Wish built its entire business on one insight: millions of people will tolerate slow shipping if the price is low enough. The platform connects consumers directly with manufacturers — mostly in China — offering products at a fraction of what they’d cost on Amazon or in stores. At its peak in 2020, Wish was the most downloaded shopping app in the world.
Peter Szulczewski, a former Google engineer, co-founded the company in 2010 as a wish-list app before pivoting to e-commerce. The algorithm-driven feed showed users personalized products based on browsing behavior rather than search queries, making it feel more like scrolling social media than traditional shopping.
The numbers were impressive early on. Wish reached $2.5 billion in revenue by 2020 and went public at a $14 billion valuation. The platform served over 100 million monthly active users across 60 countries. Merchants on the platform shipped roughly 2 million items daily.
But the model had serious flaws. Shipping times of 2-4 weeks frustrated customers. Product quality was wildly inconsistent, and counterfeit goods were a persistent problem. Regulators in France actually suspended the app temporarily over safety concerns. Revenue declined sharply post-IPO, and the stock lost over 95% of its value. In 2024, Qoo10 (a Singapore-based e-commerce company) acquired Wish for $173 million — a fraction of its peak valuation. It’s a cautionary tale about what happens when low prices come at the expense of customer experience.
