Our index is built on a robust dataset, covering a wide variety of businesses. This comprehensive analysis provides actionable insights for the e-commerce industry.
December data confirms that Q4 activity in e-commerce remained strong, although momentum eased compared to the exceptional levels seen in November.
On a month-on-month basis, all core activity metrics declined, reflecting normal post-peak seasonality after Black Week and Cyber Monday. Turnover decreased by -26.6%, Gross Profit by -26.8%, Orders by -15.9%, and Ad Spend by -19.2%. Consequently, efficiency metrics also softened, with ROAS down -9.1% and POAS down -9.3% compared to November.
Despite the seasonal slowdown, year-on-year performance remained solid across most metrics. December Turnover increased by +9.9% YoY, while Gross Profit outperformed with a +13.0% YoY increase, indicating continued improvement in underlying profitability. Orders grew by +8.1% YoY, and Ad Spend rose by +14.6% YoY, confirming sustained investment in paid acquisition.
From an efficiency perspective, higher advertising intensity continued to weigh on returns. ROAS declined by -4.1% YoY, while POAS decreased slightly by -1.4% YoY, suggesting that although margins remain relatively resilient, increased ad competition is compressing returns compared to last year.
Although macroeconomic conditions may stabilize in 2026, e-commerce demand is expected to remain highly sensitive to interest rates, disposable income, and consumer confidence.
Turnover: Down 26.6% from last month and up 9.9% YoY
Gross Profit: Down 26.8% from last month and up 13% YoY
Ad Spend: Down 19.2% from last month and up 14.6% YoY
Orders: Down 15.9% from last month and up 8.1% YoY
POAS®: Down 9.3% from last month and down 1.4% YoY
ROAS: Down 9.1% from last month and down 4.1% YoY
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