Estimated reading time: 4.5 minutes
The ecommerce landscape moves fast. Brand loyalty seems fleeting. Consumers have endless options to choose from. So how do you stand out and grow in such a crowded space?
To figure that out, I thought it would be an appropriate time to look at 5 of the fastest-growing brands of 2023. You’ll discover how each brand grew so quickly, and learn lessons you can apply to your own ecommerce strategies.
ChatGPT – Leverage Emerging Tech (Responsibly)
After ChatGPT debuted in November 2022, it took the world by storm by allowing anyone to get answers to questions in a conversational manner, write code, or generate content in the style of a particular author. Two months later, it amassed a user base of 100 million users.
Here’s some key takeaways from ChatGPTs success:
- Experiment with AI with your business. Experiment with it to improve your ad copy, email messaging, website content, etc.
- Find ethical ways to test and integrate new tech ahead of the curve.
Starry – Speak Their Language
Starry, a new PepsiCo lemon-lime-flavored soda, hit shelves in January. Starry quickly grew in popularity over time, mainly by focusing marketing efforts on Gen Z’ers using their slang of “hits different”, having a strong social presence, and establishing partnerships with popular Gen Z influencers like Keke Palmer.
Here’s some key takeaways from Starry’s success:
- Know the audience you want to target and speak their language.
- Discover popular figures among your audience and form partnerships with them.
- Outcomes matter more than flashy campaigns.
Zelle – Meet Changing Consumer Demands
US mobile peer-to-peer (P2P) payments transaction value is expected to grow over 11% by the end of 2023 to reach $993.28 billion, per an April 2023 forecast from Insider Intelligence. Zelle currently transacts $485.32 billion in P2P transaction value, making up almost half the total.
Here’s some key takeaways from Zelle’s success:
- Gen Z is increasingly using mobile peer-to-peer payments.
- Make sure to provide mobile payment options available.
- Failing to evolve could lose you younger customers.
Shein – Don’t Let Your Reputation Fully Define You
Even with all the reputation issues, Shein grew its presence rapidly in the US marketplace. They did this by proactively shipping more goods from China to the US to speed up customer delivery times, partnering with the brand Forever 21 on a co-branded clothing line and a physical pop-up store, and filing for an IPO.
Here’s some key takeaways from Shein’s success:
- Even if you have a bad reputation, your business can still succeed.
- They fixed customer pain points by improving logistical issues with their international warehouses.
- Partner with brands that focus on your target audience (in this case, fast-fashion).
Twisted Tea – Find Your Tribe
Twisted Tea has been around for some time, but the brand grew its dollar sales by 34% in Q1, according to parent company Boston Beer Company as reported by Retail Brew. When other alcoholic brands shifted towards low or no-alcohol beverages, Twisted Tea introduced Twisted Tea Extreme, which has a higher alcohol percentage by volume than its original version.
Here’s some key takeaways from Twisted Tea’s success:
- They were able to build a cult following with virtually no marketing
- When industry players zig, try to zag – there is power to differentiation. Lean into what makes you unique.
The key is to stay nimble – keep an ear to the ground, understand your customers, and don’t be afraid to test creative strategies.