Who Really Owns Ecommerce in North America and Europe?

A clear view of the platforms shaping ecommerce on both sides of the Atlantic.

Who leads? How large are they? And which figures hold up when you use them? This page answers all three.

Trust starts with three rules. They apply to every figure on this page.

All figures use the latest full-year data found by August 2026. Company disclosures stay separate from analyst estimates. Years, regions, and metrics are labeled. Like is compared with like.

There is no universal ranking. We combined four measures and show exactly what supports each position.

What each basis actually measures:

North America’s five were chosen by US sales/GMV size on the Marketplace Pulse basis: Amazon, Shopify, Walmart, eBay, Temu. TikTok Shop (#6 by US GMV, $15.1B in 2025) and Etsy are flagged as near-misses.

Europe’s five were chosen from the ECDB Europe GMV ranking — see the next question for the two adjustments made to it.

Because a raw ranking is not always useful. Two leaders are Russia-only. Four more platforms are tied below them.

Amazon, Shopify, Walmart, eBay, and Temu lead by US sales and GMV. But size is not momentum. The leader is not the fastest grower. The fastest grower is not even in the top five.

Amazon and Shopify hold roughly half the market. Below Walmart, every platform fights for a single-digit share.

Amazon is roughly ten times larger than the next platform with a US figure. That gap defines the market.

Amazon leads on every measure that matters: sales, share, and GMV. Ranking basis: North America net sales and Marketplace Pulse’s US share estimate.

Company: Amazon.com, Inc. (NASDAQ: AMZN).

What powers it. Amazon combines first-party retail, a vast marketplace, Prime, FBA, and advertising. Its strongest categories include general merchandise, electronics, household, and apparel. In Q4 2024, FBA delivered over 65% more same-day and overnight items to US Prime members than a year earlier. Rufus adds AI-assisted shopping. CEO Andy Jassy expects it to generate about $12B in incremental 2025 sales, according to Marketplace Pulse. Amazon Haul adds an ultra-low-price store, with more than 1M items under $10 across 25 markets and about $2B in US sales. Profitero has ranked Amazon the lowest-price retailer for eight straight years.

What changed in 2025. Haul and Rufus launched and scaled. The end of US de-minimis duty-free treatment in May 2025 reshaped low-price cross-border dynamics. FTC and state antitrust actions are ongoing. NA growth slowed to +10% in 2024, with 2025 guidance decelerating.

Sources: Amazon Q4 2024 press release (IR) · Press release exhibit (segment detail) · Marketplace Pulse US 2025 summary (via AMZ123, Chinese) · Marketplace Pulse US top-10 2025 (via AMZ123, Chinese) · eMarketer/Marketplace Pulse 2024 US top-5 (via AMZ123, Chinese) · ecomcrew: Amazon & Shopify ≈ half of US ecommerce

Shopify does not own the transaction. Yet its merchants generate about 14% of US ecommerce. Ranking basis: Marketplace Pulse’s US share estimate. Shopify is commerce infrastructure, not a marketplace.

Company: Shopify Inc. (NYSE: SHOP).

What powers it. Shopify provides commerce infrastructure for millions of independent stores. Shop Pay, fulfillment, and POS connect the stack. Sidekick brings AI into merchant workflows. Orders from AI search platforms rose 15-fold from January 2025, according to Shopify’s president. Its B2B business nearly doubled in 2025. Global-e supports cross-border sales. Shopify also powers 118 of Digital Commerce 360’s Top 2000 North American retailers.

Sources: Shopify Q4/FY2024 press release (SEC exhibit) · DC360: Shopify Q4/FY24 GMV +24% · DC360: Shopify Q4/FY2025 — GMV tops $300B, revenue $11.56B · 100ec.cn: Shopify 2024 GMV $292.2B +24% (Chinese) · Marketplace Pulse US summary (via AMZ123)

Walmart holds about 7% of US ecommerce spend and is growing online sales by 16%. But it does not disclose US ecommerce GMV. That number must be inferred. Ranking basis: company revenue and ecommerce sales, plus Consumer Edge’s share estimate.

Company: Walmart Inc. (NYSE: WMT).

