Wish (company)

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Wish
IndustryOnline shopping
Founded2011
Headquarters,
Key people
Peter Szulczewski (CEO) Danny Zhang (CTO)
Number of employees
300
Websitewww.wish.com

ContextLogic Inc., doing business as Wish, is an online e-commerce company.[1] It was founded in 2010 by Peter Szulczewski (CEO) and Danny Zhang (CTO), former programmers at Google and Yahoo. In 2017, the Wish mobile shopping app claimed over 100 million users on the iOS and Android platforms.[2]

Similar to eBay, small businesses and manufacturers on Wish sell goods directly to consumers. In 2017, the store added Wish Outlet, which sells overstocked name-brand goods below the manufacturer's suggested retail price. The store also added Wish Express, which offers faster shipping.

Wish runs four other specialized shopping apps: Geek (electronics-focused), Mama (family-oriented), Cute (beauty-focused), and Home (decor-focused). Wish also has a local marketplace app called Wish Local.[3]

History[edit]

In 2010, Wish was created as a wish-list creating app. It prompted users to view similar products on other websites, earning revenue with a Pay-per-click model. [4] In 2013, Wish became an electronic commerce site after asking merchants to host their products directly on the Wish app, with Wish taking a portion of each sale. [5] In late 2015, Business Insider reported that Amazon and Alibaba had approached Wish with acquisition offers in 2015. [6]

Popularity[edit]

The shopping app claims to have over 300 million users around the world.[7] It is the #1 shopping app in 42 countries.[citation needed] Wish is the largest advertiser on Facebook and spends nearly $500 million a year on Facebook ads alone.[citation needed]

Wish became the most-downloaded shopping app in the USA in 2017. Over the course of the year, across the iOS App Store and Google Play store, Wish had 32.5 million U.S. downloads compared to Amazon’s 29.2 million. [8]

Partnerships[edit]

In 2017, Wish expanded into high-profile partnerships by sponsoring the professional boxing match Mayweather vs. McGregor. During that year, Wish signed a $30-42 million deal to become a sponsor of the Los Angeles Lakers.[9] The partnership is a three-year contract that features the Wish logo as a patch on Lakers' jerseys.

In 2018, Wish announced its integration with multichannel e-commerce platform, Expandly.[10]

Funding[edit]

The startup has raised over $1B in funding from several venture capital firms such as Temasek, DST Global, GGV Capital, Founders Fund, and Jerry Yang’s AME Cloud Ventures.[11]

References[edit]

  1. ^ "ContextLogic Inc.: Private Company Information". bloomberg.com.
  2. ^ "Wish Overview". Retrieved 23 January 2018.
  3. ^ "ContextLogic Inc. Apps on the App Store". iTunes. Retrieved 2018-01-24.
  4. ^ "Meet Wish, the $3 Billion App That Could Be the Next Walmart". Recode. Retrieved 2018-01-24.
  5. ^ Del Ray, Jason (12 July 2013). "Mobile-Commerce App Wish Says It Knows What Its Users Want to Buy". Wall Street Jouranl. All Things Direct. Retrieved 30 June 2018.
  6. ^ "Amazon and Alibaba have approached 5-year-old startup Wish, but the CEO seems to want more than $10 billion". Business Insider. Retrieved 2018-01-24.
  7. ^ Olson, Parmy. "At $8.5 Billion, Shopping App 'Wish' Is Now Worth More Than Sears, Macy's And JC Penney Combined". Forbes. Retrieved 2018-01-24.
  8. ^ "Wish was most downloaded US shopping app in 2017 - Tamebay". tamebay.com. Retrieved 2018-01-24.
  9. ^ "Why the CEO of Wish spent more than $30 million to sponsor the Los Angeles Lakers' jerseys". Recode. Retrieved 2018-01-24.
  10. ^ "Expandly add Wish integration to 30+ existing channels - Tamebay". tamebay.com. Retrieved 2018-06-15.
  11. ^ "Wish | Crunchbase". Crunchbase. Retrieved 2018-01-24.

External links[edit]