跨境电商平台托管模式研究-以Temu平台为例

跨境电商平台托管模式研究——以Temu平台为例摘要本研究探讨跨境电商平台的托管模式，重点关注Temu的全托管和半托管模式。通过分析这些模式的分类、运作机制和应用场景，研究揭示了它们对平台、商家和消费者的影响。全托管模式通过整合供应链服务降低了运营风险和成本，但限制了商家的自主权和利润空间。半托管模式则提供了更大的定价灵活性和品牌建设潜力，但需要强大的财务和物流能力。关键影响因素包括平台规模、资源整合效率、商家的适应性以及物流成本和监管政策等外部约束。研究还强调了质量控制不一致、合规风险和同质化竞争等挑战。战略建议强调优化质量管理体系、提升品牌差异化和强化合规机制，以应对新兴市场动态。研究结果有助于构建跨境电商托管模式的理论框架，并为行业利益相关者提供实践见解。关键词：跨境电商；托管模式；Temu平台；运营策略Chapt1IntroductionAgainstthebackgroundofdeepintegrationofglobaleconomyandrapiddevelopmentofdigitaltechnology,cross-bordere-commercehasbecomeanimportantengineofinternationaltrade,andmanagedmodehasattractedmuchattentionasanemergingoperationstrategy.Startingfromtheresearchbackground,thischapterdescribestheresearchvalueandtheoreticalsignificanceoftheTemuplatformmanagedmodel,clarifiestheresearchobjectives,andsystematicallyintroducestheresearchmethods,includingtheliteraturereviewmethod,thecasestudymethod,andthecomparativeresearchmethod,tolaythefoundationforthein-depthdiscussioninthesubsequentchapters.1.1ResearchBackgroundDrivenbyboththedeepintegrationoftheglobaleconomyandtherapiddevelopmentofdigitaltechnology,cross-bordere-commercehasbecomeacoredriverofinternationaltradegrowth.Stripe'sdataputstheglobalmarketsizeat$2.8trillionin2023,andexpectsittogrowto$16.4trillionby2032.Thisgrowthisdrivenbyimproveddigitalinfrastructure(e.g.,internationalpaymentsystems,smartlogisticsnetworks)andthecontinuedriseinconsumerdemandforcross-bordergoods.However,asmarketcompetitionintensifies,cross-bordere-commerceplatformsarefacingnewchallengesintheiroperatingmodels:merchantsneedtofindabalancebetweencostreductionandefficiencyimprovementandautonomyretention,whileplatformsneedtoattracthigh-qualitymerchantsandincreaseuserstickinessthroughmodelinnovation.Inthiscontext,themanagedmodel,asanemerginglightweightoperationstrategy,hasgraduallybecomethefocusofindustryattentionbyvirtueofitsadvantagesinresourceintegrationandspecializeddivisionoflabor.TakeTemu,across-bordere-commerceplatformunderPinduoduo,forexample,ithasrisenrapidlyonthebasisofthefullmanagedmodel,withthenumberofglobalusersexceeding467millionin2023,andthegrowthrateofGMV(grossmerchandisevolume)exceeding123%inasinglequarter,anditsmarketshareinNorthAmericahasbeenamongthetopthree(SensorTower,2023).However,therapidexpansionofTemu'smanagedmodelhasalsoexposedproblemssuchascompressedprofitmarginsandlimitedmerchantautonomy,andsystematicresearchisurgentlyneededtoclarifythemodel'scharacteristics,applicablescenariosandoptimizationpath.1.2ResearchSignificance(1)TheoreticalsignificanceImprovethetheoreticalframeworkofcross-bordere-commercemanagedmodel:Existingresearchfocusesontraditionalplatformmodels(e.g.,AmazonFBA),andlacksin-depthexplorationofmanagedmodelsofemergingplatforms(e.g.,Temu).Inthispaper,thetheoreticaldimensionofthemanagedmodelissupplementedbycategorizingthefullmanagedmodelandthesemi-managedmodel,andconstructingatwo-dimensionalanalyticalframeworkof“resourceintegration-autonomy”.Italsorevealsthedynamicmatchingmechanismofthemanagedmodel:combiningthetransactioncosttheoryandsupplychainintegrationtheory,itanalyzesthematchinglogicbetweenmerchantcapabilitiesandplatformresources,providinganewperspectiveforsubsequentresearch.