What powers it. Walmart turns stores into delivery and pickup hubs. Grocery brings frequency. Its marketplace, Walmart+, WFS logistics, and merchant AI tools expand the ecosystem. Walmart Connect adds a fast-growing advertising business. Marketplace Pulse says it is growing about six times faster than sales.

What changed in 2025. Faster growth with higher-income households. Numerator data shows Walmart.com gaining ~250M extra shopping visits year over year while in-store trips declined. The race with Amazon in total retail is narrowing.

Sources: Walmart FY2025 earnings release (Business Wire) · DC360: Walmart online sales +16% FY25, 18% of sales · Consumer Edge share data (via AMZ123) · Marketplace Pulse US top-10 (via AMZ123)

eBay stopped trying to beat Amazon at everything. It now focuses on categories where Amazon is weaker. Growth is about 2%. That is the strategy, not an accident. Ranking basis: disclosed global GMV and Marketplace Pulse’s US estimate.

Company: eBay Inc. (NASDAQ: EBAY).

What powers it. eBay is strongest in collectibles, refurbished products, and enthusiast resale. Guaranteed Fit and authenticity checks reduce risk. Magical Listing and image search bring in AI. Advertising adds revenue. Marketplace Pulse calls the broader shift a “strategic contraction” away from new-season goods.

What changed in 2025. US GMV is roughly flat against 2022–23 levels. Tariff exposure rose with higher duties on cross-border parcels. Management refocused on enthusiasts, and the company closed 2024 with three consecutive quarters of GMV growth.

Sources: eBay FY2024 results (company) · SEC exhibit (FY2024 numbers) · eBay 10-K FY2024 (active-buyer base context) · Marketplace Pulse US top-10 (via AMZ123)

One policy change broke Temu’s growth formula. In May 2025, the US ended duty-free treatment for parcels under $800. Temu’s China-direct model depended on it. Ranking basis: third-party GMV estimates. PDD does not disclose Temu separately.

Company: PDD Holdings Inc. (NASDAQ: PDD; 拼多多).

What powers it. Temu pairs ultra-low prices with a managed cross-border model. Its strongest categories are apparel, home, and consumer electronics. MediaPost puts US ad spend near $2B. The company is now shifting from China-direct shipping toward local fulfillment and warehouses.

What changed in 2025. The US de-minimis repeal in May 2025 ended the $800 duty-free parcel exemption and hit the China-direct model directly. Marketplace Pulse notes that the “policy dividends have weakened.” EU growth is slowing too, and regulatory scrutiny is rising — see Q19.

Sources: TEMU 2024 US GMV ~$25B (English summary) · TEMU 2024 US GMV ~$25B (Chinese) · Marketplace Pulse US top-10 2025 (via AMZ123) · eMarketer: Temu/Shein regulatory headwinds · MediaPost: Temu’s US ad spend

Three platforms nearly made it. One is growing too fast to ignore. One is shrinking. One only partly belongs in a North American ranking.

TikTok Shop (ByteDance) is the social and live commerce leader. Through 2025 the US ownership saga — ban and re-sale uncertainty — ran alongside continued rapid growth, and a halo effect drives purchases off the platform too.

Sources: Momentum Works 2024 ($9B) · Momentum Works 2025 ($15.1B, +68%) · TNGlobal (global $33.2B 2024) · Etsy FY2024 results · SEC exhibit (FY table) · DC360: Etsy GMS decline

More on Shein in Q23.

Amazon leads. US, Chinese, and Russian companies dominate the rest. Only two European platforms reach the top ten.

Sources: Ecommerce News Europe (EN) · AMZ123 (Chinese, incl. $232B/$244B) · Trademagazin · Wildberries 2025 GMV +49% (Chinese) · Wildberries GMV (Chinese)

Sources: CBCommerce · WestMoon Global summary (Chinese, with Temu EU figures)

Amazon is not slightly ahead. It is roughly as large as the next nine platforms combined.

Ozon and Wildberries rank second and third by ECDB’s 2025 Europe GMV. But both are Russia-only and largely closed to non-Russian sellers and buyers.

This guide is built for market decisions. An inaccessible platform is not a practical route to customers. We keep both visible as near-misses. Wildberries’ parent-level GMV still grew 49% in 2025.

