🇨🇳 “Temu catches Amazon in global e-commerce”

Every outlet ran this headline today.

Zero read the methodology.

The IPC survey measured TRANSACTION COUNT.

Not dollars. Not GMV. Not revenue.

Shopping trips.

Temu’s average basket: $15

Amazon’s average basket: $40

Same “24% share.”

$290 billion gap in reality.

Temu 2025 GMV: ~$90B

Amazon cross-border: ~$380B+

That’s not parity.

That’s a 4:1 moat wearing identical makeup.

A $3 phone case from Shenzhen counts the same as a $200 Prime order in this survey. Thirty-one thousand shoppers asked about their “most recent purchase.” Frequency measured. Value ignored.

What Temu achieved IS extraordinary: <1% to 24% share in 36 months. 416 million monthly users. Factory-direct pricing gutting middlemen.

But it conquered the impulse aisle.

Not the ecosystem.

Wall Street already repositioned. You’re reading headlines while institutions read footnotes.

This satisfies if Temu GMV hits $150B by Dec 2027.

Until then: volume story. Value illusion.

Read the methodology.

$BTC