The wait is over, meet Chargeflow’s top 50 innovative eCommerce brands of 2023!
Chargeflow builds solutions that help eCommerce merchants eliminate chargebacks from online transactions. Chargeflow automates the entire chargeback process so you can recover any payment dispute without lifting a finger. You also get tools and data-driven insights to maximize your working capital and grow your business.
As part of that effort, we created Chargeflow Journal, a full-stack resource center where merchants and technology leaders can access actionable insights about the dynamically evolving eCommerce and payment terrain.
Today, we are pleased to introduce Chargeflow’s Top 50 Innovative eCommerce Brands of 2023. These companies have been carefully selected based on the following metrics:
- Market Presence and Global Reach
- Brand Value and Recognition
- Financial Performance
- Consumer Ratings and Reviews
- Innovation and Industry Impact
- Industry Reports and Rankings
- E-commerce Performance
Now, onto the big reveal! We’ve grouped the top 50 companies into verticals: fashion and apparel, beauty, fitness, home goods, gadgets and electronics, marketplaces, and emerging technologies.
Chargeflow’s Top 50 Innovative eCommerce Brands 2023
Fashion and Apparel
Asos is a London-based brand democratizing fashion for everyone. They believe in a world where you can be your true self without judgment. So they ensure everyone has an equal chance to discover all the beautiful things they’re capable of – no matter who they are, where they come from, or what looks they like to boss. With over 30 ASOS Brand sizes to choose from, the company prides itself on not being in the business of digitally altering its appearance. The ASOS Marketplace is home to 900+ small businesses, including independent brands and vintage boutiques from 50+ countries.
The ASOS AI team uses Machine Learning to enhance customer experience, improve retail efficiency, and drive growth. They also contribute to the global data science community by publishing their research and sharing the outcomes of their work at conferences.
Zara is a Spanish multinational fashion company founded by Amancio Ortega and Rosalía Mera in 1975 as a family-owned business. Zara's customer-centric culture and innovative strategies make it especially attractive to audiences aged 18 to 35. Zara has a reportedly swift turnaround of just one week to develop a new product and get it on store shelves. This is a stark contrast to the industry average of six months.
Additionally, Zara creates approximately 40,000 designs annually, ultimately selecting and producing around 12,000 new designs. The Zara website, Zara Online, launched in Jordan in 2010 and expanded to over 15 markets by 2020. In 2023, Zara adopted AI to help customers access smart fitting rooms via the brand's app using the "Click&Try" option, eliminating the need to wait in lines.
H&M Group is a global fashion and design company started with a single store by the Stefan Persson family in 1947. The fashion and design behemoth now has over 4,000 stores in more than 70 markets and online sales in 60 markets. H&M brands and business ventures share the same passion for making great and more sustainable fashion and design available to everyone. In 2023, H&M Group's print-on-demand merchandise service, Creator Studio, unveiled the retail group's first use of AI with a generative AI-powered custom clothing creation tool. The new AI tool enables anyone to mock up and produce garments with AI-generated custom visual artworks based on text input by the user.
Uniqlo Co., Ltd. (株式会社ユニクロ, Kabushiki-gaisha Yunikuro) is a Japanese casual wear designer, manufacturer and retailer. Founded in March 1949 in Ube, Yamaguchi, the company is a wholly-owned subsidiary of Fast Retailing Co., Ltd. In late 2017, Uniqlo debuted a line of 3D knit garments developed through a joint venture with knitwear machine company Shima Seiki. The technology allows a garment to be knit in one piece with minimal waste and no seamlines. It also provides a finer level of shaping and fit than classic knitwear production techniques. As of 2023, Uniqlo is still selling 3D knit pieces. By August 2023, the company forecasts it will operate 3,747 stores worldwide. Uniqlo has developed an AI-based chatbot called IQ to enhance customer service on its platform.
Boohoo is a stellar portfolio company of the Boohoo group founded by Mahmud Kamani and Carol Kane, who, from humble beginnings in a small office in Manchester, built one of the fastest-growing fashion businesses in the world. Boohoo is a global brand for all girls, creating affordable fashion. The company prides itself as the number 1 destination for fashion and lifestyle for all occasions. A community of 17 million people, Boohoo aims to empower its customers to look and feel confident.
The company seeks to become the global leader in the fashion e-commerce sector. They’re passionate about doing this in a way that respects their people, customers, suppliers, stakeholders, investors, and the world around them. The U.K.-based online fashion retailer uses artificial intelligence (AI) to offer relevant promotions at checkout and acquire new customers at scale.
