New results are in from January activity in the Baird/Digital Commerce 360 Ecommerce Stock Index. In the first month of 2026, all categories were flat or lower, as Ecommerce Technology completed the month down by almost 18%. That significant drop pulled the overall index to a nearly 7% decline.
Still, ahead of Lunar New Year and Valentine’s Day, some companies managed to go positive, with some of the best performances seen at Alibaba and 1-800-Flowers.com.
January takeaways from the Baird/Digital Commerce 360 Ecommerce Stock Index
- The Baird/Digital Commerce 360 Ecommerce Stock Index declined by 5.9% month over month in January, reversing course from December improvement.
- Alibaba (+16%), 1-800-Flowers (+10%) and Bed Bath & Beyond (+8%) were among January’s strongest performances in the index.
- Even the best-performing category, International Companies, was only up by 0.4%, as all others went negative, led by Ecommerce Technology’s 17.7% fall.
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 Database. 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 December’s ecommerce stock index results.
January ecommerce stock index results
“The Baird/Digital Commerce Ecommerce Stock Index declined almost 6% in January, after a slightly positive December, and underperforming the broader S&P index, which was up 1% for the month,” said Colin Sebastian, Baird’s managing director and senior research analyst covering internet/ecommerce.
Sebastian pointed to broad pressure on technology stocks, particularly those associated with artificial intelligence (AI). However, other concerns about consumer sentiment and expectations for the year proved to be challenging for multiple index categories.
“It seems that as investors sour on the AI trade, the ecommerce sector is not immune as there was notable softness in stock performance among ecommerce technology and marketplaces,” Sebastian noted. “In addition, investors continue to worry about consumer confidence and longer-term consumer spending trends, and the Q4 quarterly earnings season is contributing additional volatility as companies disclose initial outlooks for 2026.”
While Ecommerce Technology stocks saw the steepest decline in the first month of 2026, merchants and marketplaces struggled as well.
“As is typical, monthly performance varied by subsector, with Online Retail and International both flat, while Online Marketplaces were down 5% and Ecommerce Technology down a meaningful 18%,” he said.
Nevertheless, Sebastian cited some reasons for optimism as 2026 takes shape.
“Baird remains positive on ecommerce, and now expects almost 6% industry growth this year, with tailwinds from fiscal stimulus in the U.S. (tax cuts and refunds), increasing use of AI apps for shopping (transition to agentic commerce) and broader positive secular trends,” Sebastian added.
Online retail spending estimates for 2026 and 2027
Which ecommerce stocks were up in January?
Despite double-digit drops for some big names in January, the month saw growth outliers as well. They included online retailers 1-800-Flowers.com and Bed Bath & Beyond, which have been working to execute turnaround plans.
“Top overall stock performers in the index during January included Alibaba (+16%), 1-800-Flowers (+10%) and Bed Bath & Beyond (+8%), while the weakest stocks during January included Klaviyo (-32%), Commerce (-24%) and Shopify (-18%), each getting swept up in the software selloff,” Sebastian said.
Leading that group, Alibaba’s uptick came ahead of Lunar New Year festivities in East Asia. Online shopping is among the use cases — along with food delivery and ticket bookings — that the company is heavily promoting for its AI tools. It announced that it planned to spend about $433 million (3 billion yuan) to drive that AI adoption for the season.
In the meantime, 1-800-Flowers.com also stands ready to participate in holiday-related demand. The flowers and gifts retailer brought on former Home Depot exec Adolfo Villagomez to be its new CEO in 2025. In the lead-up to Valentine’s Day, 1-800-Flowers.com announced a partnership with Instacart to power last-mile delivery for its orders. That followed availability through DoorDash, which rolled out in November.
1-800-Flowers.com is No. 59 in the Top 2000 Database. The database tracks North America’s leading online retailers based on their annual ecommerce sales and more.
Elsewhere, the Bed Bath & Beyond saga entered 2026 with Marcus Lemonis, its executive chairman, becoming CEO as well. That followed an executive shakeup at the end of 2025 and preceded the company’s latest acquisition, Tokens.com, with plans to launch a portal for real estate finance and tokenized asset liquidity.
Bed Bath & Beyond is No. 71 in the Top 2000.
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