Top 5 Ecommerce Platforms — North America & Europe: Research Findings (with citations)

Prepared for: bilingual (中/EN) "Top 5 Ecommerce Platforms by Region" strategy report Research date: August 2026 (all figures are the latest full-year data found via web search) Researcher note: Only figures actually found in cited sources are used. Data vintage and scope are flagged per figure. Conflicting numbers across sources are flagged in ⚠ Conflict notes.

0. How the Top-5 rankings were derived (methodology)

No single source ranks "platforms" by one metric. Rankings below combine four ranking bases, stated per platform:

1. GMV / gross sales in the region — preferred where disclosed (Amazon NA segment, Shopify GMV, eBay GMV, Etsy GMS, Allegro GMV, Zalando GMV, Vinted GMV).
2. Marketplace Pulse / eMarketer US market-share estimates — US share of total US ecommerce sales/GMV (Amazon ~35.7% 2025; Shopify ~14%; Walmart ~7%; eBay ~3%).
3. ECDB "Global E-commerce Compass 2026" — Europe Top-10 by 2025 GMV in Europe including Russia, in USD (Amazon ~$232B #1; Ozon #2; Wildberries #3; AliExpress #4; Temu #6; Shein #7; eBay, Apple, Allegro, Zalando complete the top-10).
4. Cross-Border Commerce Europe (CBCommerce) TOP100 — cross-border relevance (eRank), not GMV: Amazon #1, Temu #2, eBay #3, AliExpress #4, Shein top-10 (FY2024/25).

North America Top 5 chosen by: US sales/GMV size (Marketplace Pulse basis): Amazon, Shopify, Walmart, eBay, Temu — with TikTok Shop (#6 by US GMV, $15.1B 2025) and Etsy flagged as near-misses.

Europe Top 5 chosen by: ECDB Europe GMV ranking, excluding the two Russia-only platforms (Ozon #2, Wildberries #3) that are largely inaccessible to most global businesses; #5/#8/#9/#10 tie in the ECDB list broken by disclosed company GMV: Amazon, Temu, Zalando, Allegro, Vinted. AliExpress (ECDB #4), Shein (ECDB #7) and eBay (CBCommerce #3) are flagged as near-misses that outrank some of these on certain metrics (full ECDB Top-10 shown in section 2).

NORTH AMERICA — Top 5

1a. North America — comparison table

1b. North America — per-platform detail

1) Amazon — \#1 (by sales, share, GMV)

• Ranking basis: GMV/sales (NA segment net sales; Marketplace Pulse US share estimate).
• Key metrics: NA segment net sales FY2024 $387.5B, +10% YoY (vs $352.8B 2023); NA segment operating income $25.0B. Total company net sales $638.0B (+11%); AWS $107.6B. Third-party seller services $156.2B in 2024 (Q4 run-rate $47.5B); ~62% of paid units sold by 3P sellers (Q4'24). Marketplace Pulse (Feb 2026): Amazon US sales ~$440B, 35.7% share of the ~$1.2T US ecommerce market; Amazon 3P GMV globally $575B (2025). Amazon US 3P-only sales 2024 forecast was $325B (eMarketer/Marketplace Pulse, July 2024).
• Company: Amazon.com, Inc. (NASDAQ: AMZN).
• Positioning & strengths: Marketplace + 1P retail + Prime loyalty; strongest in general merchandise, electronics, household, apparel; FBA fulfillment network (delivered 65%+ more same-day/overnight items to US Prime members in Q4'24 vs Q4'23); advertising ($17.3B Q4'24, +18%); AI: Rufus shopping assistant (~$12B incremental sales expected 2025, per CEO Jassy via Marketplace Pulse); Amazon Haul (ultra-low-price store, 1M+ items <$10 across 25 markets, ~$2B US sales); lowest-price retailer per Profitero 8 years running.
• 2025 dynamics: Launched/scaled Haul and Rufus; US de-minimis duty-free end (May 2025) reshaped low-price cross-border dynamics; FTC and state antitrust actions ongoing; NA growth slowed to +10% (2024) with 2025 guidance decelerating.
• Sources: https://ir.aboutamazon.com/news-release/news-release-details/2025/Amazon-com-Announces-Fourth-Quarter-Results/">Amazon Q4 2024 press release (IR) · https://content-archive.fast-edgar.com/20250206/AMZ2D22CJ222D2Z2222G22Z9LAAKO22I2272/amzn-20241231xex991.htm">Press release exhibit (segment detail) · https://www.amz123.com/kx/zmhRU6Gg">Marketplace Pulse US 2025 summary (via AMZ123, Chinese) · https://www.amz123.com/t/0sguPyAC">Marketplace Pulse US top-10 2025 (via AMZ123, Chinese) · https://www.amz123.com/t/TXa7L4gZ">eMarketer/Marketplace Pulse 2024 US top-5 (via AMZ123, Chinese) · https://www.ecomcrew.com/amazon-and-shopify-now-control-nearly-half-of-u-s-e-commerce/">ecomcrew: Amazon & Shopify ≈ half of US ecommerce