The North Face brand was inspired by the coldest and most hostile side of the mountain. The brand kicked off in 1966 in San Francisco's North Beach neighborhood when two hiking enthusiasts resolved to follow their passions and founded the mountaineering retail store. The brand has certainly lived up to its promise of serving all those who desired to explore and serve the natural wild lands by helping to conserve them.
After over 50 years since opening, The North Face offers a vast range of performance apparel, equipment, and footwear. Their continuous innovation aims to empower customers to explore further. The North Face AI acts as a personal shopper, bridging the gap between in-store and online experiences for eCommerce customers.
Lululemon Athletica is a Canadian-American multinational athletic apparel retailer headquartered in British Columbia. Founded in 1998 by Chip Wilson as a retailer of yoga pants and other yoga wear, Lululemon Athletica expanded to sell athletic wear, lifestyle apparel, accessories, and personal care products. The company has 574 stores worldwide and offers its products for sale online.
Lululemon Athletica is collaborating with Toronto-based Wysdom.AI, Queen's University, and Microsoft on a project to develop a model that can help understand human interactions and well-being. The model will then provide an immersive and personalized wellness coaching experience.
#8 Under Armour
Under Armour is an American sportswear company headquartered in Baltimore, Maryland, manufacturing footwear and apparel. Under Armour was founded in 1996 by Kevin Plank, a former University of Maryland football team captain. Plank started his business with nothing but apparel in the trunk of his car and operated the business from his grandmother's basement in Washington, D.C.
Under Armour got its big break in 1999 when Warner Brothers featured it in two movies - Any Given Sunday and The Replacements. Under Armour became the new XFL football league outfitter in 2000 and went public in November 2005. IN 2023, before the European football season, Under Armour used AI to create an inspiring team talk to motivate team sport athletes.
Shein is a Chinese fast fashion retailer founded in Nanjing, China, in October 2008 as ZZKKO by entrepreneur Chris Xu. The company's headquarter is located in Singapore. Shein has grown to become one of the world's largest fashion retailers. Shein is popular among Gen Z customers. The company's success is attributed to its affordable fashion.
Sources say Shein earned ~$10 billion during the COVID-19 pandemic in 2020, marking its seventh consecutive year of over 100% sales growth. Shein was the second most downloaded shopping app globally in the first half of 2021. Shein uses AI to get product ideas from search results and the social media behaviors of its target consumers.
Brands like ASOS, Zara, H&M, and Shein have been notable for their fast fashion models, responsive supply chains, and strong online retailing strategies. Lululemon Athletica and The North Face have innovated in product design and marketing tailored to online consumer engagement.
Gucci is a luxury fashion brand based in Florence. The company was founded in 1921 by Guccio Gucci and operated as a leather goods and luggage retailer before rapidly expanding under the direction of Gucci’s sons. After a long and dramatic period of family infighting, they went public in 1995.
Gucci operates in over 500 stores worldwide, generating over $11 billion in 2022. In 2023, Gucci began working with Salesforce to Gucci uses Salesforce to use AI to connect its stores and app. Marketing Cloud enables Gucci to engage customers in real-time with push messages, emails, and notifications based on their physical location and shopping behavior. They also use AI to identify new markets and optimize product distribution, elevating sales forecasts significantly.
Chanel is a privately held company owned by Alain and Gerard Wertheimer, the grandsons of Coco Chanel's early business partner, Pierre Wertheimer. The company offers various products, such as clothing, fragrances, handbags, and watches. The Chanel brand is renowned for its iconic "little black dress," Chanel No. 5 perfume, and the classic Chanel Suit.
Chanel's beauty business generates the most sales in the US, China, and France, with China being the second largest market after the US. In 2021, Chanel invested in a beauty try-on tool, a world-first for the brand dubbed Lipscanner. The Chanel in-house app enables users to scan a color from social media, magazines, or clothing and find a matching lipstick shade from its 400-product line. Consumers can match lipsticks with outfits and accessories using the Color Picking feature.
#12 Louis Vuitton
Louis Vuitton aims to explore new horizons with an innovative and creative approach driven by unparalleled savoir-faire. Louis Vuitton was founded in Paris in 1854 and continues to follow the ambitious vision of its founder. Initially, the brand specialized in creating trunks to pack everyday objects and voluminous wardrobes.
