Online Plant Sales Are Taking Off
The Signal: Our original report on the online plant business, released in June 2019, was among the first to uncover the industry’s massive upside.
Americans spend ~$50B a year on plants — the vast majority of which are purchased at big box retailers like Home Depot. But the online plant business is ripe for expansion.
Since the pandemic, one of the biggest DTC players, The Sill, has been experiencing “days that look and feel like Black Friday,” Eliza Blank, the company’s co-founder and CEO, recently said. Sales increased by more than 50% from March to April 2020, while website traffic of competing sites also spiked from January to May, according to SimilarWeb:
- The Sill: +84%
- Bloomscape: +111%
- Leon and George: +150%
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Don’t press snooze on this opportunity: sleep supplements
The signal: As meditation becomes mainstream, people may be surprised to find that searches for sleep apps double their meditation counterpart. As people invest in getting a better night’s rest, there’s opportunity abound, including physical products like weighted blankets or premium PJs, supplements, popular insomnia drugs having their patents expire, companies paying their employees to sleep better, marketing for sleep specialists, or online sleep education (ex: sleep apnea test has 27k searches per month).
The alternative milk market is getting frothy
The signal: As more people wave goodbye to dairy, alternative milk is slowly taking over; it has already cornered 13% of the market. With the exception of soy milk, all of the alt-milks have been on the up, with some of the newer entrants including hemp milk and pea milk. Other alt-products are getting attention, including cashew cheese, with 18100 searches per month.
Capitalizing on the Airpods market, making more money than Shopify
The signal: Since killing the headphone jack, Apple has graced the world with AirPods, which did an estimated 60m units in 2019. That means AirPods alone are bringing in approx ~$10b in revenue, more than Twitter, Shopify, or Spotify, to name a few popular tech giants. Opportunity lies in Apple opening up SiriOS or the wave of iPhone accessories (including cases, cleaning kits, hooks, and keychains) which have shown “hockey stick” growth alongside their hardware predecessor.
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