Retail Growth Hotspots: South Korea, India, and the U.S. Are Top Markets

In the world of eCommerce, immediacy counts. That’s why tracking the monthly development of retailer performance is a trend predictor that other methods overlook.

The interpretative lens is adjustable across different dimensions. It can focus on the specific retailer and analyze the development or effectiveness of its measures. It can also zoom out to the market perspective to identify trends across countries or categories.

Here’s what that looks like in May 2025 compared to May 2024 revenues.

Selecting Retailers With at Least US$50 Million in Annual Revenue

First, select the threshold of annual revenue to exceed US$50 million. The analysis has more weight when using established retailers with high growth rates than smaller ones with quicker growth rates.

For select retailers, their monthly growth rate most accurately reflects their current rate of expansion. Sometimes it’s the business concept that benefits growth, and sometimes it’s the market environment.

In either case, the region is worth examining. On the top two ranks are two South Korean online retailers, daisomall.co.kr and greating.co.kr. They more than doubled their May 2024 revenue this year.

South Korea’s Growth Champions: Daiso Mall & Greating

Both retailers started as physical retail chains and transitioned to online sales: Daiso Mall with Furniture & Homeware and Greating with Grocery. They are thriving in South Korea's booming eCommerce environment, which generates the fifth-highest market revenues worldwide.

The South Korean market is highly concentrated around a few large players, chief among them Coupang. The growth of the South Korean eCommerce market as a whole benefits smaller retailers, but Coupang dominates every category. This includes Furniture & Homeware, where Daiso Mall ranks 12th and Grocery, where Greating is 6th.

India Leads the Number of Fast-Growing Stores

The South Korean stores had the highest year-on-year growth, but a significant number of Indian eCommerce stores also made the top growth list. Of the four stores featured in this selection, two sell health products. Healthkart.com is a retailer for supplements and netmeds.com is an online pharmacy.

Reliancedigital.in and bigbasket.com are two of the leading stores in India with annual revenues over US$1 billion. Their presence as high monthly growth champions reflects the fruitfulness of India’s eCommerce market for online growth, given the right strategy.

It's no surprise that leading companies are active in India, as the most populous country has tremendous growth potential.

Big Fish in Small Markets: Kaspi.kz and Dienthoaivui.vn

Two of the retailers with high monthly growth are overall bigger fish in smaller markets. Where Vietnam generates a little over US$20 billion eCommerce revenues currently, Kazakhstan is smaller with not even US$2 billion.

From this perspective, dienthoaivui.com.vn, an Electronics retailer, increased its revenue from US$55.6 million in 2024 to US$81.1 million in 2025. Its growth rate from May 2025 compared to May 2024 is 58%. Dienthoaivui is a telephone repair shop gone online, ranking 8th with massive growth compared to other successful domestic Consumer Electronics retailers.

Kaspi.kz on the other hand generates US$584.2 million in a US$1.4 billion market, placing it on top of the food chain in Kazakh eCommerce. Kaspi has a majority stake in Turkey’s eCommerce platform Hepsiburada since 2024, suggesting that its impact extends beyond Kazakh borders. Kaspi is best known for its super app business model, through which it conducts B2C and B2B business.

Two U.S. Companies With a High-End Concept Expand

Eastern eCommerce is not the only place where retailers achieve high growth rates. For example, the two U.S. platforms Hexclad and Skinceuticals have outstanding growth rates in May 2025.

Compared to the whole U.S. market, these are smaller retailers, but Hexclad’s 81% growth from May 2024 to May 2025 is a notable feat. The same goes for skinceuticals.com. Both retailers sell high-end products, Hexclad for kitchenware and Skinceuticals for Personal Care.

The trend is introducing high-quality items to audiences over eCommerce, who trust that products meet the defined quality standards. It contributes to how companies with different portfolios and operating in various market conditions reflect broader trends in eCommerce.

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