New results are in from August activity in the Baird/Digital Commerce 360 Ecommerce Stock Index. The month saw positive results for both Online Marketplaces and Ecommerce Technology, despite dips for Online Retail and International firms.
Wix and Shopify posted August’s biggest gains, while Amazon, Bed Bath & Beyond and JD dropped.
August takeaways from the Baird/Digital Commerce 360 Ecommerce Stock Index
- The Baird/Digital Commerce 360 Ecommerce Stock Index was up 3.5% in August, as Online Marketplaces outperformed other categories.
- Wix (+60%), Shopify (+26%) and Airbnb (+21%) recorded the month’s highest percentage gains.
- International companies lagged behind the rest of the index, falling by 3.4%.
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. The market research tool 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 July’s ecommerce stock index results.
August ecommerce stock index results
“The Baird/Digital Commerce 360 Ecommerce Stock Index increased nearly 3.5% during August, another positive performance after the 9% increase in July, and once again outperforming the broader S&P index, which was up 2.6% for the month,” said Colin Sebastian, Baird’s managing director and senior research analyst covering internet/ecommerce.
In a shift from earlier summer months, Ecommerce Technology companies tracked in the index saw gains in August from their July close. However, Online Marketplaces saw the strongest growth.
“Notably, there was clear divergence by subcategory, with healthy performance for Marketplaces and Ecommerce Technology stocks, while Online Retail and International sectors were slightly lower for the month,” Sebastian added.
Among the companies recording the index’s best results in August were the ecommerce site platform Wix, followed by Shopify.
“Strongest individual Ecommerce stocks last month included Wix (+60%) and Shopify (+26%) both benefiting from recovering valuations for software stocks as the AI trade took a breather; Airbnb (+21%) as the company continues to build out a broader marketplace platform for travel services, and DoorDash and Carvana were both up 18% as consumer trends remained healthy,” Sebastian assessed.
Shopify revenue and gross merchandise volume (GMV) both grew year over year in the platform provider’s most recent fiscal Q2, which ended June 30. That quarter was not only the 13th in a row that Shopify increased its revenue by more than 25% year over year. It also marked the fifth consecutive quarter in which Shopify GMV was up by more than 30%.
Online Retail as a category was down by 0.6% at the end of August, as Amazon shares alone fell 4%. Still, Sebastian noted optimism looking ahead to the end of the year.
“Our checks suggest ongoing healthy ecommerce trends, and we expect solid Q4 ‘Holiday period’ online spending trends, with potential upside to our initial 6% year-over-year industry growth forecast for 2026,” he stated.
Weakest index performers in August
Technology companies and retailers both appeared among the deepest declines in share price that the index recorded in August.
The weakest individual stocks in August included Commerce.com (-23%), Bed Bath & Beyond (-22%) and the ecommerce technology platform Vtex (-16%).
Bed Bath & Beyond’s management continued down a path of reinvention in August as the Bed Bath & Beyond parent entity changed its name to Neighborhood Intelligence. The company also changed its ticker symbol to NXH as of Aug. 17.
Bed Bath & Beyond Inc. is No. 99 in the Top 1000 Database. The market research tool tracks North America’s largest online retailers, ranking them by annual ecommerce sales and more.
Bed Bath & Beyond Inc. is also No. 307 in Digital Commerce 360’s all-new AI Rankings. That set of rankings is available in the Top 1000 Pro with AI Database.
Meanwhile, Commerce.com struggled in August as the platform provider reported revenue growth of 0.1% year over year for its fiscal Q2 ended on June 30, looking ahead to potential benefits from AI. Nevertheless, its share price bounced back by mid-September to exceed where it closed in July.
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