2) Shopify — \#2 (US ecommerce infrastructure share)

• Ranking basis: US market share estimate (Marketplace Pulse) — a commerce platform / D2C infrastructure provider, not a marketplace; counted because its merchants' sales are a large share of US ecommerce.
• Key metrics: Global GMV FY2024 $292.2B, +24%; revenue $8.88B (+26%). FY2025: revenue ~$11.56B (+30.1%); Q4'25 was first quarter with revenue >$3B and GMV >$100B; FY2025 GMV "topped $300B" (DC360) — Marketplace Pulse estimates $378B (⚠ conflict, see section 3). US share ~14% (Marketplace Pulse, 2025); Amazon+Shopify = 49.7% of US ecommerce (up from ~43% in 2021).
• Company: Shopify Inc. (NYSE: SHOP).
• Positioning & strengths: D2C/brand commerce infrastructure (millions of independent storefronts); Shop Pay, Shopify Fulfillment, POS; AI (Sidekick assistant; orders from AI search platforms up 15x since Jan 2025 per president); B2B nearly doubled in 2025; Global-e partnership for cross-border.
• 2025 dynamics: First year with >$10B revenue and >$300B GMV; aggressive AI commerce push; share of US ecommerce up from ~9-10% (2021) to 14%.
• Sources: https://www.sec.gov/Archives/edgar/data/1594805/000159480525000011/exhibit991pressreleaseq420.htm">Shopify Q4/FY2024 press release (SEC exhibit) · https://www.digitalcommerce360.com/2025/02/12/shopify-revenue-gmv-q4-fy24/">DC360: Shopify Q4/FY24 GMV +24% · https://www.digitalcommerce360.com/2026/02/17/shopify-revenue-gmv-q4-2025/">DC360: Shopify Q4/FY2025 — GMV tops $300B, revenue $11.56B · http://100ec.cn/detail--6646925.html">100ec.cn: Shopify 2024 GMV $292.2B +24% (Chinese) · https://www.amz123.com/kx/zmhRU6Gg">Marketplace Pulse US summary (via AMZ123)

3) Walmart — \#3 (US ecommerce sales)

