular, ultra-cheap shopping app, explained". Vox.com. Retrieved 5 November 2019.
  8. ^ "Wish Valuation Rises to More Than $11 Billion Following Series H Financing Led by General Atlantic". Bloomberg. 1 August 2019. Retrieved 5 November 2019.
  9. ^ a b Loizos, Connie (1 March 2016). "The hot e-commerce app Wish has "hundreds of millions of users" (plus other fascinating stats)". Tech Crunch. Retrieved 5 November 2019.
  10. ^ "Step-by-Step Guide to Sell on Wish for Beginners (Products, Benefits & Comparison)". Chinabrands.com. 27 October 2018. Retrieved 5 November 2019.
  11. ^ Olson, Parmy (15 June 2018). "Wish Founder Revamps 'Culture And Operations' To Tackle Walmart, Amazon". Forbes.com. Retrieved 5 November 2019.
  12. ^ "Everything you need to know about Wish Express". Cedcommerce.com. 26 September 2019. Retrieved 5 November 2019.
  13. ^ Stevens, Ben (14 June 2018). "Hands On with the Wish app". Retail Gazette. Retrieved 5 November 2019.
  14. ^ "Wish was most downloaded US shopping app in 2017". Tamebay. 17 January 2018. Retrieved 5 November 2019.
  15. ^ Jul 17, Bloomberg News |; 2018 (17 June 2018). "Wish faces criticism over suspected counterfeits". Digital Commerce 360. Retrieved 5 November 2019.
  16. ^ Semuels, Alana (22 May 2018). "The Problem With Buying Cheap Stuff Online". The Atlantic. Retrieved 5 November 2019.
  17. ^ Hays, Kali; Hays, Kali (4 April 2018). "Off-White Going After Fakes Being Sold on Wish.com With Lawsuit". WWD. Retrieved 5 November 2019.

External links[edit]