Founded in 2011, (NYSE: CHWY) started with a nearly impossible task: Go up against the retail and e-commerce giants of the world to create a niche marketplace for pet owners. I believe it's safe to say that the company officially succeeded against incredibly long odds.

Chewy will report completed financial results for 2023 on March 20, so investors don't know the final numbers yet. But the company is on pace to report around $11 billion in full-year net sales in 2023 -- and almost three-quarters of these sales are for consumable products such as pet food. Therefore, it's clearly taken market share from the entrenched incumbents over the past decade.

Chewy is taking market share in the pet industry for a variety of reasons. First, pet owners are increasingly shopping online -- this is the secular trend pushing sales growth forward. Second, this e-commerce platform offers automatic shipments on a schedule. And its customers seem to appreciate this feature, considering 75% of sales are from autoship customers. Third, it prides itself on customer service, which can help it stand out from the crowd.

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Source Fool.com