• Ranking basis: revenue/ecommerce sales (company disclosures); ~7% US ecommerce share (Consumer Edge).
• Key metrics: Total revenue FY2025 (ended Jan 31, 2025) $681.0B (+5.1%); global ecommerce sales +16% in FY2025; ecommerce ~18% of Q4 total sales; 11th straight quarter of >10% online growth; store-fulfilled same-day delivery reaches 93% of US households. Walmart Marketplace: 3P ~10% of total ecommerce GMV; 200K+ sellers; WFS (Fulfillment Services) handled ~45% of marketplace orders (Q4 FY25). ⚠ One Marketplace Pulse summary lists Walmart's US GMV at only ~$15B — this appears to refer to 3P marketplace GMV only, and conflicts with ~7% US share (~$80B+ implied); Walmart does not disclose a US ecommerce GMV number.
• Company: Walmart Inc. (NYSE: WMT).
• Positioning & strengths: Omnichannel (store-fulfilled delivery, pickup), grocery leadership in US ecommerce, marketplace + Walmart+ (Prime-like), Walmart Connect advertising (growing ~6x faster than sales per Marketplace Pulse), WFS logistics, AI tools (Wally for merchants).
• 2025 dynamics: Faster growth with higher-income households; Numerator data shows Walmart.com gaining ~250M extra shopping visits YoY while in-store trips declined; narrowing race with Amazon in total retail.
• Sources: https://www.businesswire.com/news/home/20250219052528/en/Walmart-reports-strong-revenue-of-4.1-up-5.3-in-constant-currency-cc-with-operating-income-growing-faster-at-8.3-or-9.4-adjusted-cc">Walmart FY2025 earnings release (Business Wire) · https://www.digitalcommerce360.com/2025/02/21/walmart-online-sales-q4-fy25/">DC360: Walmart online sales +16% FY25, 18% of sales · https://www.amz123.com/kx/zmhRU6Gg">Consumer Edge share data (via AMZ123) · https://www.amz123.com/t/0sguPyAC">Marketplace Pulse US top-10 (via AMZ123)

4) eBay — \#4 (US marketplace GMV)

• Ranking basis: GMV (global disclosed; US estimated by Marketplace Pulse).
• Key metrics: Global GMV FY2024 $74.7B, +2% (Q4 $19.3B, +4%); revenue $10.3B (+2%); advertising $1.5B+ FY2024 (Q4 $445M, 2.3% of GMV); US GMV 2025 ~$39.1B (Marketplace Pulse) — ~7x smaller than Amazon 3P US. Active buyers ~131M (132M at end-2023; ⚠ 2024 figure in PR table not extracted in this research — verify against the press release before publishing).
• Company: eBay Inc. (NASDAQ: EBAY).
• Positioning & strengths: C2C/B2C marketplace strongest in collectibles, refurbished, pre-owned/enthusiast categories; eBay Guaranteed Fit, authenticity guarantee; AI (Magical Listing, image-based search); advertising platform growth; "strategic contraction" away from head-to-head with Amazon on new-season goods (per Marketplace Pulse).
• 2025 dynamics: US GMV roughly flat vs 2022-23 levels; tariff exposure (higher duties on cross-border parcels); management refocus on enthusiasts; three consecutive quarters of GMV growth to end 2024.
• Sources: https://www.ebayinc.com/stories/news/ebay-inc-reports-fourth-quarter-and-full-year-2024-results/">eBay FY2024 results (company) · https://www.sec.gov/Archives/edgar/data/1065088/000106508825000034/exhibit991erebayq42024.htm">SEC exhibit (FY2024 numbers) · https://www.sec.gov/Archives/edgar/data/1065088/000106508825000037/ebay-20241231.htm">eBay 10-K FY2024 (active-buyer base context) · https://www.amz123.com/t/0sguPyAC">Marketplace Pulse US top-10 (via AMZ123)

5) Temu — \#5 (US marketplace GMV, PDD Holdings)

• Ranking basis: GMV estimates (no official disclosure; PDD does not break out Temu).
• Key metrics: US GMV 2024 est. ~$25B (analyst/Bloomberg-cited estimates, e.g. "TEMU's 2024 US GMV to Reach $25 Billion"); 2025 est. ~$22B (Marketplace Pulse) vs its ~$24B US target set in 2023 — growth has stalled/flattened. Global: Temu was the #2 US marketplace by GMV in 2024 estimates, and eMarketer ranked Temu among top-5 US marketplaces in 2024 (with TikTok Shop).
• Company: PDD Holdings Inc. (NASDAQ: PDD; 拼多多).
• Positioning & strengths: Ultra-low-price cross-border marketplace (consignment/full-entrustment + semi-managed model); strong in apparel, home, consumer electronics; aggressive US ad spend (near-$2B reported by MediaPost); hybrid retailer/marketplace shifting from China-direct to local fulfillment (registered incentives, warehouses).
• 2025 dynamics: US de-minimis duty-free repeal (May 2025) ended the $800 parcel exemption — directly hit the China-direct model; Marketplace Pulse notes "policy dividends have weakened"; slowing EU growth as well; regulatory scrutiny (see Europe section).
• Sources: http://en.kjwlbxs.com/4562.html">TEMU 2024 US GMV ~$25B (English summary) · https://www.headscm.com/Fingertip/videodetail/id/45237.html">TEMU 2024 US GMV ~$25B (Chinese) · https://www.amz123.com/t/0sguPyAC">Marketplace Pulse US top-10 2025 (via AMZ123) · https://www.emarketer.com/content/temu-shein-face-considerable-regulatory-headwinds-despite-popularity">eMarketer: Temu/Shein regulatory headwinds · https://www.mediapost.com/publications/article/394193/google-meta-ad-platforms-benefit-from-temus-push.html">MediaPost: Temu's US ad spend

