New results are in from July 2025 activity in the Baird/Digital Commerce 360 Ecommerce Stock Index. Consumer spending gave ecommerce stocks a boost in July, with online retailers and marketplaces both benefiting.
Despite tariffs, both Beyond and Wayfair experienced index-leading growth for the month, with eBay not far behind, thanks to its success with collectible and use cases for artificial intelligence (AI).
July takeaways from the Baird/Digital Commerce 360 Ecommerce Stock Index
- The Baird/Digital Commerce 360 Ecommerce Stock Index was up 3.2% month over month in July, with the Online Retail and Online Marketplaces benefiting from consumer spending.
- July’s biggest individual gains in the index were at Beyond (+30%), Wayfair (+28%) and eBay (+23%).
- Two of the lowest performers were the pet food and supplies retailer Chewy (-14%) and ecommerce website platform Wix (-14%).
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 June’s ecommerce stock index results.
July ecommerce stock index results
“The Baird/Digital Commerce Ecommerce Stock Index increased 3.2% in July compared to the end of June — the third consecutive month for positive returns, with online spending trends fueling optimism in the market, along with positive Q2 earnings reports for many ecommerce companies relative to the lower expectations set back in April,” said Colin Sebastian, Baird’s managing director and senior research analyst covering internet/ecommerce.
During this third month in a row of growth, the index’s ecommerce stocks caught up with the overall S&P result so far in 2025.
“For the year-to-date through July, the Ecommerce index is up 7.8%, in line with the broader S&P index (also +7.8% YTD),” Sebastian said. “However, July performance varied by subsector, with both Online Retail (+13%) and Online Marketplaces (+5%) generating positive returns, while Ecommerce technology (-5%) and International (-1%) were both negative for the month. ”
Growth for the Online Retail and Online Marketplace categories in July echoes recent data released by the National Retail Federation showing that core retail sales (excluding restaurants, automobile dealers and gasoline stations) were up by more than 1.5% month over month. The same report showed sales up 5.9% year over year.
“Baird views the overall July index performance as reflecting ongoing positive investor sentiment across the Internet and Ecommerce landscape, as well as generally healthy consumer spending and online advertising trends,” Sebastian stated. “At this point, we continue to expect approximately 6% year-over-year ecommerce growth in the U.S. for 2025, with some deceleration possible in Q4.”
Beyond growth leads index in July
The index’s strongest growth in July could be seen at Beyond, where shares ended the month up 30% from their June close. The gains came as Beyond reported Q2 revenue in its current fiscal year was up 22% from its previous quarter, even though it was down 29% year over year.
Marcus Lemonis, executive chairman and principal executive officer at Beyond, is currently in the process of refreshing the Overstock brand, trying to differentiate it from Bed Bath & Beyond, which is also in the company’s portfolio.
“When we think about price points, Overstock is going to traditionally, going forward, lean more into a slightly higher, more affluent customer who’s looking for big brands at great values as opposed to a good, better, best, proper assortment at Bed Bath & Beyond built on both life events and furniture, patio and rug at all price points,” Lemonis said during the company’s Q2 earnings call.
Beyond Inc. ranks No. 73 in the Top 2000 Database. The Digital Commerce 360 database ranks North America’s largest online retailers by their annual ecommerce sales. There, it is categorized as a Housewares & Home Furnishings retailer. As of August, Digital Commerce 360 projects that Beyond’s total online sales will reach $1.25 billion in 2025.
Beyond web sales by year
Other July ecommerce leaders
Coming in at No. 2 for July, the online furniture retailer Wayfair saw shares rise 28% during the month. Wayfair revenue for its fiscal Q2, which ended June 30, was up 6% year over year.
Niraj Shah, the co-founder and CEO at Wayfair, called Q2 “a resounding success” when he presented results to investors. Shah and his team have been working with more than 20,000 suppliers in Wayfair’s network to navigate the tariff environment in 2025 for the 30 million products sold through the site. Despite that challenge, average order value at Wayfair increased to $328 from $313 a year earlier.
In the meantime, Wayfair introduced new AI-powered search experiences for its ecommerce app. The features, which Wayfair calls Discover and Image Search, can provide nuanced recommendations and incorporate visual input from shoppers to find related products.
Wayfair ranks No. 10 in the Top 2000.
Just behind Wayfair in third for the index in July was eBay, whose share price increased 23% during July. Like Wayfair, eBay revenue was also up 6% in its fiscal Q2 as collectibles interest fueled stronger eBay sales. Along with sales growth, CEO Jamie Iannone shared how eBay is using AI to drive customer engagement and accomplish other goals.
Among those trailing other ecommerce companies in the index were the pet foods and supplies retailer Chewy (-14%) and ecommerce website platform Wix (-14%). Chewy’s dip came despite its CEO’s optimism and 8.3% net sales growth year over year in its most recent quarter. Meanwhile, Wix announced it would expand its share repurchase program by $200 million, having already bought back $300 million in ordinary shares in 2025.
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