(2)PracticalsignificanceProvideascientificbasisformerchantmodeselection:Bycomparingthecost,riskandrevenuedifferencesbetweenfull-managedmodelandsemi-managedmodel,wehelpmerchantschoosetheappropriatemodeaccordingtotheirownsupplychaincapability,financialstrengthandbrandpositioning.Helpingplatformsoptimizeoperationstrategies:InviewofTemu'sexistingproblems(e.g.varyingproductqualityandcompliancerisks),weproposedifferentiatedbrandbuildingandlogisticsefficiencyenhancement,whichwillserveasareferenceforplatformstoformulatelong-termdevelopmentstrategies.Promotesustainabledevelopmentoftheindustry:Bybalancingefficiencyandautonomy,short-termexpansionandlong-termcompliance,weprovidepracticalinsightsforthecross-bordere-commerceindustrytoexplorethepathofhigh-qualitygrowth.1.3ResearchMethodsLiteratureresearchmethodBasedontheliteratureresearchmethod,thisstudysystematicallycombsthroughthedefinitions,characteristics,advantagesandchallengesoffull-managedmodelandsemi-managedmodelbyextensivelycollectingandorganizingacademicpapers,industryreports,policydocumentsandnewsreportsoncross-bordere-commercemanagedmodelathomeandabroad.Onthisbasis,thetheoreticalframeworkofthisstudyisconstructedbycombiningthetransactioncosttheory,platformeconomytheory,andsupplychainintegrationtheory,andtheshortcomingsofthecurrentstudyarepointedout,soastoprovidetheoreticalsupportandinnovativeideasforthesubsequentcaseanalysisandcomparativestudy.CaseStudyMethodTakingTemuplatformastheresearchobject,thecasestudymethodisusedtodeeplyanalyzetheimplementationdetailsofitsfull-managedandsemi-managedmodels.Bycollectingdataonthedevelopmenthistory,operationmechanism,userfeedbackandmarketperformanceoftheplatform,thekeyaspectsofthetwomanagedmodessuchason-lineprocess,resourceallocation,costandrevenuedistributionaresortedoutindetail,andtheproblemsandsolutionsencounteredintheactualoperationareanalyzed.Atthesametime,Temuplatformiscomparedandanalyzedwithothercross-bordere-commerceplatformstorevealitsuniqueadvantagesandreferences,provideempiricalsupportforthestudy,andprovidepracticalreferencesforotherplatforms.ComparativeResearchMethodInthecourseofthisstudy,thecomparativeresearchmethodisalsoappliedtohorizontallycomparethefull-managedmodelandsemi-managedmodelsoftheTemuplatform.Itfocusesonanalyzingthedifferencesbetweenthetwomodelsintermsofresourcedeployment,operationalefficiency,costcompositionandriskdistribution,andexploringtheimpactofthesedifferencesontheplatformandsellersrespectively.Underthefullmanagedmodel,theplatformhasastrongcontroloverresourcesandmaybeabletorealizeefficientintegration,butsellers'autonomyislimited;thesemi-managedmodelgivessellersmoreroomforautonomousoperation,buttheremaybechallengesinresourcesynergy.Atthesametime,themanagedmodelofTemuplatformisverticallycomparedwithothercross-bordere-commerceplatforms.Fromtheuniquenessofthemodeldesign,theflexibilityoftheoperationstrategy,totheaccuracyofmarketpositioning,toexploretheinnovationanduniquehighlightsofeachplatform.Forexample,someplatformsmayfocusonin-depthintegrationwiththesupplychainintheirmodeldesign,whileothersfocusonpersonalizedmarketingintheiroperationstrategy.Throughsuchcomparativeanalysis,thisstudyhopestorevealthescenariosandconditionsapplicabletodifferentmanagedmodels.Letplatformsandsellershaveamorescientificbasiswhenchoosingtheoperationmode,andtakealessdetour.Atthesametime,italsoprovidesideasandinspirationfortheentirecross-bordere-commerceindustry,helpingtheindustrytooptimizeandupgradecontinuously.

