Amazon launched a new discount marketplace Wednesday promoting "crazy low prices" that competes with Temu, Shein and TikTok Shop. Why it matters: Price-sensitive consumers have been "trading down" to cheaper goods to save money while retailers have been promoting store brands.

Amazon’s new low-priced marketplace is a likely attempt to compete with retailers like Shein and Temu, which the company reportedly views as a growing threat.

Amazon has launched its own discount storefront to compete with the likes of Temu and Shein. “Haul” is currently in beta on mobile and available to some in the US. The marketplace sells discounted items directly from China, just like its competitors.