Fastest-Growing Ecommerce Companies in the US
United States ecommerce sales grew by 7.44% in 2022, to a record-high $1.03 trillion, surpassing the $1 trillion milestone for the first time. With the number of online shoppers in the US rising year after year, starting an ecommerce store in the current market certainly seems to be an attractive business venture.
Here’s a look at the fastest-growing ecommerce companies to give aspiring entrepreneurs an idea of the types of businesses that are performing well.
Fastest-growing ecommerce companies in 2023
According to a recent report ranking the fastest-growing ecommerce companies this year, Arizona-based Carvana tops the list. Industry analysts expect the online used-car retailer to increase its annual sales by 14.5% in 2023. As it stands, the company has seen impressive growth, reporting its best first-quarter performance this year. Experts also expect Carvana’s growth to continue into 2024, with sales forecast to increase by 22.7%.
Second on the list of the fastest-growing ecommerce companies is Chewy, an ecommerce retailer selling pet-related products. The business, headquartered in Florida, is forecast to grow by 11% this year. Like Carvana, Chewy has also reported strong sales figures so far in 2023. It generated $2.78 billion in net sales in the first quarter of the year, a 14.7% annual increase.
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Hypermarket chain Walmart follows in third place, with an expected rise in sales of 10.9%. Carvana, Chewy, and Walmart are the only businesses whose online sales are set to grow by more than 10% in 2023.
Amazon, the leading ecommerce company in the US in terms of market value, ranks in fourth place. The online retailer’s total annual sales are predicted to increase by 9.9%.
Kroger and Costco, which rank among the largest retailers in the US, round out the six fastest-growing ecommerce companies in 2023. Their expected sales are forecast to rise by 9% and 8.9%, respectively.
Lowe’s, a North Carolina–based retail business specializing in home improvement products, is in seventh place. By analysts’ estimations, the company’s online sales will rise by 8.8% this year.
This is followed by multinational tech company Apple, with an expected increase of 8.7%. Target and Best Buy complete the list of the 10 fastest-growing ecommerce companies in 2023. Experts expect their overall annual sales to increase by 7.3% and 6%, respectively.