Chapter2LiteratureReviewThischapterfocusesonthetheoreticalfoundationandresearchstatusofthecross-bordere-commercemanagedmodel,combsthroughthecoretheoriesofsupplychainmanagement,principal-agent,transactioncostandmarketsegmentation,andanalyzestheacademicachievementsandpracticecasesoffull-managedandsemi-managedmodelsathomeandabroad.BycomparingthesimilaritiesanddifferencesbetweenTemuplatformandothercross-bordere-commerceplatforms,itrevealstheshortcomingsoftheexistingresearchandexploresthecutting-edgetopicssuchasblockchaintechnologyandemergingmarkettrends,providingtheoreticalsupportandresearchgapsforthesubsequentanalysis.2.1Theoreticalbasisofcross-bordere-commercemanagedmodelTransactioncosttheoryTheconceptoftransactioncostwasfirstproposedbyR.H.Coase(1937)inhispaper“OntheNatureoftheFirm”,inwhichhearguedthattransactioncostisthecostofobtainingaccuratemarketinformation[31].SubsequentlyWilliamson(1971)proposedthetransactioncosttheoryonthebasisofCoaseandpointedoutthreeimportantconceptsofthetransactioncosttheory:thelimitedrationalityhypothesisabouthumannature,thetechnicalproblemofassetspecialization,andopportunismfromabehavioralpointofview,whichfurtherexplainsthereasonsfortransactioncosts[20].Sincetransactioncostsreferbroadlytoallintermediatecostsincurredtofacilitatetheoccurrenceoftransactions,differentscholarshavedifferentviewsontheirspecificcomposition.Williamson(1971)classifiedtransactioncostsintotwocategories:exanteandexpost.Specifically,exantetransactioncostsincludethecostsofsigning,negotiating,andsecuringacontract,whileexposttransactioncostsincludethecostsofadaptation,thecostsofbargaining,costsofconstructingandoperating,andconstraintcosts[20].Whileotherscholarschoosetocategorizetransactioncosts,arguingthattransactioncostscanbedividedintosixcategories:costsofsearchingforinformation,contractualcosts,negotiationanddecision-makingcosts,executioncosts,monitoringcosts,andswitchingcosts.Transactioncosttheorysuggeststhatenterpriseswillfocusontransactioncostswhenchoosingtransactionmethods,andthesecostsincludetimecosts,informationcosts,coordinationcostsandotherdimensions.Enterprisesusuallyhopetoreducetransactioncostsbyoptimizingthetransactionprocess,soastoimproveeconomicefficiency.Inthecross-bordere-commercemanagedmodel,thistheoryhasbeenpracticallyapplied.Themodelhelpsmerchantsreducetransactioncostsbydelegatingcomplexoperationalaspectstoprofessionalserviceproviders.Specifically,themanagedmodelfacilitatesmerchantsintermsoftimecost,enablingthemtofreethemselvesfromtediousstoreoperationsandlogisticscoordination,sothattheycanfocusmoreoncorebusinesssuchasproductdevelopmentandprocurement;intermsofinformationcost,theplatformprovidesmerchantswithkeyinformationsuchasmarketdataandconsumerfeedback,whichhelpsthemgaininsightsintothemarketdemand,andeffectivelyalleviatestheproblemofasymmetricinformation.Intermsofinformationcost,theplatformprovidesmerchantswithkeyinformationsuchasmarketdataandconsumerfeedback,helpingthemgaininsightintomarketdemandandeffectivelyalleviatingtheproblemofinformationasymmetry.Forexample,afteradoptingtheful-managedmodel,merchantsdonotneedtobuildandmaintaintheirownwarehousingandlogisticsinfrastructureandteam,thussavingalotofmanpowerandmaterialresources,sothattheycanfocusondeepeningtheircorebusiness.Inaddition,platformempowermentfurtheramplifiesthecostreductioneffectofthemanagedmodelbyintegratingresourcesandtechnicalsupport.Theplatformoptimizesthetransactionprocessandreducesthetechnicalthresholdthroughtechnicalmeans;providesaccuratemarketinsightanddecision-makingsupportthroughdataanalysis;helpssellersreduceoperatingcostsbyprovidingafullrangeofservicesupport;andprovidessellerswithopportunitiesforresourceintegrationandsynergisticdevelopmentthroughtheconstructionofanecosystem.Thesemeasuresnotonlyenhanceoperationalefficiency,butalsofurtherreducetransactioncosts,providingtheoreticalsupportforthesustainabledevelopmentofcross-bordere-commerce.PlatformeconomictheoryPlatformeconomictheoryisanemergingfieldinindustrialeconomics,whichfirststartedatthebeginningofthiscentury.Atpresent,manyscholarshavediscusseditindepthfromdifferentperspectives.Fromtheviewpointofitsconceptandcharacteristics,platformeconomymainlyincludesthreetypes:vertical,comprehensiveandmixed.Accompaniedbythedevelopmentofplatformeconomicactivities,therelevanttheoreticalresearchonplatformeconomyisbecomingmoreandmoreperfect,anditstheoryisgraduallytakingshape.[27]Thetheoryofplatformeconomyisthecoretheoryforstudyingplatform-basedbusinessmodels,emphasizingthatplatformsreducetransactioncostsandcreatevaluebyconnectingsupplyanddemand.Inthecross-bordere-commercemanagedmodel,theplatformeconomytheoryismainlyreflectedinitsbilateralmarketcharacteristicsanditsscaleeffect.Thecoreoftheplatformeconomyliesinitsbilateralmarketcharacteristics,i.e.,theplatformservestwodifferentgroupsatthesametime:sellersandbuyers.Inthecross-bordere-commercemanagedmodel,theplatformprovideshostingservicestoefficientlyconnecttheoperationalneedsofsellerswiththeconsumptionneedsofbuyers.Thisbilateralmarketfeatureenablestheplatformtoreducetransactioncostsandimproveoverallefficiencythroughscaleeffects.Byintegratingsellers'resourcesandcentralizingprocurement,warehousing,logisticsandmarketingservices,theplatformreducessellers'operatingcosts;atthesametime,throughbigdataanalysisandprecisionmarketing,ithelpssellersreachtheirtargetusersmoreefficientlyandreducesbuyers'searchcostsandinformationasymmetry.Inaddition,thebilateralmarketcharacteristicsoftheplatformarealsoreflectedintheconstructionofitsecosystem,suchasthroughtheintroductionofthird-partyservices(e.g.,logistics,payment,design,etc.),whichfurtherenrichestheplatform'sservicecapabilitiesandimprovestheuserexperience.Thisscaleeffectnotonlyreducesthetransactioncostsofindividualsellersandbuyers,butalsopromotesthebenigndevelopmentoftheentirecross-bordere-commerceecosystem.Thescaleeffectoftheplatformmanagedmodelismainlyreflectedinresourceintegrationandcostsharing,data-drivenprecisionmarketing,synergisticdevelopmentoftheecosystem,aswellasrisksharingandcomplianceprotection.Bycentralizingresources(e.g.,warehousing,logistics,design,etc.),theplatformintegratestheoriginallydispersedsellers'resourcesintoaunifiedplatform,thusachievingcostsharingandefficiencyimprovement.Forexample,underthefull-managedmodel,theplatformunifiesprocurement,warehousingandlogistics,whichreducesthemarginalcostofsellers.Throughbigdataanalysis,theplatformisabletoaccuratelyidentifytheneedsandpreferencesoftargetusersandhelpsellersdevelopmoreefficientmarketingstrategies.Thisdata-drivenprecisionmarketingnotonlyimprovestheconversionrate,butalsoreducesmarketingcosts.Theplatformbuildsawin-winecosystembyintroducingthird-partyserviceproviders(e.g.paymentorganizations,logisticscompanies,designcompanies,etc.).Thissynergisticeffectenablestheplatformtoprovidebetterservicestosellersandbuyersatlowercosts.Theplatformhelpssellerstoreducerisksduetopolicychangesandmarketfluctuationsthroughunifiedcomplianceoperations(e.g.,policyinterpretation,legaladvice,riskmanagement,etc.).Thisrisk-sharingmechanismfurtherenhancestheattractivenessoftheplatformandattractsmoresellersandbuyerstojoin,thuscreatingapositivecycle.3.SupplychainintegrationtheoryCross-bordere-commercesupplychainiscomposedoffourparts:cross-bordere-commercesupplychaincarrier,cross-bordere-commercesupplychainentity,cross-bordere-commercesupplychaincycleandcross-bordere-commercesupplychainsystem[23].Specifically,cross-bordere-commercesupplychainreferstothevariouslinksandparticipantsinvolvedinthewholeprocessfromtheproductionofgoodstothehandsofthefinalconsumersincross-bordere-commercebusiness,includingmanufacturers,suppliers,logisticscompanies,customs,e-commerceplatforms,andpaymentorganizations.Thepurposeofcross-bordere-commercesupplychainistorealizetheefficient,fastandsafecirculationofcommoditiesfromtheplaceofproductiontotheplaceofconsumption,inordertomeettheneedsofconsumers,coordinatetheinterestsofeachparticipatingbody,makefulluseofinformationtechnology,integratetheresourcesoftheindustry'supstreamanddownstream,andachievethepurposeofloweringthetotalcostoftheentiresupplychainsystemandrealizingamulti-winsituation[29].Inthecross-bordere-commercemanagedmodel,thistheoryhasbeenfullyapplied,theplatformorhostingserviceproviderstotakeoverthemanagementofthewholeprocessfromcommodityprocurement,warehousing,logisticstoafter-salesservice,sothatmerchantscanfocusonthecorebusiness,onlyneedtoprovidegoods.Thecross-bordere-commercemanagedmodelfullyembodiestheconceptofsynergyandintegrationinsupplychainmanagementtheory.Resourceintegrationisoneoftheimportantfeaturesofthemanagedmodel,theplatformthroughtheintegrationofwarehousing,logistics,marketingandothertypesofresources,toachieveeconomiesofscale,thussignificantlyreducingunitcosts.Forexample,Temuandotherplatformseffectivelyreduceprocurementandlogisticscoststhroughcentralizedprocurementandunifiedlogisticsanddistribution.Informationsharingisanothermajoradvantageofthemanagedmodel.Theplatformsharessalesdata,inventoryinformationandotherkeydatawithmerchantsthroughtheinformationsystem,whichmakesdecision-makingmorescientificandtimely,thusavoidingthelossofefficiencycausedbyinformationasymmetry.Processoptimizationisthethirdkeymechanismofthemanagedmodel.Theplatformsystematicallyoptimizestheprocessofproductshelving,orderprocessing,andshipping,whichsignificantlyimprovesoperationalefficiency.Forexample,byoptimizingthesupplychainprocess,Temuisabletorespondquicklytomarketdemandandachieveefficientreplenishmentandfastdelivery,thusenhancingcustomersatisfaction.Thereisasignificantdifferenceinthemechanismandeffectofsupplychainintegrationbetweenfull-managedmodelandsemi-managedmodels.Underthefull-managedmodel,theplatformtakesoverthesupplychainmanagement,includingprocurement,warehousing,logisticsandcustomerservice.Theadvantageofthismodelisthatithasstrongresourceintegrationcapabilityandcansignificantlyreducecoststhroughscaleoperation.However,itsdisadvantageisthatitislessflexibleanddifficulttomeettheindividualneedsofsellers.Incontrast,underthesemi-managedmodel,theplatformonlypartiallytakesoverthesupplychainmanagement,andthesellerretainscontroloversomeofthelinks.Theadvantageofthismodelishigherflexibilityandautonomy,whichissuitableforsellerswithstrongsupplychainmanagementcapabilities.However,itsdisadvantageliesinitslimitedabilitytointegrateresources,makingitdifficulttorealizethecostadvantagebroughtbythescaleeffect.2.2Cross-bordere-commerceplatformhostingmodepractice2.2.1CommonalitiesanddifferencesbetweeninternationalanddomesticplatformmanagedmodelsAmazonFBAmodeFulfillmentbyAmazon(FBA)mode,thatis,usingAmazonlogisticsservices,sellersneedtoimporttheirowngoodstothevariousprovincesandcitieswheretheyopenstores,andstoretheminthecorrespondingAmazonlogisticscenters,andAmazonwillcompletethelocalorderdistribution.IfthesellerhasopenedastoreononeofAmazon'splatformsandusesAmazonLogisticsServicesfordelivery,thesellercandeliverordersfromotherEuropeanplatformsthroughtheEuropeanUnifiedDeliveryNetworkorMultinationalInventoryusingtheseller'scurrentAmazonLogisticsServicesaccount.Amazonforsellerstoprovide“rentonlinestore+selltraffic+warehouseleasing+packagingonbehalfoftheshipmentonbehalfofthecollection”oftheintegrationofoutofthewarehouselogisticsservices.[12]TikTokShopbrandmanagedmodelTheTikTokShopbrandmanagedmodelisaconceptinsoftwareengineeringthatallowsbrandstooperateontheTikTokplatform,developingandpublishingcontentindependently.Byhostingthebrand'scorefunctions,suchasvideoposting,commenting,andadvertising,thismodelallowsthebrandtobefreefromtheplatform'slimitationswhiledevelopingcontentindependentlyandavoidingplatformdependency.Theadvantageofthehostedmodelisflexibilityandfreedom,allowingbrandstomanagecontentmoreflexiblyandwithlessdependenceontheplatform,whiledevelopingindependentlyandavoidingplatformrestrictions.However,thehostedmodelalsofaceschallenges,suchastheabilitytodevelopindependently,contentfragmentationandtechnicalsupportneeds.Overall,themanagedmodelprovidesbrandswithmoreflexibilityandfreedom,whichhelpswithcontentcreationandoperation,andpromotesinteractionbetweenbrandsandplatforms.SizzlerAliExpressSemi-managedmodelThesemi-managedmodelofAliExpressisaflexibleoperationmodethatcombinesautonomousoperationandplatformsupport,aimingtohelpmerchantsretainacertaindegreeofautonomywhileimprovingefficiencywiththeresourcesandadvantagesoftheplatform.Underthismodel,merchantscanindependentlypriceandsellgoods,whiletheplatformisresponsibleforlogisticsandwarehousing,exclusivemarketingactivitiesandreversereturnsandotheroperationalsupport.Atpresent,thesemi-managedmodelismainlyforself-operatedmerchantsontheplatform,usingatargetedinvitationsystem.SHEINSemi-managedmodelSHEIN'ssemi-managedmodelisacombinationofmerchantautonomyandplatformsupporttohelpmerchantsreduceoperatingcosts,improveefficiencyandexpandmarkets.Underthismodel,merchantscanindependentlypriceandselltheirproducts,whileSHEINisresponsibleforlogistics,warehousingandmarketingsupport,allowingmerchantstofocusonproductdevelopment.SHEINprovidesefficientlogisticsservices,includingoverseaswarehousesupport,toensuretimelinessandcostoptimizationoflogistics,andatthesametime,providestrafficsupportandexclusivemarketingcampaignsforsemi-managedmodelproductstohelpmerchantsincreaseproductexposureandsales.Merchantsonlyneedtoseamlesslyaddtheexistingproductstothesemi-managedmodel,noneedtore-release,simpleandconvenientoperation.Shopeefull