New results are in from November 2025 activity in the Baird/Digital Commerce 360 Ecommerce Stock Index. The busiest week for the holiday shopping season put a spotlight on U.S. retailers. As it did, the overall index ended the month down 3.8%. However, the Online Retail category proved to be the only group ending the month up, rising by 1% while marketplaces, technology and international stocks from the index all moved into negative territory.
Carvana, Instacart and Global-E were among the best performers, with Wix, DoorDash and Etsy seeing November’s steepest declines.
November takeaways from the Baird/Digital Commerce 360 Ecommerce Stock Index
- The Baird/Digital Commerce 360 Ecommerce Stock Index fell by 3.8% month over month in November amid concerns over consumer confidence and spending.
- November’s best performers in the index were Carvana (+22%), Instacart (+14%) and Global-E (+11%).
- Online Retail (+1) was the only index category that saw gains as Ecommere Technology stock prices were hit the hardest (-6%).
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 October’s ecommerce stock index results.
November ecommerce stock index results
“The Baird/Digital Commerce Ecommerce Stock Index declined 3.8% in November compared to the end of October — compounding last month’s decline, and underperforming the broader S&P index, which was essentially flat for the month,” said Colin Sebastian, Baird’s managing director and senior research analyst covering internet/ecommerce.
November ended on the Sunday before Cyber Monday in 2025, cutting off before the full Cyber 5 period had ended. The Cyber 5 includes Thanksgiving and the four days that follow. These days, along with the Tuesday and Wednesday before Thanksgiving, are also commonly referred to as Cyber Week.
“We would attribute part of the recent sector weakness to growing concerns around consumer confidence and consumer spending, as well as stubborn inflation in certain areas,” Sebastian stated. “However, the majority of Q3 earnings reports for ecommerce reflected ongoing healthy spending volumes, with management teams generally expressing optimism around holiday shopping.”
Ultimately, the Cyber 5 set a new record for online spending. Key ecommerce trends in holiday shopping drove $44.2 billion in sales, according to data published by Adobe Analytics. Social media, artificial intelligence (AI) and buy now, pay later services fueled results for online merchants. However, data from Salesforce showed average prices moving higher year over year. Meanwhile, elevated BNPL use may indicate that some increased financial strain was present among shoppers.
“We note there is some discrepancy in weaker spending among lower income consumers and stable to healthy spending among middle and higher-income consumers (so-called K curve),” Sebastian explained.
Still, the index remained up year to date, even as some retail stocks improved from October.
“For the year-to-date, the Ecommerce Index is still up nearly 9%, also below the S&P (+16.4% YTD),” Sebastian stated. “As is typical, monthly performance varied by subsector, with Online Retail up 1% in November, while Ecommerce Technology stocks declined 6% on average, International Ecommerce down 3% and Online Marketplaces down 2% for the month. ”
Sebastian framed results from the last week of November as a positive sign.
“At this point, we continue to expect approximately 6% year-over-year ecommerce growth in the U.S. for 2025, although initial ecommerce data for ‘Cyber Week’ appears solid,” he said.
Best performers from the index in November
Leading the index in November was Carvana. The online car-sales platform saw its share price rise by 22% by the end of the month. The company reported an all-time high $5.65 billion in quarterly revenue, which was up 55% year over year, in its third-quarter earnings results announced on Oct. 29.
“We continue to focus on unlocking the structural advantages of our vertically integrated model that strengthen our business and separate our customer offering,” said Ernie Garcia, founder and CEO at Carvana, when its Q3 earnings were released. “This effort has already driven new milestones in speed, selection, convenience, and efficiency and we are even more excited about what’s possible on the road ahead.”
Also among November’s top performers was Instacart, which was up 22% in a month that saw its last-mile and food delivery competitor DoorDash among the index’s weakest performers.
Instacart and Kroger entered November with a major announcement that they would expand their existing delivery partnership to give shoppers on Kroger’s iOS app access to Instacart’s AI assistant, which it calls Cart Assistant.
The company announced its Q3 earnings results on Nov. 10, sharing that its total revenue increased by 10% year over year to $939 million. Meanwhile, its 83.4 million orders for the quarter were up 14% from a year ago.
Among the index’s weakest performances in November, DoorDash saw its share price drop by 22% at the end of November. That occurred despite its recent fulfillment and Dot delivery robot announcements. It also unveiled delivery deals with Kroger and Old Navy.
DoorDash’s Q3 earnings results, which were released on Nov. 5, showed revenue up 27% year over year to $3.4 billion. Nevertheless, investors showed concern over the company’s $5.1 billion in expenses during the year. Those costs included developing the Dot robot. In addition, DoorDash proceeded with the acquisitions of the restaurant booking platform SevenRooms and the U.K. app Deliveroo.
Others experiencing the most noticeable drops included the website platform Wix, down 34%, and online marketplace Etsy, which fell by 13%.
Etsy ranks No. 20 in the Global Online Marketplaces Database. The database is Digital Commerce 360’s ranking of the 100 largest marketplaces by annual third-party gross merchandise value (GMV).
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