跨境电商托管模式比较——以Temu与SHEIN为例

A Comparison of Cross-Border E-Commerce Hosting Models—A Case Study of Temu and SHEIN

摘要: 近年来，托管模式成为中国跨境电商平台拓展海外市场的核心运营策略，全托管与半托管两种模式各自形成了差异化的商业逻辑与竞争路径。文章选取跨境电商“四小龙”中具有代表性的Temu与SHEIN两大平台，从模式起源与定义、运营责任分工、物流履约体系及定价权分配等维度进行系统比较。研究发现，Temu以“全托管开路、半托管跟进”的策略路径快速抢占全球市场份额，而SHEIN则依托柔性供应链，通过“自营 + 全托管 + 半托管”的多轨模式构建品牌化竞争优势。在国际政策环境影响下，两大平台均加速向半托管和本地化方向转型，跨境电商托管模式正经历深刻重塑。研究结合近几年市场规模与平台经营数据，为跨境电商卖家的模式选择与平台策略定位提供参考。

Abstract: In recent years, the managed model has become the core operational strategy for China’s cross-border e-commerce platforms to expand into overseas markets, with fully managed and semi-managed models each developing distinct business logics and competitive pathways. This paper selects Temu and SHEIN, two representative platforms among the “Four Little Dragons of Cross-Border E-Commerce”, and conducts a systematic comparison across dimensions including model origins and definitions, division of operational responsibilities, logistics fulfillment systems, and pricing power distribution. The study reveals that Temu rapidly captured global market share through its strategic approach of “fully managed models as the foundation, followed by semi-managed models”, while SHEIN has built brand-based competitive advantages via a multi-track strategy encompassing fully managed models, fully managed models, and semi-managed models, leveraging its flexible supply chain. Under the influence of international policy environments, both major platforms are accelerating their transition toward semi-managed and localized models, while the cross-border e-commerce hosting model is undergoing profound transformation. Based on market size data and platform operational statistics from recent years, this article provides insights for cross-border e-commerce sellers in selecting business models and for platforms’ strategic positioning.