-managedmodelShopee'sfull-managedmodelisamerchantwillbetheoperationofgoods,logisticsandafter-salesandotheraspectsoftheoperationoftheShopeeplatformisentirelyresponsiblefortheoperationoftheway.Inthismodel,merchantsonlyneedtoprovidegoods,Shopeeisresponsibleforthegoodsontheshelves,pricing,marketing,logisticsanddistributionandafter-salesprocessing,sothatmerchantscanfocusonproductdevelopmentandsupplychainmanagement.shopeeprovidesefficientlogisticsservices,includingoverseaswarehousesupport,toensurethatthetimelinessoflogisticsandcostoptimization,andatthesametime,forthefull-managedofthegoodstoprovidetrafficsupportandexclusivemarketingactivities,tohelpmerchantstoenhancetheexposureandsalesofthegoods.Shopeealsoprovidestrafficsupportandexclusivemarketingcampaignsforfull-managedmodelproductstohelpmerchantsincreaseproductexposureandsales.Inaddition,Shopeeisalsoresponsibleforhandlingreturns,exchangesandotherafter-salesissues,withouttheneedformerchantstobedirectlyinvolved.TemumanagedmodelTable2-1TemumanagedmodeldevelopmenthistoryKeytimepointsSpecificintroduction2018Pinduoduoannouncedthatitwouldinvest$1billiontoexpandoverseasmarketsandgopublicthatyear.Asof2020,Pinduoduohasbecomeoneofthelargeste-commercecompaniesinChinaandhasoperationsinmanycountriesandregionsaroundtheworld.2021Pinduoduoreleasedanewstrategicplantocreatea"newretail"ecosystemtoenhanceconsumerexperienceandimprovecorporateefficiency.Theplanincludeslaunchingnewretailservicessuchassupermarketservices,expressdeliveryservices,andelectronicpaymentservices.(TheprojectnameisMocan,andafastfashionindependentstationwasestablishedtobenchmarkSHEIN)2022.09.01Pinduoduo'scross-bordere-commerceplatformwasofficiallylaunchedoverseas,andthefirststopwillbefortheNorthAmericanmarket.TheplatformisnamedTEMU.TheAppStoreapplicationdetailspageshowsthatitmeans"TeamUp,PriceDown",whichissimilartothedomesticnamePinduoduo,thatis,themorepeoplebuy,thelowertheprice.2022.09.01-15TEMUtestingperiod2022.09.15Fullvolumeopenforsale2022.09.16Pinduoduo'scross-borderplatformTEMUtoppedtheUSGooglePlayshoppingsoftwaredownloadlist.InthesecondweekofTEMU'slaunch,thenumberofiOSandGooglePlaydownloadsintheUSmarketsurgedby860%.2022.10PinduoduolaunchedTEMUinAfrica.RelevantdatashowsthatTEMUhasenteredthetop200appsontheGoogePlayshoppingfreelistinmanyAfricancountries.InCameroon,TEMUranks22ndontheGoogeshoppingfreelist,surpassingitsrankingintheUnitedStates,withstronggrowthmomentum.2023.04.21FollowingtheUnitedStates,Canada,NewZealandandAustralia,TEMUofficiallylaunchedintheUK.2023.07TEMUplanstoopenuptolocalsellersintheUSmarket.Atthesametime,TEMUofficiallylaunchedintheJapaneseandKoreanmarketsthismonth,startingacrazyexpansionmode.Sofar,TEMUhasentered27countriesandregionsaroundtheworld,coveringNorthAmerica,Europe,LatinAmerica,AsiaandOceania.AccordingtoCNBCdata,TEMUhassurpassedSHEINandAliExpressinthedailydownloadrankings,dominatingtheJapaneseandKoreanappmarkets.2023.09TEMUMalaysiaisonline.OtherChinesePlatformCasesMay2023TikTokShopfull-managedmodellaunched.2023Sizzlerlaunchesfull-managedmodel2023SHEINannouncesthatitwilladvanceitsplatformmodelSHEINMarketplaceintheglobalmarketplace,introducingthird-partysellers.2.2.3ComparativeanalysisofdifferentmanagedmodelsTable2-2ComparativeanalysisofdifferentmanagedmodelsPlatformNamemanagedmodelOpencountriesStockingmodelSettlementcycleDepositSuitableFor