Over time, Louis Vuitton and his successors introduced many innovative features, such as the flat-top trunk, lightweight canvas, signature patterns, and the tumbler lock. Today, Louis Vuitton's legacy is expressed through innovation, bold creations, and an uncompromising demand for excellence. Louis Vuitton uses AI to enhance customer service by offering AI-powered chatbots and the LV App. These innovations personalize product recommendations, answer customer queries, and facilitate appointment bookings.
Gucci, Chanel, and Louis Vuitton have successfully transitioned into the digital age, maintaining their luxury status while adapting to eCommerce trends.
Sephora is a French multinational personal care and beauty products retailer. The company has nearly 340 brands under its umbrella, along with its private label, Sephora Collection, offering beauty products such as cosmetics, skincare, fragrance, nail color, beauty tools, body lotions, and haircare. The company is present in 35 countries with over 2,600 stores. Sephora’s eCommerce and sustainability strategies give clients the latest and most powerful tools to explore the world of beauty. In 2023, Sephora launched Beauty (Re)Purposed to tackle hard-to-recycle packaging waste in the beauty industry. In partnership with facial analysis and visualization technology firm ModiFace, Sephora recently rolled out an artificial intelligence-based application that helps consumers find specific shades by simply uploading a photo.
#14 Ulta Beauty
Ulta Beauty, Inc. is a beauty retailer of cosmetics, fragrances, skincare, and hair care products. It operates through retail stores, salon services, and eCommerce. Ulta Beauty brings possibilities to life through the power of beauty every day in their stores and online, with over 25,000 products from approximately 500 well-established and emerging beauty brands across all categories and price points, including Ulta Beauty’s private label.
Ulta Beauty is recognized for its commitment to personalized service, fun and inviting stores, and its industry-leading Ultamate Rewards loyalty program. Ulta's skin analysis tool uses image recognition, machine learning, and data to provide personalized recommendations and a step-by-step routine.
Before Emily Weiss launched Glossier in 2014, she ran a beauty blog called Into The Gloss while working as an editorial assistant at Vogue. She realized beauty shouldn’t be built in a boardroom. Instead, you, the buyer, should craft your beauty. Hence, she set out to make that happen. Their product range is limited to around 40 SKUs, including color cosmetics and fragrances. Their tagline, "Beauty products inspired by real life," reflects their approach toward creating products that enhance natural beauty. Glossier's thoughtful design and innovative expression of freedom and individuality make the company appealing to its customers. Glossy, Glossier's AI-powered chatbot, offers personalized skincare recommendations based on the user's skin type. Glossier uses customer data to provide customized purchasing recommendations and automate product development using machine learning.
L'Oréal is a cosmetics behemoth, making the best of luxury beauty available and accessible to everyone. Their pioneering spirit leads their scientific excellence and restless innovation from makeup and skincare to haircare and hair color. L'Oréal has been committed to safety, efficacy, and quality for over 110 years. L'Oréal's SkinConsultAI provides women with tailor-made diagnostics. The technology detects seven aging signs: under-eye wrinkles, lack of firmness, fine lines, lack of radiance, dark spots, deep wrinkles, and pores. L'Oréal recently delivered some groundbreaking innovations across the beauty spectrum. The French cosmetics giant uses augmented beauty, data-powered diagnostics, smart devices, and new codes of beauty to cater to the broadest audience possible in increasingly personalized and bespoke ways.
#17 Estée Lauder
Estée Lauder is a leading global beauty brand that provides consumers with transformative products and experiences that embrace their unique beauty. Estée Lauder prides itself on being the only company focused solely on prestige makeup, skincare, fragrance, and hair care, with over $15bn in total net sales. Their diverse portfolio of brands is sold in approximately 150 countries and territories. Infused throughout their organization is a passion for creativity and innovation — a desire to push the boundaries and invent the unexpected — as they continue the bold work of their founder, Estée Lauder. The cosmetics giant recently launched an AI-powered and AR-assisted Makeup Assistant that helps visually impaired individuals apply makeup.
#18 MAC Cosmetics
MAC Cosmetics was born from a desire to produce makeup that could withstand the intensity of photography studio lights. It was initially designed for professionals but gained so much popularity that it was later released to the general public. In 1995, Estée Lauder Companies acquired 51% of the company, and in 1998, they purchased the remaining shares after one of the founders passed away.
Estée Lauder helped MAC expand to 1,500 locations in 78 countries. MAC partnered with YouCam to introduce a Virtual Try-On feature that lets users try makeup products via pictures and live videos before purchasing. YouCam's technology creates realistic simulations that can be tested on different skin tones and textures, with a choice of more than 200 shades of lip or eye colors.