Sources: Ecommerce News Europe · iNews (Chinese) · 100EC (Chinese)

The working top five is Amazon, Temu, Zalando, Allegro, and Vinted. We remove the Russia-only platforms, then break the remaining tie with disclosed company GMV.

Near-misses: AliExpress (ECDB #4), Shein (ECDB #7; UK revenue £2.05B in 2024, +32.3%), eBay (ECDB top-10, CBCommerce #3), Ozon and Wildberries (ECDB #2–3, Russia-only), and the Apple Store (ECDB top-10, DTC). Detail in Q23.

Amazon leads Europe’s five biggest markets. It spends tens of billions each year to defend that position. Ranking basis: ECDB’s 2025 Europe GMV estimate.

What powers it. Amazon combines a pan-European marketplace with Prime, FBA, its own logistics network, advertising, and AWS. Scale creates the moat. It also creates obligations. Under the EU Digital Markets Act, Amazon must meet ongoing rules on seller treatment and data access.

What changed in 2025. The investment offensive continued. Amazon.de and Amazon.co.uk remain category #1s. DMA compliance and the EU logistics build-out are the live workstreams.

Sources: Ecommerce News Europe · AMZ123 ECDB (Chinese) · Amazon Q4’24 press release (Intl segment) · WestMoon Global (Amazon EU investment €38B/€55B, Chinese)

Temu acquired more than 115 million EU users at extraordinary speed. Now the regulatory bill is arriving. Ranking basis: cross-border relevance, Europe GMV, and filed EU revenue.

Company: PDD Holdings (拼多多).

What powers it. Ultra-low prices, aggressive advertising, and a managed cross-border model. The formula drove rapid penetration in fashion, home, and electronics.

What changed in 2025 — and what’s coming. Regulatory escalation. In July 2025 the European Commission issued a preliminary finding that Temu fails to prevent the sale of illegal products under the DSA, carrying a potential fine of up to 6% of global turnover. It paid a UTPR minimum-tax top-up of roughly $3M. And from 1 July (2026, per ECDB) an interim flat-rate customs duty of €3 applies to every low-value cross-border parcel — aimed straight at the China-direct model. Growth is decelerating. Full timeline in Q25.

Sources: WestMoon Global (Temu EU figures, Chinese) · KDSo: Temu & Shein Europe slowdown (Chinese) · Ecommerce News Europe (€3 parcel duty, ECDB) · AMZ123 ECDB (Chinese) · CBCommerce report

Zalando has three growth engines: an acquisition, a loyalty program, and a B2B arm that enables about €11B in partner GMV. Ranking basis: disclosed group GMV across Europe.

Company: Zalando SE (ETR: ZAL). Ownership note: About You, previously an OTTO Group subsidiary, was acquired by Zalando — the deal completed in July 2025.

What powers it. Zalando spans 29 markets and more than 7,000 brands. Its portfolio includes Zalando, ABOUT YOU, and Lounge. ZEOS adds logistics. AI now generates 90% of product content. Size&Fit AI draws on more than 1M body measurements. Its shopping assistant reached 6M users, four times the prior year. Zalando is also a launch partner for Google’s Universal Commerce Protocol. In 2026, it announced a €300M share buyback.

What changed in 2025. The ABOUT YOU acquisition closed in July, with synergies on track — €100M run-rate by 2028, a year early. Record results, AI scaling, and a five-year sports partnership with the German football association (DFB). 2026 guidance is GMV and revenue growth of 12–17%.

Sources: Zalando FY2025 results (company) · Zalando FY2024 press release · Zalando key figures 2024 · Zalando GMV 2024 €15.3B (Chinese) · Zalando revenue 2024 €10.5B (Chinese) · WWD: Zalando Q4’25 +23%

Allegro dominates Poland. Its GMV equals roughly 1% of Polish GDP. Outside Poland, growth is barely moving. Ranking basis: company-disclosed GMV.

Company: Allegro.eu S.A. (WSE: ALE; HQ Luxembourg) — the largest EU-founded marketplace. It acquired MALL Group (Czechia/Slovakia) in 2022 and launched marketplaces in Czechia, Slovakia and Hungary in 2023–24. FY2024 for reference: Poland GMV PLN 60.71B (+10.8%), revenue PLN 9.5B (+19.4%), adjusted EBITDA PLN 3.59B.

