20 Fastest Growing E-Commerce Companies in 2024

Published on February 16, 2024 at 3:15 am by Ramish Cheema in Lists, News

In this piece, we will take a look at the 20 fastest growing e-commerce companies in 2024. If you want to skip our overview of the global e-commerce industry and the latest developments, then you can skip ahead and take a look at 5 Fastest Growing E-Commerce Companies in 2024.

From the late 1990s and the dotcom era to the first quarter of 2024, e-commerce, which is an industry based on letting buyers order goods from the comfort of their homes, has grown right alongside the Internet. The sector, which was initially started out by the San Jose, California based retailer eBay Inc. (NASDAQ:EBAY) allowing people to sell their products online, has made the founder and shareholder of the Seattle, Washington based behemoth Amazon.com, Inc.(NASDAQ:AMZN) one of the richest people in the world.

However, while Amazon’s market value also reflects its presence in the highly lucrative data center, cloud computing, and artificial intelligence markets, today’s eCommerce industry is also populated by more players than were present when Amazon was a pureplay bookseller. Now, apart from other behemoths like the Chinese Alibaba Group Holding Limited (NYSE:BABA), other firms such as the Singaporean Sea Limited (NYSE:SE) offer eCommerce investors exposure to the broader global markets.

Therefore, when it comes to growth, behemoths like Amazon and Alibaba are left in the dust while other companies are able to capitalize on underserved markets and build a stable footing. Markets, such as Asia Pacific in particular, have seen strong activity by young and vibrant eCommerce firms that benefit from the fact that they can target a region that houses most of the world’s population.

So, the next step to ask in our brief overview of the global eCommerce industry, a sector that some estimates suggest is worth as much as a whopping $4.921 trillion, is which companies serve high growth regions. After all, estimates suggest that the People’s Republic of China will remain the world’s biggest eCommerce market for the next couple of years, and along with China, other Asian countries will continue to exhibit growth.

A cursory look at eCommerce stocks shows that publicly traded companies based out of China, Singapore, Argentina, and South Korea reign supreme when it comes to investor optimism. Apart from Singaporean Sea Limited (NYSE:SE) and Alibaba Group Holding Limited (NYSE:BABA), some big ticket ex-US e-commerce names are Rakuten Group, Inc. (TYO:4755.T), Coupang, Inc. (NYSE:CPNG), and MercadoLibre, Inc. (NASDAQ:MELI).

Delving deeper into the global e-commerce industry and the performance of the top players, the sector as a whole has had to struggle with high inflation. While big ticket names such as Amazon and Alibaba are reaping the benefits of being able to diversify their revenues into high growth sectors like artificial intelligence and data center computing, more pureplay eCommerce companies are left to the whims of their customers who might find rising inflation a pinch to their wallets.

Taking a look at Sea Limited’s recent quarterly earnings performance shows that the firm has managed to beat analyst EPS estimates in just two out of its four latest quarters. Singapore after all is the fourth wealthiest country in the world when ranked by gross domestic product (GDP) per capita, and while this means that the country’s residents are able to earn a lot more, it also means that their higher earnings leave the local markets with equally higher prices. Higher prices also mean that the cost of operations grows, and for the e-commerce firm, they meant that a 32% annual increase in general and administrative expenses during its quarter ending in September 2023 turned a gross profit into a net loss.

Finally, before we look at the top 20 fastest growing e-Commerce companies, a look at the U.S. e-Commerce sector is indispensable. This is because while China might reign supreme, the U.S., which can rightly be called the birthplace of global e-Commerce, is nevertheless the second biggest e-Commerce industry in the world.

When analyzing an industry for innovation, looking at its fringes is often worthwhile. So, to see what’s happening in the U.S. e-Commerce industry, one might consider checking out some e-Commerce startups and small e-Commerce brands. One way to do this is to see which small cap e-Commerce stocks are seeing strong hedge fund interest. After all, hedge funds build their reputation on investing, and Insider Monkey took a look at some small top e-Commerce companies in the U.S. as part of our previous coverage. This revealed that the three top small e-Commerce American firms were Etsy, Inc. (NASDAQ:ETSY), Wayfair Inc. (NYSE:W), and Revolve Group, Inc. (NYSE:RVLV). You can click on the link above for more details.