Prose is a subscription service delivering custom care on demand. The company was founded in 2017 to revolutionize the beauty industry. They aimed to provide personalized products and an alternative to mass production. Prose offers customized hair care products made with clean and natural ingredients.
Unlike most emerging direct-to-consumer (DTC) beauty brands, they have in-house chemists who work with the R&D team to continually improve their formulas. The team utilizes customer feedback to introduce new ingredients and advance the brand’s proprietary algorithm. Prose aims to revolutionize beauty practices by prioritizing sustainability and waste reduction. Prose has achieved 2-3x revenue growth for three consecutive years due to their proprietary automation machine, which has increased production output by 4x and precision by 5x.
Sephora, Ulta Beauty, and MAC Cosmetics are leaders in online beauty retail, offering innovative digital experiences like virtual try-ons. Prose revolutionized the beauty industry with its subscription box model.
Nike (NKE), headquartered in Oregon, is a globally recognized brand. The company was founded in 1964 as Blue Ribbon Sports and is the largest athletic apparel and footwear supplier. Nike also designs, manufactures, and markets its line of sports equipment. Nike owns various brand names, including Air Jordan, Nike Golf, and Nike Pro. It also has multiple subsidiaries like Converse and Hurley International.
Nike acquired RTFKT, an NFT sneaker studio, in 2021 to bring its digital fashion to Fortnite. Nike uses AI to improve shoe fitting, personal offers, and supply chain efficiency. The company had a market capitalization of $165.23 billion as of 2023.
Adidas AG designs, distributes, and markets athletic and sporting lifestyle products, with operations spanning Europe, North America, Asia-Pacific, Latin America, Emerging Markets, Russia/CIS, etc. The Adidas Golf segment distributes and sells Adidas golf brand products. The Runtastic segment offers a comprehensive ecosystem for tracking and managing health and fitness data.
The footwear giant partnered with AI platform provider Findmine to automatically generate complete recommended outfits when customers browse an individual product on their website. Previously, Adidas merchandisers had to manually build outfits for the "Complete the Look" recommendation feature, which took 27 steps and 20 minutes to complete. This resulted in less than 10% of products featured in an outfit. The Findmine solution now automates this process, saving time and increasing the number of products showcased in outfits.
Reebok is a Boston-based company that designs, markets, and distributes fitness and lifestyle footwear, apparel, and equipment. Reebok is an influential global brand with a rich heritage in the fitness and sports industry. A subsidiary of Adidas, Reebok empowers people to reach their potential through innovative products, technologies, and programs promoting movement.
Reebok caters to fitness enthusiasts, functional trainers, runners, combat trainers, dancers, yoga practitioners, and aerobics. Reebok recently partnered with Futureverse, an AI and metaverse tech company, to introduce "Reebok Impact," a virtual experience with AI and digital wearables set to debut in 2024. Reebok Impact has been promoted as a mind-bending digital shoe experience that will immerse everyone in the AI and virtual wearables world.
Nike, Adidas, and Reebok are not just traditional sports brands but have also excelled in online retail, digital marketing, and integrating technology like apps and wearables.
Wayfair Inc. (Wayfair) is an online retailer of home improvement products. The company offers a wide range of products, including furniture, decor, pillows, rugs, lighting, kitchen and tabletop items, bedding and bath essentials, sofas, outdoor furniture, renovation supplies, appliances, mattresses, housewares, pet products, closet and storage furniture, home improvement items, and baby and kids’ products.
The website has 23.6 million active consumers, 23,000 suppliers, and over 33 million products. You can find everything from living room rugs to kitchen islands to decorative knick-knacks, making it a convenient one-stop shop for all your decor needs. In 2023, the company reported $12 billion in net revenue. Wayfair employs over 16,000 people and is headquartered in Boston, MA, with operations throughout North America and Europe.
IKEA was founded in Sweden in 1943 by 17-year-old Ingvar Kamprad. Around the world today, there are 423 IKEA stores, with some run by franchisees. These locations are spread across 52 markets, including recent expansions into Thailand and Russia. Nearly 70% of IKEA stores are located in Europe. The best countries for IKEA are Germany (15% of sales) and the U.S. (14%).
IKEA received 860 million visitors in FY23, a slight increase from 822 million in FY22. Online sales remained stable at 23% compared to 22% in FY22. Automated design systems like Billie, powered by AI and natural language processing, enable IKEA to interact with customers on its digital platforms in real time. IKEA Kreativ, a digital experience uses AI to help customers create lifelike room designs.
#25 Home Depot
The Home Depot is one of the world's largest home improvement specialty retailers. By the end of Q3 2023, Home Depot had 2,333 retail stores in all 50 states of America, Puerto Rico, the US Virgin Islands, Guam, Canada, and Mexico. Home Depot's annual revenue for 2023 was $157.403B, a 4.13% increase from 2022.
The Company employs approximately 500,000 associates. Home Depot engineers leverage Google's BigQuery to monitor, analyze, and act on application performance data across all its stores and warehouses in real-time, which was not practical in the on-premises system. The retail behemoth has also been actively improving shelf availability with computer vision. This initiative enhances the shopping experience by ensuring that products are readily available when customers need them.
Wayfair, IKEA, and Home Depot have set standards in online home goods and furniture retail, with innovative features like augmented reality to visualize products in a home setting.
Gadgets and Electronics
Apple Inc.(NASDAQ:AAPL) stock has shown an impressive growth of 246% in the last five years, representing a compound earnings per share (EPS) growth of 16% annually. In June of 2023, Apple became the first company to surpass a $3 trillion market value, marking another indication of the continued dominance of big tech in the equity markets.
As of this publication, the market value of the iPhone maker has surged by over $983 billion, a net gain of ~2.3%. Apple became the world's most valuable stock in 2011 and has rarely forfeited that title. It reached a $1 trillion valuation in mid-2018 and a $2 trillion valuation in August 2020, becoming the first US company to surpass that level.
Since its establishment in 1969, Samsung has been committed to utilizing its talent and technology to develop exceptional products and services that promote a better global society. The multinational conglomerate operates in 74 countries and has more than 266,000 employees. Samsung Electronics generated approximately $52 billion in revenue in Q3 2023, most of which came from its mobile communication segment. In early 2023, Samsung held a 22.5 percent share of the global smartphone market.
Samsung has successfully tailored its approach to meet the diverse needs and demands of consumers worldwide, with a focus on both emerging and established markets. Samsung strategically adapts its products and marketing according to consumer demands in these regions.
Dell is a pioneer in computer technology and one of the world's largest providers of IT technology and services. The Texas-based super brand has been transforming its B2B eCommerce and marketing efforts. Dell began experimenting with micro frontends a few years ago to see if its IT teams could work faster and with greater agility to support the brand's eCommerce efforts.
However, the endeavor proved so successful that micro frontends revolutionized Dell's global eCommerce delivery and improved website architecture across the company. Dell's APEX service offers a technology-as-a-service model to B2B clients, allowing them to outsource data center management. This model provides for resource conservation and gives brands the agility to scale their technology provision up and down in response to demand. The company's revenue reached approximately $102.3 bn in the 2023 fiscal year.
HP is a technology company at the forefront of developing personal computers, workstations, and printers. HP is set to introduce the first generation of what they call "AI PCs." These computers will come with artificial intelligence integrated into them, in addition to the standard Central Processing Units (CPUs) and Graphics Processing Units (GPUs) that most advanced computers are equipped with today.
AI-powered computers will have Neural Processing Units (NPUs), meaning that AI can run directly on the computer without an internet connection. This technology will allow users to run artificial intelligence locally and privately on their computers without data-sharing or recurring fees. They can use it whenever and wherever they want. HP maintained fiscal 2024 adjusted profit forecast at $3.25 to $3.65 per share.
Apple, Samsung, Dell, and HP are giants in online retail for consumer electronics, known for their technological innovations and robust e-commerce platforms.
Amazon has been the most successful eCommerce platform for many years and continues to redefine the future of online shopping. Amazon owes its success to its remarkable capacity to offer customers exactly what they want and need in real-time. The company achieves this feat by effectively using customer data extracted from its website, which helps improve customer satisfaction and boost sales.
Last year, the global e-commerce behemoth announced its plans to launch an online shopping service in South Africa. This will be Amazon's second move into the African market after entering Egypt. This move also marks the company's expansion into Africa's most advanced economy. Amazon noted that the launch of Amazon.co.za in 2024 will provide independent sellers a platform to initiate, expand, and scale their businesses rapidly.
eBay is well-known for its plug-and-play eCommerce sales strategy. The company has launched several new features to help small and medium-sized sellers expand their online storefronts and counteract recent declines in gross sales. AI-generated content helps merchants sell unusual items with longer, more detailed product descriptions.
