Wish S-1
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Wish S-1
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Re: Wish S-1
#2As expected, the threat of reputational damage from counterfeit goods features pretty heavily in the IPO. Unfortunately, that damage has already been done. At the moment, 8 of the top 10 results for "wish.com" on YouTube are people exposing scams. Not really a good look for the company.
Re: Wish S-1
#3I just downloaded the app again to refresh my memory on what it looked like since I had never actually bought anything off it.
Used an anonymous email to register eg clean profile and the front page was filled with scammy hair loss products, male enhancement pills, and foot stickers that claimed it could help you grow 1-6 inches (!), among other cheap suspect goods that looked straight out of some tourist market in Asia.
Honestly a little depressing selling Chinese counterfeit crap at scale is a good business. Not exactly something I find particularly exciting or noble.
Re: Wish S-1
#4As expected, the threat of reputational damage from counterfeit goods features pretty heavily in the IPO. Unfortunately, that damage has already been done. At the moment, 8 of the top 10 results for "wish.com" on YouTube are people exposing scams. Not really a good look for the company.
Do they have a reputation for quality to uphold? I expect them to be cheap and innovative, but not high quality. I'd expect the genuine Wish product to be just as flimsy as whatever knockoff.
Re: Wish S-1
#5"Our growth has been highly capital efficient. We have been able to achieve this massive growth and scale by having net cumulative cash flow from operations of $16 million from January 1, 2017 to September 30, 2020, aided by our positive cash float, where we receive an upfront payment from a user, and remit payment to a merchant a number of weeks later. In 2019, we generated a net loss of $129 million and Adjusted EBITDA of $(127) million, compared to a net loss of $208 million and Adjusted EBITDA of $(211) million in 2018, and a net loss of $207 million and Adjusted EBITDA of $(135) million in 2017. For the nine months ended September 30, 2020, we generated a net loss of $176 million and Adjusted EBITDA of $(99) million, compared to a net loss of $5 million and Adjusted EBITDA of $(11) million for the nine months ended September 30, 2019."
Re: Wish S-1
#6> We continue to expand our merchant base around the world. The number of merchants on our platform in North America, Europe, and Latin America has grown approximately 234% since 2019. In particular, the number of merchants on our platform in the United States has grown approximately 268% since 2019. Through our diversified and global merchant base, we are able to offer greater depth and breadth of categories and products. For example, in 2019, four out of the top 10 selling merchants on our platform were located in the United States selling refurbished electronics, beauty products, and hobby items, which illustrates the ongoing diversification of our merchant base and product categories.
This feels like probably more of a symptom that the Chinese merchant base is probably a bigger amount of smaller shops whereas these US shops (who still only take a minority of the top 10, which is a largely useless metric anyway considering it is unlikely that even 10 large merchants make up a small proportion of sales) are probably part of a smaller volume but are more successful simply because there is less US sellers so there is less competition especially in categories like hobby which are harder for China to serve (I mean think about it, could you name a seller on Wish? It doesn't feel like the opportunity is marketed much). Also the 268% non-China growth metric doesn't really mean much without context and while I do think that Wish is probably succeeding in expanding their merchant base I do feel like their dependence on China is a lot larger then they would like to admit, and even under Joe Biden I doubt that world pressure on China will ease any time soon so Wish may have an unstable future ahead.
Re: Wish S-1
#7Huh, I've never heard of this but went to the home page and it sells .. junk? Some of the products remind me of those "THIS ONE WEIRD TRICK" ads
Re: Wish S-1
#8I just downloaded the app again to refresh my memory on what it looked like since I had never actually bought anything off it. Used an anonymous email to register eg clean profile and the front page was filled with scammy hair loss products, male enhancement pills, and foot stickers that claimed it could help you grow 1-6 inches (!), among other cheap suspect goods that looked straight out of some tourist market in A…
foot stickers do work, i tried one and grow 6 inch, problem is when you remove them you are back to your previous height
Re: Wish S-1
#9Huh, I've never heard of this but went to the home page and it sells .. junk? Some of the products remind me of those "THIS ONE WEIRD TRICK" ads
It's not selling goods for SV people
Basically an Aliexpress clone with cheap chinese stuff
Re: Wish S-1
#10I just downloaded the app again to refresh my memory on what it looked like since I had never actually bought anything off it. Used an anonymous email to register eg clean profile and the front page was filled with scammy hair loss products, male enhancement pills, and foot stickers that claimed it could help you grow 1-6 inches (!), among other cheap suspect goods that looked straight out of some tourist market in A…
foot stickers do work, i tried one and grow 6 inch, problem is when you remove them you are back to your previous height
Thank you for this.