Near-misses (NA): TikTok Shop, Etsy, Shein

• TikTok Shop (ByteDance): US GMV 2024 $9B (actual) and 2025 $15.1B (+68%) (Momentum Works); Q1-2026 US GMV $6.99B (+66% YoY). Social/live commerce leader; ~2% of US ecommerce spend (Consumer Edge, mid-2026). 2025 dynamics: US ownership saga (ban/re-sale uncertainty) yet continued rapid growth; halo effect drives off-platform purchases. Sources: https://thelowdown.momentum.asia/press-release-tiktok-shop-in-the-u-s-achieves-explosive-growth-in-2024-surpassing-us9-billion-gmv/">Momentum Works 2024 ($9B) · https://thelowdown.momentum.asia/new-report-tiktok-shop-u-s-gmv-grew-68-to-reach-us15-1b-in-2025/">Momentum Works 2025 ($15.1B, +68%) · https://technode.global/2025/01/27/momentum-works-tiktok-shop-us-gmv-surpasses-9b-in-2024/">TNGlobal (global $33.2B 2024)
• Etsy: Consolidated GMS FY2024 ≈ $12.6B (Etsy marketplace $10.9B + Reverb $0.92B + Depop $0.79B), down YoY; revenue $2.81B (record, +1.2% Q4; take rate 22.8%); 89.6M active buyers (−2.6%); US-only GMS ~$6B (Marketplace Pulse). Handmade/craft niche. Sources: https://investors.etsy.com/news-events/press-releases/detail/13/etsy-inc-reports-fourth-quarter-and-full-year-2024-results">Etsy FY2024 results · https://investors.etsy.com/sec-filings/all-sec-filings/content/0001370637-25-000015/exhibit99112312024.htm">SEC exhibit (FY table) · https://www.digitalcommerce360.com/2025/02/21/etsy-gms-sales-q4-2024/">DC360: Etsy GMS decline
• Shein: US GMV ~$6B in 2025 (24% of global, per Marketplace Pulse); 2025 company revenue $41.8B (HK IPO filing, global). See Europe section for more.

EUROPE — Top 5

2a. Europe — anchor ranking (ECDB, GMV in Europe incl. Russia, 2025, USD)

From ECDB "Global E-commerce Compass 2026" (published Feb 2026; per ecommercenews.eu & AMZ123):

Sources: https://ecommercenews.eu/us-china-and-russia-dominate-europes-ecommerce-top-10/">Ecommerce News Europe (EN) · https://www.amz123.com/t/J6ZEIOdQ">AMZ123 (Chinese, incl. $232B/$244B) · https://trademagazin.hu/en/amerikai-kinai-es-orosz-cegek-uraljak-europa-e-kereskedelmi-toplistajat/">Trademagazin · https://view.inews.qq.com/k/20260417A06LED00">Wildberries 2025 GMV +49% (Chinese) · http://ec100.cn/detail--6658569.html">Wildberries GMV (Chinese)

