The following is detailed information and analysis of cross-border e-commerce in May 2026:
Coupang: Performance setback but positive measures
Coupang released its first quarter financial report for 2026 after the US stock market closed on May 5. The performance was significantly lower than market expectations.
Revenue in the first quarter was US$8.5 billion, a year-on-year increase of 8%, slightly higher than expected. However, due to the surge in data leakage repair costs and huge investment in the “developing business” segment, operating losses reached US$242 million and net losses reached US$266 million.
This is its largest quarterly loss since the fourth quarter of 2021, and it is also the second consecutive quarter of losses.
Adjusted EBITDA fell sharply by 92%, the growth in the number of active users of commodity e-commerce and net revenue per active user slowed down, and operating cash flow and free cash flow also dropped significantly.
After the financial report was released, the stock price fell 7.2%.
The weak performance stems from a large-scale data breach in November 2025. The company launched a US$1.2 billion repair plan, also set aside reserves for compensation, and faced competition from Chinese e-commerce platforms.
However, Coupang repurchased shares this quarter and was approved for a US$1 billion repurchase plan, conveying management confidence.
In addition, the company announced that it would donate 180,000 new fashion products to disadvantaged groups to repair its brand image.
Amazon: Logistics Strategy Transformation
On May 4, local time, Amazon announced that it will fully open its global logistics and supply chain network to all enterprises. This is a key transformation of its logistics strategy.
After the news was announced, the logistics sector of the US stock market suffered a setback, and Amazon’s stock price bucked the trend and rose.
In the long run, Amazon is expected to become an important third-party logistics partner or competitor, but currently its logistics resources are in short supply. FBA is experiencing liquidation and difficulty in making reservations. Overage inventory will be forced to be removed from European and North American sites.
Sellers need to cope with clearance pressure and make reasonable decisions on how to handle inventory.
Temu: Policy adjustment in the US region
On May 2, the US T86 customs clearance channel was closed, the comprehensive tax rate of Chinese goods soared, customs clearance time was extended, and the cost of the direct mail model increased.
On May 3, Temu’s new rules for the U.S. site came into effect, and all direct links from China were removed from the shelves. Sellers without local warehouses were unable to enter.
This marks the end of Temu’s early traffic harvesting era. The platform is transitioning to a new operating form. Sellers’ profit margins have shrunk and they need to turn to local warehouses to stock up on goods and focus on compliance and inventory management.
TikTok Shop: Thailand station commission increase and logistics upgrade
On May 6, TikTok Shop Thailand station completed the third commission adjustment within two months. The commission for different clusters of products was increased. This will compress the profit margins of low-customer unit price sellers and mark the end of the “subsidy for traffic” model.
The U.S. station requires local shipments to be delivered within three days, has launched a number of incentive policies, the platform has transformed into a global business model, and will also hold a product selection summit.
Merchants should focus on differentiated creative content and contract fulfillment timeliness.
Domestic mainstream platform dynamics
On May 5, the Irish Data Protection Commission launched an investigation into SHEIN to review its data transmission compliance, reflecting Europe and the United States’ concerns about China’s cross-border e-commerce data security.
SHEIN is also facing dual regulatory pressure and is accelerating the construction of local warehouses in Europe, but brand trust is being challenged.
The global independent website market has exceeded US$3.5 trillion, with Chinese sellers accounting for over 40%, becoming the core force for growth.
New Domestic Fiscal and Taxation Regulations
The 2026 new regulations require cross-border e-commerce platforms to withhold and pay value-added tax and corporate income tax for domestic sellers, and the time limit for export tax refund declarations is shortened.
The policy of halving corporate income tax for small and micro enterprises continues, and sellers of different sizes can enjoy different tax benefits.
Cross-border tax reform presents the characteristics of both compliance incentives and non-compliance penalties. Sellers should actively comply with regulations to reduce costs.
Comprehensive Trend Observation and Suggestions
Currently, cross-border e-commerce is showing many trends. The “asset-light direct mail” model in North America has ended, and the platform has entered a “value realization” cycle. Amazon’s open logistics has intensified competition, European regulations have become stricter, global independent station demand has exploded, and financial and tax compliance has accelerated transparency.
Sellers should follow these trends, complete structural migration, improve refined operation capabilities, focus on compliance, diversify channel layout, and master new policies to reduce costs.
