We all recognise there has been a dramatic move away from traditional, customer-facing businesses towards online retailers over the past couple of decades.
Revenue in the ecommerce market is projected to reach US$3.64 trillion by the end of this year, according to Statista, rising to an eye-watering US$5.56tn by 2027.
Here, Business Chief takes a look at the top 10 internet retail companies in the US ranked by market cap as of July 2023.
Market cap: US$1.3tn
There is surely no better example of a successful ecommerce business than Amazon, which sits way out in front of its competitors in terms of market cap.
Having started out in 1994 as a marketplace for buying and selling books, Amazon has pretty much become a byword for online shopping. Today, the company offers almost anything its customers could possibly want, earning it the nickname ‘the everything store’.
In addition to the US, Amazon has dedicated websites in 21 different countries, but ships goods to at least 100 more through Amazon Global.
Market cap: US$25.1 billion
eBay is the best-known online marketplace in the world when it comes to the sale of pre-loved items.
Launched in 1995, eBay quickly attracted attention thanks to its auction-style buying format and already had half a million users by the time it went public in 1998.
Over the years, the ‘Buy It Now’ instant purchase option has become more popular, thanks in large part to the growing number of eBay business users. However, buying via auction remains a great way for buyers to snap up rare memorabilia or collectibles.
Market cap: US$16.5bn
Chewy is the ultimate online retailer for anyone in search of pet food or other related products and stocks more than 3,500 brands.
Originally founded in 2011 under the name Mr Chewy, the company grew rapidly and was later acquired by PetSmart. Despite Chewy largely retaining its independence, the pair split in 2020.
As has been the case for a number of years, the majority of the firm’s sales come from customers signed up for automatic recurring shipments.
Market cap: US$11.3bn
Etsy has quickly become the go-to site for buyers in search of unique, creative and often extraordinary items.
It provides a place for talented, independent sellers to exhibit their products to the world, and has helped tens of thousands of small businesses make a name for themselves, when they may not otherwise have had the platform to do so.
Etsy’s mission – to keep human connection at the heart of commerce – ensures customers keep coming back for more.
Market cap: US$7.3bn
Wayfair is billed as the destination for all things home, offering a huge selection of items for every space, style and budget.
Despite primarily being based in the US, the company has become a global brand with corporate headquarters in both Boston and Berlin.
Meanwhile, its network of logistics hubs and customer service centres extends to nations including Canada, Ireland, the UK and Germany, allowing Wayfair to meet the needs of an enormous customer base.
Market cap: US$6.3bn
Famed for its car vending machines within multi-storey glass towers, Carvana is the fastest-growing online used automotive dealer in the US.
The company’s astonishing rise is perhaps best demonstrated by its entry into the Fortune 500 in 2021 – just eight years after being founded.
Carvana allows customers to purchase vehicles from the comfort of their own home and the entire process can be completed online, with a seven-day money-back guarantee.
7. Revolve Group
Market cap: US$1.4bn
Revolve is a “next-generation” fashion retailer aimed at Millennials and Gen Z.
The site connects a community of millions of consumers, thousands of global fashion influencers, and more than 1,000 emerging and established brands.
Revolve has continued to invest in technology, data analytics and innovative marketing and merchandising strategies, allowing it to build a powerful platform offering around 50,000 styles across apparel, footwear, accessories and beauty.
Market cap: US$1.4bn (Jan 2023)
Poshmark is a leading social marketplace for both new and second-hand items, catering for men, women, kids, pets and the home.
Its mission is to “put people at the heart of commerce, empowering everyone to thrive”.
Poshmark has no fewer than 80 million registered users across the US, Canada and Australia, and more than 200 million items for sale at any one time.
9. Overstock.com (Bed Bath & Beyond)
Market cap: US$1.3bn
Bed Bath & Beyond was once one of the best-known, customer-facing retailers in the US, but ultimately fell on hard times and filed for bankruptcy in April 2023.
The last remaining store closed in July, which coincided with Overstock rebranding its ecommerce site.
10. Liquidity Services
Market cap: US$513.8m
Operating a network of ecommerce marketplaces, Liquidity Services is a leader in reverse supply chain management solutions for retailers and manufacturers, helping them to reduce costs and simplify processes.
Its combination of service offerings, enterprise-class software and strategically-positioned logistics centres means the firm is able to meet each client’s unique business goals.
Over the course of 25 years, Liquidity Services has progressed from startup to global market leader, reaching more than US$8bn in completed transactions.
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