Also relevant: CBCommerce "TOP100 Cross-Border Marketplaces Europe" 6th ed. (FY2024/25): Europe cross-border ecommerce GMV €358.7B (+10%); platforms €247.5B (70%); eRank ranking: #1 Amazon, #2 Temu, #3 eBay, #4 AliExpress, Shein in top-10 (ranked by cross-border relevance — not pure GMV). Sources: https://www.cbcommerce.eu/blog/2025/10/16/sixth-edition-of-the-top-100-cross-border-marketplaces-europe-report-european-cross-border-e-commerce-reaches-new-heights/">CBCommerce · https://westmoonglobal.com/archives/13207">WestMoon Global summary (Chinese, with Temu EU figures)

2b. Europe — Top 5 (ECDB basis, Russia-only platforms excluded; \#5 tie broken by disclosed GMV)

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

2c. Europe — per-platform detail

1) Amazon (Europe)

• Ranking basis: GMV in Europe (ECDB 2025 estimate).
• Key metrics: Europe GMV 2025 ~$232B — nearly equal to #2–#10 combined ($244B) (ECDB). Amazon is the market leader in the UK, Germany, France, Spain and Italy, and cross-border share of ecommerce exceeded 50% in UK/DE/FR (75%+ in ES/IT) in 2024 (ECDB). Amazon International segment net sales (retail, includes non-EU) $142.9B (+9%) 2024 — ⚠ different measure from ECDB GMV (which includes 3P GMV). EU investment: €38B in 2024, €55B planned for 2025 (AWS + logistics); same/next-day delivery expanded to 135+ EU cities (2025).
• Positioning & strengths: Pan-European marketplace + Prime + FBA; logistics (Amazon Logistics in EU); advertising; AWS anchor. Regulatory: EU Digital Markets Act gatekeeper duties (fair treatment of sellers, data access), ongoing.
• 2025 dynamics: Continued investment offensive; Amazon.de/co.uk remain category #1s; DMA compliance and EU logistics build-out.
• Sources: https://ecommercenews.eu/us-china-and-russia-dominate-europes-ecommerce-top-10/">Ecommerce News Europe · https://www.amz123.com/t/J6ZEIOdQ">AMZ123 ECDB (Chinese) · https://ir.aboutamazon.com/news-release/news-release-details/2025/Amazon-com-Announces-Fourth-Quarter-Results/">Amazon Q4'24 press release (Intl segment) · https://westmoonglobal.com/archives/13207">WestMoon Global (Amazon EU investment €38B/€55B, Chinese)

2) Temu (Europe)

• Ranking basis: marketplace scale/relevance (CBCommerce #2 cross-border; ECDB #6 by Europe GMV); company filings for EU revenue.
• Key metrics: EU revenue 2024 ~$1.7B, pre-tax profit ~$120M, +170% YoY (per PDD-related disclosures cited by CBCommerce reporting); cumulative EU users >115.7M; UK revenue 2024 $63.3M (vs $32.1M 2023, ~+97%). ECDB: #6 in Europe by 2025 GMV; growth "slowing somewhat."
• Company: PDD Holdings (拼多多).
• Positioning & strengths: Ultra-low-price cross-border (full-entrustment + semi-managed); aggressive ad spend; fast EU penetration across fashion, home, electronics; EU users now exceed 115M.
• 2025 dynamics: Regulatory escalation — July 2025: European Commission preliminary finding that Temu fails to prevent illegal product sales (DSA; potential fine up to 6% of global turnover); UTPR minimum-tax top-up (~$3M paid); from July 1 (2026, per ECDB) an interim flat-rate customs duty of €3 per low-value cross-border parcel will hit the China-direct model; growth decelerating.
• Sources: https://westmoonglobal.com/archives/13207">WestMoon Global (Temu EU figures, Chinese) · https://kdso.net/kdso/1905531/d.htm">KDSo: Temu & Shein Europe slowdown (Chinese) · https://ecommercenews.eu/us-china-and-russia-dominate-europes-ecommerce-top-10/">Ecommerce News Europe (€3 parcel duty, ECDB) · https://www.amz123.com/t/J6ZEIOdQ">AMZ123 ECDB (Chinese) · https://www.cbcommerce.eu/blog/2025/10/16/sixth-edition-of-the-top-100-cross-border-marketplaces-europe-report-european-cross-border-e-commerce-reaches-new-heights/">CBCommerce report

