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 (Deputy CEO)
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. It was founded in 2010 by Piotr Szulczewski (CEO) and Danny Zhang (CTO). Wish is operated by ContextLogic Inc. based in San Francisco, U.S. The platform allows sellers to list their products on Wish and sell directly to consumers. Wish acts as a intermediary handling payments but does not stock the products themselves or manage returns. Wish is repeatedly listed as one of the leading platforms for selling counterfeit goods which has resulted in lawsuits by impacted brands.[1][2][3][4]

History[edit]

In 2010, Wish began as an app where users would create wish lists for their desired items and the company would approach merchants to order that particular amount of a product. They also earned revenue with a Pay-per-click model by advertising on Facebook.[5] 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. [6]

In late 2015, Business Insider reported that Amazon and Alibaba had approached Wish with acquisition offers for $10 billion. Wish rejected the offers, believing that they could build the startup to at least $100 billion. [7]

Controversy[edit]

Many customers report having had poor experiences with Wish. Common complaints include counterfeit goods (a.k.a "knock-offs"), defective products and citing issues such as "products paid for and never received, and requests for returns and refunds ignored". By contrast, major established North American retailers that import from China are more expensive but provide quality control and money-back guarantees.[2]

Wish, like Amazon and other online sales websites, does not have to collect sales tax on items sold in most American states, since most sellers from China are third-party sellers. While numerous states are currently fighting this practice in court, it is considered more difficult to enforce the law against companies based in China than those with a U.S. presence.[2]

The company was reported to be advertising drug paraphernalia on Facebook according to a Sky News report in September 2019[8]. The report contained a screenshot of Benzocaine, a "bulking agent" commonly used to cut Cocaine, in an advertisement targeting men aged 17 and over in the UK.

References[edit]

  1. ^ Jul 17, Bloomberg News |; 2018 (2018-07-17). "Wish faces criticism over suspected counterfeits". Digital Commerce 360. Retrieved 2019-06-18.
  2. ^ a b c Semuels, Alana (2018-05-22). "The Problem With Buying Cheap Stuff Online". The Atlantic. Retrieved 2019-06-18.
  3. ^ George-Parkin, Hilary (2019-06-17). "Shopping app Wish is huge, cheap, and very, profitable". Vox. Retrieved 2019-06-18.
  4. ^ Hays, Kali; Hays, Kali (2018-04-04). "Off-White Going After Fakes Being Sold on Wish.com With Lawsuit". WWD. Retrieved 2019-06-18.
  5. ^ "Meet Wish, the $3 Billion App That Could Be the Next Walmart". Recode. Retrieved 2018-01-24.
  6. ^ 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.
  7. ^ "The Founder of a New Amazon Competitor Explains How They Did $3 Billion in Sales By Year 3". The Hustle. 2016-03-01. Retrieved 2019-01-26.
  8. ^ "Wish.com: Ads on Facebook target teens with common drug dealing equipment". Sky News. Retrieved 2019-09-16.

External links[edit]