New results are in from March 2025 activity in the Baird/Digital Commerce 360 Ecommerce Stock Index. Ecommerce stocks declined in value for the second month in a row, dropping 9.4% by the end of March. Tariffs and consumer sentiment both played roles as market conditions remained volatile.
No individual category was immune from these macro conditions. However, VTEX and eBay were among those breaking away from their peers to find growth.
March takeaways from the Baird/Digital Commerce 360 Ecommerce Stock Index
- The Baird/Digital Commerce 360 Ecommerce Stock Index fell 9.4% in March, underperforming the S&P once again.
- VTEX (up 6%) and eBay (up 5%), along with two other companies, were exceptions in March, as all other stocks in the index saw share prices decline.
- Wayfair alone saw its share price fall 19% during March as tariff and trade disputes continued.
- Online Marketplaces
- Online Retail
- Ecommerce Technology
- International Companies
Readers should note that this index complements insights from Digital Commerce 360’s Top 2000 data. That database specifically tracks North American online retailers and their web sales. The Baird/Digital Commerce 360 Ecommerce Stock Index, meanwhile, covers both B2C retail and B2B ecommerce companies, in addition to the technology vendors that serve them, with a broader focus on global activity. All commentary and reporting is provided for informational purposes only and is not intended to be financial advice.
Click here to read February’s ecommerce stock index results.
March ecommerce stock index results
“The Baird/Digital Commerce Ecommerce Stock Index declined again in March, decreasing 9.4% for the month, following the 6.8% decline in February after what had been a positive start to the year,” said Colin Sebastian, Baird’s managing director and senior research analyst covering internet/ecommerce.
The latest monthly decline came as trade disagreements between the U.S. and other countries continued to heat up and tariffs impacted ecommerce companies.
“Consumer confidence is dropping and concerns over a macro downturn are increasing,” Sebastian explained. “More recently, tariff announcements, and then backtracking on large parts of the president’s original plan, caused significant additional volatility, with the Ecommerce Stock Index down as much as 12% from March, but as of Monday, down 7.1% for the month.”
In addition, the index remains lower than it was in December.
“For the year to date, the ecommerce index is down almost 14% from the end of 2024,” he said. “Overall, the market views the introduction of high tariffs (forms of import and sales taxes) as likely resulting in higher prices for consumers, lower profit margins for ecommerce companies, and possibly economic malaise.”
Sebastian noted that the index underperformed the broader S&P index, which was down 6% in March. As of April 15, it was already on track to underperform the S&P again, with that index down 4% for the new month.
Within ecommerce, declines were felt across categories.
“With respect to sub-sectors of ecommerce included in the index, each group declined in value during March, with online retail declining 14% (Wayfair was the biggest decliner, down 19%), while International Ecommerce outperformed, down ‘only’ 4%,” Sebastian said.
Still, four stocks in the index managed to increase in value from February. They included names from the U.S. and abroad.
Stocks leading the index in March
The best-performing stocks for the month included eBay, which reported earnings results for its fiscal fourth quarter and full year at the end of February and saw its stock price rise 5% in March. Steve Priest, the chief financial officer at eBay, told investors the company recognizes that it faces a challenging macro environment. Specifically, he cited “the uncertainty around U.S. tariffs and de minimis changes.”
As it proceeds, eBay is pushing ahead with artificial intelligence (AI)-powered tools, including a refreshed flow for creating eBay listings and a collaboration with OpenAI Operator on agentic commerce solutions for the marketplace’s shoppers.
EBay ranks No. 6 in Digital Commerce 360’s Global Online Marketplaces Database. The database ranks the 100 largest such marketplaces by third-party gross merchandise value (GMV).
Also positive in March were the technology platform VTEX (up 6%) and PDD Holdings (up 4%), which operates the social commerce platform Pinduoduo in China, along with the global online marketplace Temu. Temu ranks No. 14 in the Global Online Marketplaces Database.
“Hardest-hit stocks included Klaviyo, as investors rotated from ‘growth’ investments,” said Sebastian. “Baird views the overall March and early April index performance as reflecting significant investor anxiety around the direction of the consumer economy, in particular potential negative impacts from tariffs. At this point, we continue to expect positive ecommerce growth this year.”
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