The ongoing economic slowdown combined with consumers’ demand for faster and more innovative shopping experiences has seemingly raised the bar for online retailers — and some brands are significantly outperforming the rest.
According to Brightpearl’s latest Lightning 50 list, a quarter of the fastest-growing brands in the U.S. are in the fashion and apparel industry. They are followed by businesses in the health and beauty space and homeware.
“When we consider the uncertainty of the last couple of years, it’s easy to paint a bleak picture for business,” said Brightpearl CEO Derek O’Carroll.
“Despite these obstacles, many have risen to this, and now the results are in, we can see that some firms aren’t just showing resilience - they are absolutely thriving.”
A key factor helping these up-and-coming brands punch above their weight is their use of data-driven technologies that enable them to quickly adapt to changing business realities and customer expectations. Another common denominator among these brands is their leadership.
Five out of the top 10 fastest-growing U.S. brands are run by women.
Case in point: In this year’s list, HUNT Bike Wheels ranked number one, recording a stunning 1,357% increase in sales. Meanwhile, apparel brand J. Brooks Boutique came in second, recording a 130% year-over-year increase in sales. Both of these brands credit their success to having a robust eCommerce platform equipped with inventory planning tools, backend technologies, and a focus on customer relationships.
“Everyone is obsessed with the frontend, flashy part of digital retail, but really the key to exponential growth lies in repeat business, and that means putting in place strong end-to-end retail operations to automate and consolidate the backend of your business,” said retail industry expert Christine Russo.
“That is the foundation for the type of outstanding customer experiences which keep consumers coming back to your store.”
It should be no surprise that technology-forward brands are raking in large amounts of sales. According to Brightpearl, just the top 25 U.S. eCommerce brands generated more than $341 million in revenue between 2020 and 2021.
To access the complete list of the top Lightning 50 companies, click here.
