If this shuffle is brand new, make sure the plug on the docking cable is completely inserted into shuffle's headphones jack, as shown in this document
http://support.apple.com/kb/ts3572
Otherwise, if the shuffle's power switch has been ON since the problem occurred, do this to Reset the shuffle
http://support.apple.com/kb/ht1655
If you tried it on your computer's USB port and also a USB power adapter, you have probably ruled out a problem with the USB port not supplying enough power. However, be sure to try it on the computer, after shutting down (powering off) and restarting the computer, with other USB devices disconnected (except for standard keyboard/mouse if used).
Since you get at least the red light, the USB docking cable is probably OK. And if you have ruled out the USB port and USB docking cable, the likely cause is the iPod itself.
When connected to the USB port on computer, does it still appear in iTunes? If it does, you can try doing a Restore on the shuffle. The Restore button is on the shuffle's Summary screen in iTunes.