So, with inflation starting to drop all over and firms navigating much tighter capital and monetary environments, we decided to look at the fastest growing e-commerce companies in the world. Some of these are D-Market Elektronik Hizmetler ve Ticaret A.S. (NASDAQ:HEPS), PDD Holdings Inc. (NASDAQ:PDD), and LightInTheBox Holding Co., Ltd. (NYSE:LITB).

20 Fastest Growing E-Commerce Companies in 2024

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Our Methodology

To make our list of the fastest growing e-Commerce companies, we ranked all publicly traded e-Commerce stocks with at least $100 million in annual revenue by their annual revenue growth and picked the fastest growing firms. For the calculations, preference was given to the annual calendar year 2023 revenue growth. For firms that haven’t reported Q4 2023 earnings, the trailing twelve month over 2022 annual revenue growth was calculated. Finally, since the list also includes global e-Commerce companies, for firms whose fiscal year ended in or after June 2023, the fiscal year was chosen to calculate growth. For others, the trailing twelve month figure was used.

20 Fastest Growing E-Commerce Companies in 2024

20. Baozun Inc. (NASDAQ:BZUN)

Latest Annual Revenue Growth: 1.19%

Baozun Inc. (NASDAQ:BZUN) is a Chinese e-Commerce company that allows companies to open digital storefronts. It is headquartered in Shanghai, China. February 2024 is proving to be a great month for the firm, as the well known Asian investment firm Daiwa Capital upgraded Baozun Inc. (NASDAQ:BZUN)’s shares to Outperform from Buy.

Along with PDD Holdings Inc. (NASDAQ:PDD), D-Market Elektronik Hizmetler ve Ticaret A.S. (NASDAQ:HEPS), and LightInTheBox Holding Co., Ltd. (NYSE:LITB), Baozun Inc. (NASDAQ:BZUN) is one of the fastest growing e-Commerce companies in 2024.

19. Solo Brands, Inc. (NYSE:DTC)

Latest Annual Revenue Growth: 1.74%

Solo Brands, Inc. (NYSE:DTC) is an American firm headquartered in Grapevine, Texas. It is a diversified e-Commerce company that sells a wide variety of products such as stoves and clothing.

18. CarParts.com, Inc. (NASDAQ:PRTS)

Latest Annual Revenue Growth: 1.82%

CarParts.com, Inc. (NASDAQ:PRTS), as the name suggests, is an automotive equipment retailer. While it’s been relatively quiet for the firm on the financial and news front as of late, CarParts.com, Inc. (NASDAQ:PRTS) is among a handful of retailers that are seeing growing attention from activist investors.

17. ZKH Group Limited (NYSE:ZKH)

Latest Annual Revenue Growth: 2.41%

ZKH Group Limited (NYSE:ZKH) is a Chinese company headquartered in Shanghai, China. It sells consumables, office equipment, spare parts, and other products. It is one of the more recent stocks to have gone public, and ZKH Group Limited (NYSE:ZKH)’s IPO in December was one of the largest for a Chinese firm.

16. eBay Inc. (NASDAQ:EBAY)

Latest Annual Revenue Growth: 3.09%

eBay Inc. (NASDAQ:EBAY) is the well known e-Commerce company that was one of the first players in the industry. 2024 is proving to be quite a controversial year for the firm as it has been fined for being lax in allowing dangerous equipment on its platform.

15. Etsy, Inc. (NASDAQ:ETSY)

Latest Annual Revenue Growth: 3.85%

Etsy, Inc. (NASDAQ:ETSY) is a flavorful e-Commerce company that allows users to trade art on its platform. Ahead of Valentine’s Day 2024, the firm brought artificial intelligence to its platform by introducing a new gift matching tool that uses A.I. for trait and preference matching.

