New results are in from July activity in the Baird/Digital Commerce 360 Ecommerce Stock Index. International Companies were up the most as a category, though the online payments technology firm PayPal showed the largest gains at the month’s close.
Online Retailers finished up in the aftermath of an early Amazon Prime Day and optimism about sales as earnings results arrived.
July takeaways from the Baird/Digital Commerce 360 Ecommerce Stock Index
- The Baird/Digital Commerce 360 Ecommerce Stock Index was up 9% in July, led by International Companies.
- PayPal (+32%), JD (+30%) and Alibaba (+27%) achieved the index’s biggest July gains.
- Online Retailers saw share prices rise 4%, with Chewy and Amazon outperforming their peers.
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 May’s ecommerce stock index results.
July ecommerce stock index results
“The Baird/Digital Commerce Ecommerce Stock Index increased nearly 9% during July, improving from a slight decline in June, and outperforming the broader S&P index, which was flat for the month on macro and inflation overhangs,” said Colin Sebastian, Baird’s managing director and senior research analyst covering internet/ecommerce.
As ecommerce companies in the index saw their share prices climb by the end of the month, the gains were felt broadly across the types of businesses tracked by the index.
“Importantly, each sub-sector of ecommerce was in positive territory in July, with International and Ecommerce technology stocks leading the pack,” Sebastian noted.
Coming off a June that saw Amazon Prime Day fall earlier than usual, the Online Retail category was up. However, its growth fell short of the increases seen internationally and by technology providers.
“International ecommerce increased 19% in July, led by strong performances by JD (+30%) and Alibaba, which was up 27% for the month as the company’s cloud and AI business continues to grow and take share,” Sebstastian explained. “Ecommerce Technology stocks were up 14% for the month, with PayPal increasing 32% as buyout speculation by Block and Stripe were in the headlines.”
Still, both retailers and marketplaces finished the month positive.
“Online Retail stocks were up 4% in July, led by Chewy (+15%) and Amazon (+14%), as investors contemplated stable ecommerce trends and the June Prime Days,” he said. “Likewise, Online Marketplace stocks were slightly positive for the month (+1%) with Etsy (+8) and Airbnb (+6%) among the best marketplace stocks in July.”
Sebastian characterized the changes as supporting Baird’s end-of-year outlook.
“We note that earnings reports thus far in Q2 are in-line or slightly better than expected for many of the leading ecommerce platforms, including Amazon and Wayfair,” he explained. “Despite ongoing concerns over the ‘K-shaped’ economy and pressures related to macro uncertainty, Baird remains positive on the broader secular Ecommerce growth opportunity and continues to expect roughly 6% year-over-year industry growth in 2026.”
Significant changes to share prices in July
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