New results are in from June 2025 activity in the Baird/Digital Commerce 360 Ecommerce Stock Index. Wayfair and DoorDash saw some of the month’s best improvements as tariff and trade negotiations continued. The month brought overall gains to each of the index’s subcategories, even as some problems persisted.
Among the weakest June performances were Etsy, Chewy and Copart.
June takeaways from the Baird/Digital Commerce 360 Ecommerce Stock Index
- The Baird/Digital Commerce 360 Ecommerce Stock Index increased 2.9% month over month in June, as all sub-sectors finished the month at elevated levels.
- Wayfair (+24%), DoorDash (+18%) and PDD Holdings (+8.4%) saw some of June’s biggest gains for ecommerce companies.
- Etsy (-9.4%), Chewy (-5.8%) and Copart (-4.7%) all saw June declines from their end-of-May levels.
This index is a collaboration between Digital Commerce 360 and the financial advisory, capital markets, asset management and private equity firm Baird. It intends to provide perspective into how public markets value companies and technology providers that power digital commerce. The index contains four categories capturing activity extending throughout the Americas and China:
- 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 May’s ecommerce stock index results.
June ecommerce stock index results
“The Baird/Digital Commerce 360 Ecommerce Stock Index increased 2.9% in June compared to the end of May, which followed a 10.2% increase in May as the market recovered from initial tariff-related shocks during April,” said Colin Sebastian, Baird’s managing director and senior research analyst covering internet/ecommerce. “For the year to date through June, the ecommerce index is up 3.5%, although this lags the broader S&P index (+5.5% YTD).”
The two-month streak of overall gains for the index followed two consecutive months of declines in March and April. Both of those months saw retailers grapple with newly announced tariffs between the United States and other countries. However, a temporary pause on many tariffs — announced by the White House in May — led to renewed optimism among investors.
As of July 7, U.S. President Donald Trump announced that reciprocal tariffs previously scheduled to resume on July 9 would instead continue to be paused until Aug. 1 as negotiations continue. Notably, the paused extensions did not apply to tariffs against imports to the U.S. from China.
June’s positive movement for the index reflected gains across the various subcategories that it tracks.
“Each of the sub-sectors in the Ecommerce index increased for the month, led by Online Retail increasing 4.7% in June, followed by Ecommerce Technology (+3.7%), International Ecommerce (+1.4%) and Online Marketplaces (+1.3%),” Sebastian said.
Moreover, the month’s developments fueled hope that growth for ecommerce stocks could finish 2025 higher than they were at the close of 2024.
“Baird views the overall June index performance as reflecting more positive investor sentiment across the Internet and Ecommerce landscape, with generally healthy consumer spending and online advertising trends,” Sebastian explained. “At this point, we continue to expect 6% year-over-year ecommerce growth in the U.S. for 2025.”
Index’s biggest moves in June
Among the most significant changes to share prices for ecommerce stocks in June were some of the index’s most active names so far in 2025. That included Wayfair, which saw a double-digit rise for the second month in a row, as well as DoorDash, which has been adding new retailers to its last-mile delivery service.
“Top overall stock performers during June included Wayfair (+24%), DoorDash (+18%), and PDD Holdings (+8.4%),” Sebastian said. “Stock laggards in June included Etsy (-9.4%), Chewy (-5.8%) and Copart (-4.7%).”
Wayfair gained momentum after Niraj Shah, its CEO, told investors in May that the Housewares & Home Furnishings retailer was working with suppliers to share new tariff-related costs.
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.
Meanwhile, DoorDash announced in May that revenue in its fiscal first quarter grew 21% year over year to $3.0 billion. As it did so, the delivery app moved forward with plans to acquire the hospitality software company SevenRooms and the Amazon-backed, British food delivery firm Deliveroo. In addition, DoorDash added The Home Depot to its list of retail partners in January. The Hardware & Home Improvement retailer followed David’s Bridal, Five Below and Sports Basement, which joined DoorDash in December 2024.
Elsewhere, the online marketplace Etsy continued to struggle. The company’s fiscal Q1 gross merchandise sales (GMS) declined year over year for the third year in a row in 2025. Notably, Etsy revenue still managed to grow. However, Q1 was also the sixth consecutive quarter of GMS decline year over year.
Etsy total gross merchandise value (GMV) by year
Etsy ranks No. 20 in the Global Online Marketplaces Database. The database is Digital Commerce 360’s ranking of the 100 largest marketplaces by third-party gross merchandise value (GMV).
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