Merchants can send automated online offers through eBay's M2M messaging platform to alert shoppers of lower prices or product offers to boost sales. Sellers can manage “shoppable posts” on multiple social channels like Instagram and Facebook. They can also engage buyers through eBay Live interactive livestream selling, including live-streamed sales events. 68% of eBay sellers surveyed in six countries expect their eBay business to grow in the next five years, and 55% expect overall business growth in the next 12 months.
Alibaba has achieved significant success by leveraging intelligent technology in its sales sector. The Chinese company, founded by Jack Ma in 1999, has used artificial intelligence to drive its global growth beyond expectations. Alibaba's "eCommerce Brain" software uses real-time data to predict consumer desires, updating models for each individual with purchase and browsing history and online activities.
Alibaba's Core eCommerce vertical returned to growth for the first time in a year. The company's revenue spiked by 9% to reach $31.5 bn in 2023, with operating profit up 34%. Estimates suggest that Alibaba Group's net eCommerce sales could rise by more than 80% by 2026, reaching nearly $1.4 trillion in sales.
Shopify is an all-in-one eCommerce platform that enables small businesses to easily create an online store and sell their products or services. With Shopify, merchants can manage all aspects of their business through a single, user-friendly dashboard. This includes creating a modern online store and selling on social media platforms, marketplaces, blogs, other websites, and even via email, text, and chat. Shopify also offers an integrated point-of-sale system for offline retail stores, pop-up shops, and market sales.
Shopify created a system that spawns profit by helping customers generate more revenue. Embedded into the Shopify eCommerce platform, Shopify Magic helps users craft and edit content. Buyers also get personalized product recommendations, visual searches, optimized product tagging, etc. Shopify's revenue for the past twelve months ending September 30, 2023, was $6.651B, up 26.8% YoY.
Target Corporation (TGT) has shown notable strength in the stock market, with a robust 28% increase, higher than the industry's 18.6% rise. Experts attribute the promising outlook to their diverse product range, implementation of strategic market expansions, and seamless integration of digital technologies. The company has been working hard to improve in-store and online shopping.
Target was said to have invested $4-$5B in FY23 to scale operations, attract new customers, and optimize supply chain facilities. The company's investment in expanding digital and omni-channel capabilities, alongside features like 'Shopping Partner' and enhanced delivery options with Shipt, reflects a commitment to seamless online and offline retail integration.
Etsy (NASDAQ: ETSY) is an eCommerce company that connects buyers and sellers of handmade items. Etsy reported $3 billion in gross merchandise sales and $87 million in net income in the current quarter, showing significant growth from pre-pandemic times. Etsy holds only a 2.5% share of a $466 billion total addressable market, with a considerable market growth potential.
Estimates suggest that 56% of sellers on Etsy are first-time entrepreneurs, which means even beginners see the platform as having great potential. Etsy sellers can access various tools to help them create high-quality, SEO-optimized listing descriptions, titles, and ad captions. These tools can improve visibility, attract customers, and increase sales.
Wix eCommerce provides a wide range of professionally designed templates for different types of stores, including electronics, home goods, fashion, beauty care, and more. The Wix Editor lets you personalize your product galleries and present your products in the best way possible. Their advanced technology empowers merchants to establish a unique and professional online presence. Whether you are a beginner or an experienced user, Wix offers the tools and solutions that cater to your needs.
Their unique ecosystem comprises a global user base, an open SDK, and exceptional design capabilities. With Wix, developers, web designers, and online professionals can effectively market their apps and services to a vast audience of millions. Their new platform, Wix Studio, allows agencies and freelancers to deliver exceptional client work at scale.
BigCommerce is a leading Open SaaS eCommerce platform for fast-growing and established B2C and B2B brands. In July, BigCommerce achieved 24 out of 24 total medals in the 2023 Paradigm B2B Combines for Digital Commerce Solutions (Enterprise and Midmarket Editions), surpassing previous analyst evaluations for the fourth consecutive year. BigCommerce improved its rankings in six categories in both Editions, making it a top choice for midmarket and enterprise B2B brands aiming to expand their business. BigCommerce recently revealed that it plans to incorporate AI-powered capabilities into its platform by utilizing Google Cloud's AI technologies. The newly added features will enable enterprise-level merchants to enhance operational efficiencies, deliver improved customer experiences, boost product discovery, and drive more sales.