What changed in 2025. GMV growth slowed against 2024 (9.1% vs 9.6%) and international growth cooled to +2.2%. A dispute with InPost is live — a €98.7M arbitration claim over forced carrier switching, with a Polish OCCP raid in February 2026. The CFO is departing in 2026. Allegro ran a PLN 1.4B buyback in 2025 and set a new capital-allocation policy; 2026 guidance is group adjusted EBITDA up 9–13%. CEE expansion continues into Czechia, Slovakia and Hungary, with Smart! in Slovenia.

Sources: Allegro FY2024 release (company, EN) · Allegro FY2025 results, and the InPost dispute (chwang, Chinese) · Allegro FY2025 (AMZ123, Chinese) · Investing.com: Allegro 2025 results

Vinted has the leanest model on the list. It controls shipping and payments. That makes a €10 dress worth trading. Ranking basis: disclosed group GMV.

Company: Vinted Group (Vilnius, Lithuania; private).

What it runs on. A C2C second-hand fashion marketplace, strongest in women’s and kids’ clothing and expanding into sports and collectibles; vertically integrated shipping through Vinted Go Carrier; payments through the Vinted Pay wallet; and a cost base low enough to make low-value trades work. It is the second-hand C2C category leader in Europe, and Germany turned around in 2025.

Sources: Vinted 2025 results (company newsroom) · Reuters: Vinted 2024 results · The Next Web: €8B valuation · Silicon Republic: share sale at $8bn valuation

Five platforms sit on the edge. The reason is simple: Europe’s two main rankings measure different things and produce different winners.

AliExpress (Alibaba) — ECDB #4 by Europe GMV in 2025; CBCommerce #4 on cross-border relevance, down from #1 in 2024. It launched “Local+” local-fulfillment logistics in 2025 and made UK seller onboarding free.

Shein — ECDB #7 by Europe GMV in 2025; UK revenue £2.05B in 2024 (+32.3%); a reported US+EU business “>$40B” (Modaes — ⚠ likely revenue across markets, flagged); 2025 global revenue $41.8B from the Hong Kong IPO filing; US GMV ~$6B in 2025 (Marketplace Pulse, 24% of global, which implies global GMV of ~$25B — ⚠ this conflicts with $41.8B revenue, because GMV and revenue are different metrics over different geographies). On regulation: France and the European Commission are scrutinising greenwashing, with ad bans proposed; Shein opened physical stores in Paris in 2025.

eBay in Europe — ECDB top-10; CBCommerce #3 on cross-border relevance; global GMV $74.7B (2024) with a large European base, where Germany is its #2 market after the US.

Ozon and Wildberries (Russia) — ECDB #2 and #3 in Europe by 2025 GMV and roughly equal in size, but Russia-only and largely inaccessible. Wildberries’ 2025 GMV was +49%. See Q16.

Apple Store (DTC) — ECDB top-10 in Europe, on direct-to-consumer hardware sales.

Sources: Ecommerce News Europe · WestMoon Global · Modaes · Sohu: Shein HK IPO, 2025 revenue $41.8B (Chinese) · Marketplace Pulse US top-10 (via AMZ123) · eBay FY2024 results

Social commerce and second-hand are surging. The large incumbents move much more slowly. Etsy and Temu are the only platforms going backward.

Three rule changes matter most. All target low-value cross-border parcels—the engine behind Temu, Shein, and AliExpress.

• May 2025 · United States
  De-minimis duty-free treatment ends
  The $800 duty-free parcel exemption is repealed. It hits the China-direct model directly. Marketplace Pulse notes the “policy dividends have weakened”; Temu’s US GMV goes from ~$25B (2024 est.) to ~$22B (2025 est.). It also reshapes low-price cross-border dynamics for Amazon, which had just launched Haul.
• July 2025 · European Union
  European Commission preliminary finding against Temu
  Under the Digital Services Act, the Commission finds preliminarily that Temu fails to prevent the sale of illegal products. The potential fine is up to 6% of global turnover. Temu also paid a UTPR minimum-tax top-up of roughly $3M.
• From 1 July 2026 · European Union
  Interim €3 flat customs duty per low-value parcel
  Per ECDB, an interim flat-rate customs duty of €3 applies to each low-value cross-border parcel. Aimed squarely at the China-direct model; ECDB already records Temu, Shein and AliExpress as slowing in Europe.

