My Top Growth Stock to Buy in March
The number of U.S. households that buy pet products online has shot up big time in recent years. More than 13 million American households bought pet products online in 2018 compared to just 3.5 million in 2013, according to a third-party estimate. The American Pet Products Association (APPA) estimates that online sales of pet products jumped 53% year over year in 2019.
Reaction to the coronavirus outbreak gave this market a nice shot in the arm in 2020, as pet parents had to rely on online channels to procure supplies for their pets in the midst of shelter-at-home orders used to contain the pandemic. Chewy (NYSE: CHWY) was one company that won big from this shopping change. Share prices for the online pet products retailer tripled in 2020, driven by a massive spike in sales supported by strong customer additions and increased sales per customer.
However, Chewy's share prices have pulled back substantially over the past couple of weeks.
Source Fool.com
