Overall analysis

March outperformed on all parameters except Orders, which came a little under January index level. This confirms that momentum in e-commerce remains strong - especially when looking long-term.

On a month-on-month basis, all core activity metrics increased, reflecting the fewer days in February. 

Turnover increased by +21.6%, Gross Profit by +21.1%, Orders by +14.1%, and Ad Spend by +17.7%. Efficiency metrics were also positive, with ROAS up +3.1% and POAS® up +2.9% compared to February.

Also, year-on-year performance remained impressive across the core metrics. In March, Turnover increased by +16.6% YoY, while Gross Profit outperformed with a +23.2% YoY increase, indicating continued improvement in underlying profitability. Orders grew by +13.5% YoY, and Ad Spend rose by +23.3% YoY, confirming sustained investment in paid acquisition.

From an efficiency perspective, higher advertising intensity continued to weigh on returns. ROAS declined by -5.5% YoY, while POAS remained stably around -0.1% YoY, suggesting that despite higher activity, core KPIs show increased market competition.

Short-term trends to watch

Although e-commerce continues its growth, macroeconomic conditions may slow the trend down in 2026 due to higher uncertainty and increased risk of higher inflation, driven by energy prices, in the coming months.

March results:

Turnover: Up 21.3% from last month and up 16.6% YoY

Gross Profit: Up 21.1% from last month and up 23.2% YoY

Ad Spend: Up 17.7% from last month and up 23.3% YoY

Orders: Up 14.1% from last month and up 13.5% YoY

POAS®: Up 2.9% from last month and down 0.1% YoY

‍ROAS: Up 3.1% from last month and down 5.5% YoY