Walmart is upgrading its digital platform and supply chain to better serve customers with an intelligent, connected omnichannel network that utilizes data, software, and automation. By leveraging automation and cutting-edge technology, Walmart aims to offer more consistent, predictable, and higher-quality delivery services to its stores and customers and respond more rapidly to customer demand. By the end of Fiscal Year 2026, Walmart expects automated systems to service about 65% of its stores, while automated facilities will handle approximately 55% of the fulfillment center volume, leading to a potential 20% improvement in unit cost averages. The company is expanding its global omnichannel network and developing higher-margin value streams that cater to customers and businesses and complement its omnichannel retail operations.
#39 Best Buy
Best Buy has continuously improved its digital capabilities, enhancing its services like buying online and picking them up in-store. Best Buy has invested heavily in fundamental technology capabilities, such as data analysis. Digital assets, including the company's mobile app, have played a significant role in driving revenue. The share of online sales generated through the Best Buy app has doubled in the last three years, accounting for more than 20% of the company's online revenue.
Best Buy uses generative AI to streamline customer care by summarizing call points and follow-ups. Agents no longer need to take manual notes during customer interactions, allowing them to focus entirely on the customer and reducing the time between calls. Buy targets revenue of $43.8 billion to $45.2 billion for FY24.
Amazon, eBay, Alibaba, and Shopify are foundational to the e-commerce world. Each has introduced significant innovations in online shopping, marketplace operations, and e-commerce platform services. Retailers like Target, Walmart, and Costco have also successfully expanded into online spaces.
Emerging eCommerce Platforms
#40 Athletic Brewing
Athletic Brewing is dedicated to crafting delicious non-alcoholic beer folks can enjoy anytime and anywhere, with no worries and hangovers. Unlike other non-alcoholic beers, they formulated Athletic Brewing with a proprietary process that allows for full flavor – which is why Athletic Brewing continues to win numerous awards when up against full-strength beers.
Athletic Brewing was ranked the second-fastest growing food and beverage company in the U.S. in 2022 by Inc. and one of the 100 most influential companies of 2022 by Time magazine. Athletic Brewing recently launched Give Dry a Try’ by offering an easy way for folks to track the days they don’t consume alcohol.
#41 Béis Travel
BÉIS began with the promise to enable everyone to pack their stuff and hit the road with bags and accessories that wouldn’t break the bank. From the gym to Jaipur, BÉIS will never compromise on functionality or looking selfie-ready cool. Gone are the days of boring-looking or pretty-but-too-delicate luggage pieces. Founded in 2018 by actress, entrepreneur, and world traveler Shay Mitchell, BÉIS offers consumers thoughtfully designed accessories that never ask you to compromise between form and function.
BÉIS boasts a robust core collection, fashion and seasonal drops– and limited-edition product runs. BÉIS is committed to pushing the boundaries of current market offerings to keep you hyper-organized and looking good, whether you’re on your way around the world or across the city.
Lovevery creates educational play-kit subscription boxes featuring toys, books, and games designed to support babies' and toddlers' brain development and meet their developmental needs. The toys follow the Montessori educational model and are developed with consultation from child development experts, physical therapists, and cognitive developmental psychologists.
Pentagram collaborated with product designer Seth Murray to create the line's brand identity, packaging, website, messaging, and product design. The website features modular navigation and custom icons to shop the collection. The branding is modern and engaging, making each Play Kit feel exciting and personal for the user. Lovevery provides stage-based learning to engage babies at every phase of their development. Reviewers say Lovevery products can alleviate the parental stress of finding suitable toys for kids' ages.
Elvie is creating a parallel healthcare industry that is unashamedly female-first, with a stubborn focus on women's unique needs based on research and innovation, not assumption. Unlike traditional pumps that can be loud and bulky, the Elvie Pump is easy to use and does not consist of tubes, plugs, or fragmented parts. You can pair it with a smartphone app to control the device remotely and track milk output volume.
A FemTech company founded by Tania Boler, an internationally recognized women’s health expert, Elvie spent over ten years developing cutting-edge tech and breaking societal taboos to improve women's lives. Elvie wanted to offer that market a pump that checked all the boxes and gave women a high-tech, innovatively designed, discreet, and cost-effective product.
#44 Daily Harvest
Daily Harvest is on a mission to make it easy to eat more sustainably grown, organic fruits and vegetables daily. They make chef-crafted food built on sustainably sourced fruits and vegetables, with no artificial ingredients or artificial preservatives — just real fruits, vegetables, grains, and legumes grown by real people.
