New results are in from April 2025 activity in the Baird/Digital Commerce 360 Ecommerce Stock Index. Ecommerce stocks overall fell for a third consecutive month, down 1.3% at the end of the month. Tariffs and economic anxiety continued to be problems, though a handful of individual companies did see increases in share price.
April’s biggest gains in the index could be seen at Mercado Libre and Carvana, with the Online Marketplaces category up 2%, thanks to Copart and DoorDash.
April takeaways from the Baird/Digital Commerce 360 Ecommerce Stock Index
- The Baird/Digital Commerce 360 Ecommerce Stock Index was down 1.3% month over month, as tariffs and economic concerns lingered.
- The Online Marketplaces category increased 2% for the month, led by Copart (up 8%) and DoorDash (up 6%).
- April’s top two performers overall in the index were Mercado Libre (up 19%) and Carvana (up 17%).
- 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 March’s ecommerce stock index results.
April ecommerce stock index results
“The Baird/Digital Commerce Ecommerce Stock Index declined again in April, decreasing 1.3% for the month, following the 9.4% decline in March and 6.8% decline in February after what had been a positive start to the year,” said Colin Sebastian, Baird’s managing director and senior research analyst covering internet/ecommerce. “However, performance improved considerably during April after the U.S. pivoted away from initial tariff proposals that caused a market ‘shock’ and faced considerable pushback from business and trade organizations.”
The broad declines may not have been as deep as what the index recorded during the previous two months. Nevertheless, the negative price movement showed that the sector had yet to change course.
“In addition, it’s become clear that consumers pulled forward some discretionary spending in advance of retail price increases that would naturally accompany new import taxes,” Sebastian noted.
Ecommerce stocks have not been alone with their monthly drops in 2025. However, declines across the index have not been equally dispersed.
“For the year to date, the Baird/Digital Commerce 360 index is now down 8.5%, underperforming the S&P benchmark (-5.3% YTD),” said Sebastian. “With respect to sub-sectors of ecommerce included in the index, International declined 5% in April, with JD (-21%) and PDD (-11%) the biggest losers.”
Meanwhile, Online Retail declined 3% in April, while Beyond, Inc. shares fell 30%.
In Ecommerce Technology, share prices remain nearly flat for the month as investors waited to see quarterly earnings results.
Index leaders in April
“More positively, Online Marketplaces increased 2% for the month, with Copart (+8%) and DoorDash (+6%) the top performers,” Sebastian said.
Copart, which handles vehicle auctions internationally, may have benefited from expectations that U.S. consumers would purchase more used vehicles as tariffs drive up prices on new vehicles imported from abroad.
DoorDash announced a $3.9 billion deal to acquire London-based delivery company Deliveroo in May. In also added Home Depot as a delivery partner in January. Its total orders were up 18% year over year to 732 million in its most recent quarter, which ended March 31. Revenue for that same period increased 21% year over year to $3.0 billion.
Leading the index was the Argentina and Uruguay-based marketplaces and financial technology services company Mercado Libre (up 19%). Right behind it was the online used car dealer Carvana (up 17%), which may have benefited from sentiments similar to those that helped Copart.
Mercado Libre, whose services operate throughout Central and South America, grew revenue 37% year over year to $5.9 billion in its fiscal first quarter that ended on March 31. Over the same period, its total gross merchandise value (GMV) was up 40%.
Mercado Libre is No. 7 in Digital Commerce 360’s Global Online Marketplaces Database. The database ranks the 100 largest such marketplaces by third-party GMV. Digital Commerce 360 projects that Mercado Libre’s third-party GMV will reach $63.83 billion in 2025.
Mercado Libre third-party GMV by year
“Baird views the overall April index performance as reflecting ongoing consumer confidence headwinds, but more positively, that a ‘worst-case’ scenario from a global trade war may have been averted,” Sebastian stated. “At this point, we continue to expect positive ecommerce growth this year.”
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