New results are in from May 2025 activity in the Baird/Digital Commerce 360 Ecommerce Stock Index. Ecommerce share prices resumed growth in May after two months of decline, up 10.2% at the month’s end. The shift occurred as tariff concerns softened among investors and online retailers began to recover.
Among public ecommerce companies seeing the best performance in May were Wayfair and Carvana, with Online Retail stocks as a subcategory leading the way.
May takeaways from the Baird/Digital Commerce 360 Ecommerce Stock Index
- The Baird/Digital Commerce 360 Ecommerce Stock Index was up 10.2% month over month, with tariff pauses giving way to cautious optimism.
- The Online Retailers subcategory was up 22% in May, with Wayfair alone up 37%.
- Among the weakest performers for May were Copart, down 16%, and Wix, down 12%.
- 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 April’s ecommerce stock index results.
May ecommerce stock index results
“The Baird/Digital Commerce 360 Ecommerce Stock Index improved during May, increasing 10.2% for the month, following the 1.3% decline in April and 9.4% decline in March,” said Colin Sebastian, Baird’s managing director and senior research analyst covering internet/ecommerce. “For the year to date through May, the Ecommerce Index is up 0.6%, which is slightly above the broader S&P index.”
The S&P was up 0.5% year to date.
Online retailers led the rebound for ecommerce stocks in May. In the meantime, the U.S. paused some new tariffs as trade negotiations proceeded.
As a subcategory, Online Retail stocks were up 22% in May. Sebastian said earlier declines in March and April were driven by concerns over sales and profit margins at those companies as they faced new tariff-related costs. Meanwhile, Online Marketplaces increased 11% in May. As they did, the Ecommerce Technology and International subsectors were both up 3% over the same period.
“We believe that recent improvement in ecommerce stock prices reflect the U.S. administration backing off more extreme tariff threats, and prospects of trade deals in the months ahead,” Sebastian stated.
While trade disputes between the U.S. and China, as well as other countries, remain unresolved, investors appear to have reacted favorably to the White House’s decision to lower tariffs while talks with foreign governments continue.
“Baird views the overall May index performance as reflecting investor views that a ‘worst-case’ scenario from a global trade war may have been averted,” Sebastian explained. “At this point, we continue to expect positive ecommerce growth this year.”
Index leaders in May
Share prices recovered at companies that were impacted negatively by tariffs in recent months. The best-performing example was found in ecommerce furniture sales.
“Top overall stock performers during May included Wayfair (+37%), where swings in share prices largely reflect prevailing tariff views, followed by Carvana (+34%) and Xometry (+29%),” Sebastian noted.
Wayfair fell 19% in March Ecommerce Index results as investors began to anticipate tariffs going into effect.
Niraj Shah, the co-founder, co-chairman and CEO at Wayfair, addressed tariff concerns during the Housewares & Home Furnishings retailer’s May earnings call. On that call, he told investors that Wayfair had been actively engaged with suppliers to discuss shared burdens.
Wayfair web sales by year
“It’s important to remember that the tariff is applied to the value of the goods at the time of import, which is a fraction of our wholesale price,” Shah explained. “There are multiple companies who participate in the value chain and the burden of the tariff can be shared across that group.”
In addition, he said that Wayfair was working with suppliers through internal advertising operations to help boost consumer demand.
Wayfair ranks No. 10 in the Top 2000 Database. The Top 2000 is Digital Commerce 360’s ranking of North American online retailers by their annual ecommerce sales. Wayfair is also the highest-ranking Housewares & Home Furnishings retailer in the Top 2000.
Among the lowest performers, Sebastian pointed to examples in online car sales and ecommerce site technology.
“Copart and Wix were notable decliners during May, down 16% and 12% for the month, respectively,” he stated.
Copart, which manages vehicle auctions across international markets, was previously up in April Ecommerce Index results. However, it likely benefited against the backdrop of rising tariffs on new car imports from abroad. That development had the potential to incentivize car buyers to seek out used vehicles as alternatives.
Do you rank in our databases?
Submit your data and we’ll see where you fit in our next ranking update.
Sign up
Stay on top of the latest developments in the ecommerce industry. Sign up for a complimentary subscription to Digital Commerce 360 Retail News. Follow us on LinkedIn, X (formerly Twitter) and Facebook. Be the first to know when Digital Commerce 360 publishes news content.
Favorite