Launched in 2016 by Founder and CEO Rachel Drori, Daily Harvest removes the friction between the intent of eating more nourishing food and the action of making it a daily habit by making food quick-to-prep and easy to stock. They’re committed to a better food system prioritizing human and planetary health from seed to plate. They support sustainable farming practices that preserve biodiverse ecosystems for better food benefits.
#45 Trinny London
Founded by Trinny Woodall from her kitchen table in 2017, Trinny London was born to give everyone the tools to be their best. With inspiring innovation and a motto to rethink your routine, they’re proud of their global expansion and are now one of Europe’s fastest-growing beauty brands. Trinny London launched their iconic stack, which consists of multitasking cream-based little pots that click together seamlessly.
Additionally, they introduced Match2Me, an innovative personalization tool. Their latest venture is skincare, featuring highly effective formulations that transform how people look and feel about their skin, ultimately impacting their self-esteem. An online tool helps customers choose products that suit their skin and support it in the best way possible.
Contrary to other trendy start-ups in the tech industry, Wyze did not start in a garage. The company started at Amazon headquarters in Seattle, where the Wyze founders used to work. While working with retail teams in tech, they noticed something very wrong with the smart home industry. Despite all its praise and publicity, smart home gadgets weren't affordable and didn't hit mass adoption. So they left their jobs and set off on a mission to change that. To make great technology accessible to everyone. After months of research and development, they created their first Wyze Cam. Since then, they’ve built the best AI in the business, so their smart products are actually smart. Wyze was named one of Time magazine’s most influential companies of 2022.
Oura is a health technology company known for its smart ring that tracks sleep and physical activity. The company was founded in 2013 by Petteri Lahtela, Kari Kivelä, and Markku Koskela. Oura is a product of detailed Finnish craftsmanship, designed to pair with your mind and body, empowering you to control your health from the inside out.
Ten years ago, the team created a tool that seamlessly fits into your lifestyle, allowing you to make your health your priority conveniently. Oura gives unlimited access to accurate data and information about your body to make more informed decisions and lead healthier lives. They promise to meet their users where they are and as they are to help guide them on their journey to discovering what’s within.
Since its founding in 1999, Rakuten has helped shape how people shop online, offering Cash Back, deals, and shopping rewards on the world’s largest selection of products and services. The Japanese startup provides its customers with cash-back incentives for shopping and has emerged as a leader in the commercial sector. Few companies in the world have achieved the level of success that this Asian giant has accomplished.
To date, their 20M+ members in the U.S. have earned over $3.2B in Cash Back at their favorite stores. Rakuten has been working with big data for about five years, purposefully searching for new and better ways to empower customers through the boundless abilities of AI. Rakuten's foray into AI marks a strategic move to leverage its diverse dataset and technological capabilities in an evolving landscape.
#49 Bloom & Wild
Bloom & Wild is an online flower delivery platform developing a modern approach for sending flowers to loved ones. Bloom & Wild is re-inventing the $60B global flower industry. From inventing letterbox flowers to founding The Thoughtful Marketing Movement, Bloom & Wild is Europe’s largest direct-to-consumer flower company.
Their flowers are sent as the freshest buds, carefully packed and ready to bloom for arrangements that last. The result is almost 60k five-star reviews and the status of the UK’s most-loved online florist. Since launching in 2013, they’ve raised £126m of venture capital and private equity funding from investors including General Catalyst, Index Ventures, Burda Principal Investments, and MMC Ventures.
#50 Chewy Inc
Chewy, Inc. is an online retailer of pet food and other pet-related products. The Company, through its retail website and mobile application, offers pet food, treats, supplies, and healthcare products for dogs, cats, fish, birds, horses, and reptiles. They also provide a range of pet clothing and medications. Chewy delivers a seamless experience managing pets' health, wellness, and merchandise needs through the website and mobile app.
In 2019, Chewy filed an S-1 for an initial public offering, intending to trade under the ticker symbol CHWY. Chewy's gross profit for the twelve months ending October 31, 2023, was $3.119B, a 16.55% increase year-over-year. Chewy’s gross profit in 2023 was $2.831B, a 19.27% increase from 2022.
Oura, Lovevery, Rakuten, Bloom & Wild, Béis Travel, Chewy Inc, represent the newer wave of eCommerce, with innovative approaches to online retail, logistics, and market penetration. Athletic Brewing, Trinny London, Wyze and Daily Harvest, for example, have been trailblazers in the industry.