A new forecast from Forrester Research credits greater online spending by Canadians, lower shipping costs and more selection for the spending increase.
Consumers can buy natural and organic products from the e-commerce site.
Abe’s Market, an online marketplace that specializes in natural and organic products, has raised $3.4 million in an investment round. The Chicago-based company, which launched in late 2009, says the investment round was led by Accel Partners, with existing investor Index Ventures and angel investors also taking part.
"We have seen tremendous growth in specialty e-commerce. With its fragmented base of passionate sellers and a fast growing population of motivated buyers, we see natural products as a particularly attractive category," says Adam Valkin, partner at Accel Partners, which has also invested in such e-commerce ventures as Etsy, Groupon, Kayak, Diapers.com (No. 85 in the Internet Retailer Top 500 Guide), ModCloth and Bonobos. "Combine this with the entrepreneurial talent and marketing creativity of the Abe's Market team, and we have a shot to essentially redefine the way natural goods are bought and sold online."
The company says it will use the new funding to boost its marketing efforts but offered no details.
More than 300 vendors sell via Abesmarket.com, with a wide range of products that include baby items such as lotions and diaper bags, food such as syrup and organic coffee, cold remedies, kitchen utensils, and pet supplies. The online marketplace says orders have increased 900% in the last six months. The company also offers 10% discounts to shoppers who share their online shopping carts with friends and live online broadcasts during which consumers can learn more about the marketplace vendors.