Wish, is an online e-commerce platform that facilitates transactions between sellers and buyers. It was founded in 2010 by Peter 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, among other things, resulted in lawsuits by impacted brands.[1][2][3][4]
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]
Investor Information
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References
- ^ Jul 17, Bloomberg News |; 2018 (2018-07-17). “Wish faces criticism over suspected counterfeits”. Digital Commerce 360. Retrieved 2019-06-18.
- ^ Semuels, Alana (2018-05-22). “The Problem With Buying Cheap Stuff Online”. The Atlantic. Retrieved 2019-06-18.
- ^ George-Parkin, Hilary (2019-06-17). “Shopping app Wish is huge, cheap, and very, very weird”. Vox. Retrieved 2019-06-18.
- ^ Hays, Kali; Hays, Kali (2018-04-04). “Off-White Going After Fakes Being Sold on Wish.com With Lawsuit”. WWD. Retrieved 2019-06-18.
- ^ “Meet Wish, the $3 Billion App That Could Be the Next Walmart”. Recode. Retrieved 2018-01-24.
- ^ 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.
- ^ “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.
- ^ Semuels, Alana (2018-05-22). “The Problem With Buying Cheap Stuff Online”. The Atlantic. Retrieved 2019-02-11.
- ^ Semuels, Alana (2018-05-22). “The Problem With Buying Cheap Stuff Online”. The Atlantic. Retrieved 2019-02-11.