Alongside these: ongoing FTC and state antitrust action against Amazon in the US; EU Digital Markets Act gatekeeper duties on Amazon in Europe; France and EC scrutiny of Shein over greenwashing, with ad bans proposed; and the unresolved US ownership question for TikTok.

Nine figures conflict. The cause is usually hidden: a different metric, denominator, geography, or year. Check the label before you repeat the number.

Use this cheat sheet before comparing platforms. Fiscal years do not align. Walmart’s FY2025 ended in January 2025. Most others use the calendar year.

Every source behind every figure. One list, no black box.

North America

• ir.aboutamazon.com — Amazon Q4 2024 press release
• content-archive.fast-edgar.com — Amazon press release exhibit
• sec.gov — Shopify Q4/FY2024 press release exhibit
• digitalcommerce360.com — Shopify Q4/FY24
• digitalcommerce360.com — Shopify Q4/FY2025
• 100ec.cn — Shopify 2024 GMV (Chinese)
• businesswire.com — Walmart FY2025 earnings release
• digitalcommerce360.com — Walmart online sales Q4 FY25
• ebayinc.com — eBay FY2024 results
• sec.gov — eBay FY2024 exhibit
• sec.gov — eBay 10-K FY2024
• investors.etsy.com — Etsy FY2024 results
• investors.etsy.com — Etsy SEC exhibit (FY table)
• digitalcommerce360.com — Etsy GMS decline
• thelowdown.momentum.asia — TikTok Shop US 2024 ($9B)
• thelowdown.momentum.asia — TikTok Shop US 2025 ($15.1B, +68%)
• technode.global — Momentum Works, global $33.2B 2024
• en.kjwlbxs.com — Temu 2024 US GMV ~$25B
• headscm.com — Temu 2024 US GMV ~$25B (Chinese)
• emarketer.com — Temu/Shein regulatory headwinds
• mediapost.com — Temu’s US ad spend
• amz123.com — Marketplace Pulse US 2025 (Chinese)
• amz123.com — Marketplace Pulse US top-10 2025 (Chinese)
• amz123.com — eMarketer/MP 2024 US top-5 (Chinese)
• ecomcrew.com — Amazon & Shopify ≈ half of US ecommerce
• researchandmarkets.com — eMarketer summary (paywalled)

Europe

• ecommercenews.eu — ECDB Europe Top-10
• amz123.com — ECDB Top-10, incl. $232B/$244B (Chinese)
• trademagazin.hu — Europe ecommerce top list
• cbcommerce.eu — TOP100 Cross-Border Marketplaces Europe, 6th ed.
• ecommercebridge.com — European cross-border ecommerce €359B
• westmoonglobal.com — CBCommerce summary + Temu EU / Shein UK (Chinese)
• kdso.net — Temu/Shein Europe slowdown (Chinese)
• corporate.zalando.com — Zalando FY2025 results
• corporate.zalando.com — Zalando FY2024 press release
• corporate.zalando.com — Zalando key figures 2024
• yilantop.com — Zalando GMV €15.3B 2024 (Chinese)
• yilantop.com — Zalando revenue €10.5B 2024 (Chinese)
• wwd.com — Zalando Q4’25 +23%
• media.allegro.pl — Allegro FY2024 release
• chwang.com — Allegro FY2025 + InPost dispute (Chinese)
• amz123.com — Allegro FY2025 (Chinese)
• investing.com — Allegro 2025 results, buyback, CFO departure
• company.vinted.com — Vinted 2025 results
• reuters.com — Vinted 2024 results
• thenextweb.com — Vinted €8B valuation
• siliconrepublic.com — Vinted share sale at $8bn valuation
• modaes.com — Shein surpasses $40 billion
• sohu.com — Shein HK IPO, 2025 revenue $41.8B (Chinese)
• inews.qq.com — Wildberries 2025 GMV +49% (Chinese)
• ec100.cn — Wildberries GMV (Chinese)
• globenewswire.com — Europe B2C Ecommerce Market Report 2025 (Research and Markets)