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 2024
According to a recent report ranking the fastest-growing ecommerce companies in 2024, Arizona-based Carvana is set to top the list for the second successive year. Industry analysts expect the online used-car retailer to increase its annual sales by 22.7% in 2024, an acceleration from 2023’s growth rate of 14.5%. As it stands, the company has seen impressive growth, reporting its best third-quarter performance this year.
Second on the list of the fastest-growing ecommerce companies is Amazon, the leading ecommerce company in the US in terms of market value. The online retailer is expected to see online sales rise by 11.7% in 2024, 1.8 percentage points higher than its 2023’s growth rate. Hypermarket chain Walmart follows in third place, with an expected rise in sales of 11.3%.
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Costco, which ranks among the largest retailers in the US, is the fourth-fastest-growing ecommerce company in 2024. Its expected sales are forecast to rise by 11.2%. Kroger, a retail company with supermarkets and multi-department stores across the country, and Lowe’s, a North Carolina–based retail business specializing in home improvement products, are in joint-fifth place. By analysts’ estimates, both company’s online sales will rise by 10.3% this year. These six companies mentioned so far are the only ones whose online sales are set to grow by more than 10% in 2024.
This is followed by multinational tech company Apple, with an expected increase of 9.8%. Target ranks next, as experts expect its overall annual sales to increase by 9.5. Chewy, an ecommerce retailer selling pet-related products, is in ninth place, falling seven places from its 2023 ranking. The business, headquartered in Florida, is forecast to grow by 9.2% in 2024. Electronics store Best Buy rounds out the top 10, with online sales set to rise by 8.2%.