14. Sea Limited (NYSE:SE)

Latest Annual Revenue Growth: 4.03%

Sea Limited (NYSE:SE) is a Singaporean e-Commerce retailer that is one of the biggest in the country. Its latest financial results saw management tout the benefits of a commanding market position to ensure growth even as costs rise.

13. Alibaba Group Holding Limited (NYSE:BABA)

Latest Annual Revenue Growth: 6.67%

Alibaba Group Holding Limited (NYSE:BABA), despite its heft, managed to make it on our list of the fastest growing e-Commerce companies in the world in 2024. This is due to its well diversified business model that enables Alibaba Group Holding Limited (NYSE:BABA) to benefit from growth in cloud and other computing areas even if its other markets are slowing down.

12. ThredUp Inc. (NASDAQ:TDUP)

Latest Annual Revenue Growth: 7.99%

ThredUp Inc. (NASDAQ:TDUP) marks the return of a U.S. e-Commerce company to our list of the fastest growing firms. A sizeable firm with thousands of employees, it sells clothing and associated products.

11. Chewy, Inc. (NYSE:CHWY)

Latest Annual Revenue Growth: 10.00%

Chewy, Inc. (NYSE:CHWY) is the pet e-Commerce firm that allows pet owners to buy treats and other items for their furry friends. This means that revenue is highly dependent on inflation and discretionary income, and perhaps that’s why the shares are down by 64% over the past 12 months.

10. Dada Nexus Limited (NASDAQ:DADA)

Latest Annual Revenue Growth: 11.83%

Dada Nexus Limited (NASDAQ:DADA) is a Chinese e-Commerce firm headquartered in Shanghai, China. It’s one of the most controversial e-Commerce stocks in 2024 as the shares tanked in January after the firm revealed that it had discovered ‘suspicious revenue.’

9. Amazon.com, Inc. (NASDAQ:AMZN)

Latest Annual Revenue Growth: 11.89%

Amazon.com, Inc. (NASDAQ:AMZN) is one of the biggest e-Commerce companies in the world, and one that commands the market in the U.S. It’s been a busy year for the firm, as while its founder Jeff Bezos has sold billions of dollars in stock, Amazon.com, Inc. (NASDAQ:AMZN) has been sued for its decision to introduce ads to customers that don’t pay an extra fee.

8. Liquidity Services, Inc. (NASDAQ:LQDT)

Latest Annual Revenue Growth: 11.89%

Liquidity Services, Inc. (NASDAQ:LQDT) is an American e-Commerce firm that serves the needs of businesses by enabling them to sell their surplus products or assets booked for salvage. The firm has been doing well on the financial front lately by having beaten analyst EPS estimates in three out of its four latest quarters.

7. Coupang, Inc. (NYSE:CPNG)

Latest Annual Revenue Growth: 12.68%

Coupang, Inc. (NYSE:CPNG) is a South Korean company that is one of the biggest of its kind in the country. This also makes it unsurprising that is among the ten fastest growing e-Commerce companies in 2024 due to Asia’s massive potential.

6. Maplebear Inc. (NASDAQ:CART)

Latest Annual Revenue Growth: 16.00%

Maplebear Inc. (NASDAQ:CART), commonly known as Instacart, is an American firm that allows customers to order groceries from the comfort of their homes. A firm with a market capitalization greater than $27 billion, is quite valuable and highly growing at the same time.

D-Market Elektronik Hizmetler ve Ticaret A.S. (NASDAQ:HEPS), Maplebear Inc. (NASDAQ:CART), PDD Holdings Inc. (NASDAQ:PDD), and LightInTheBox Holding Co., Ltd. (NYSE:LITB) are some of the fastest growing e-Commerce companies so far this year.

Click here to continue reading and check out 5 Fastest Growing E-Commerce Companies in 2024.