3) Zalando

• Ranking basis: GMV (company-disclosed, group-wide Europe).
• Key metrics: FY2025 (incl. ABOUT YOU from 11-Jul-2025): Group GMV €17.6B (+14.7%); revenue €12.3B (+16.8%); adj. EBIT €591M (+15.6%); 62M active customers (record); B2B revenue €1.1B (+14.6%) with ZEOS/SCAYLE/Tradebyte enabling ~€11B partner GMV; retail media +42%. FY2024: GMV €15.3B (+4.5%), revenue €10.5B (+3.9%), net profit tripled.
• Company: Zalando SE (ETR: ZAL). Owner note: About You (previously OTTO Group subsidiary) was acquired by Zalando — deal completed July 2025.
• Positioning & strengths: Europe's #1 fashion & lifestyle platform (29 markets, 7,000+ brands); multi-app (Zalando, ABOUT YOU, Lounge); Plus loyalty (16.8M members, ~half of Q4 GMV); own logistics (ZEOS) + marketplace; AI: 90% AI-generated product content, Size&Fit AI (1M+ body measurements), shoppable Assistant (6M users, 4x YoY); Google Universal Commerce Protocol launch partner (agentic commerce); €300M share buyback announced 2026.
• 2025 dynamics: ABOUT YOU acquisition closed (July 2025) — synergies on track (€100M run-rate by 2028, one year early); record results; AI scaling; DFB (German football) 5-year sports partnership; 2026 guidance GMV/revenue +12-17%.
• Sources: https://corporate.zalando.com/en/investor-relations/zalando-full-year-2025-results">Zalando FY2025 results (company) · https://corporate.zalando.com/en/investor-relations/zalando-se-exceeds-its-own-profitability-guidance-fy-2024-after-better-expected">Zalando FY2024 press release · https://corporate.zalando.com/en/investor-relations/key-figures-2024">Zalando key figures 2024 · https://www.yilantop.com/news/56246">Zalando GMV 2024 €15.3B (Chinese) · https://www.yilantop.com/news/52908">Zalando revenue 2024 €10.5B (Chinese) · https://wwd.com/sourcing-journal/industry-news/https-wwd-com-business-news-financial-zalando-q4-2025-double-digit-growth-1238664441-1238864598/">WWD: Zalando Q4'25 +23%

4) Allegro

• Ranking basis: GMV (company-disclosed).
• Key metrics: FY2025: group GMV PLN 69.16B (+9.1%); revenue PLN 11.68B (+11.3%); adj. EBITDA PLN 3.48B (+14.9%); 20.4M active buyers (Poland 15.3M; intl ~5M+); Poland GMV PLN 66.42B (+9.4%); international GMV PLN 2.76B (+2.2%, still investing). FY2024: Poland GMV PLN 60.71B (+10.8%), revenue PLN 9.5B (+19.4%), adj. EBITDA PLN 3.59B; group active buyers 21M incl. ~6M outside Poland. ⚠ One secondary headline (AMZ123) cites "GMV PLN 66.42B" for FY2025 — that matches Poland-only GMV; the group figure is PLN 69.16B (chwang). Approx. EUR conversion: PLN 69.2B ≈ €16B (EUR/PLN ~4.25).
• Company: Allegro.eu S.A. (WSE: ALE; HQ Luxembourg) — largest EU-founded marketplace; MALL Group (Czechia/Slovakia) acquired 2022; launched marketplaces in Czechia, Slovakia, Hungary (2023-24).
• Positioning & strengths: #1 in Poland (largest Polish ecommerce; ~1% of Polish GDP); marketplace + Allegro Smart! subscription (free delivery; 7.5M members in Poland); Allegro Pay (financing ~14% of GMV; PLN 10.8B loans 2024); Allegro Delivery/One Box parcel lockers (16K+ APMs incl. DHL; 41% of Q4 parcels; 36K+ lockers); ~100 AI projects (~40% of tech by end-2026); CEE expansion (Czechia, Slovakia, Hungary + Slovenia Smart!).
• 2025 dynamics: GMV growth slowed vs 2024 (9.1% vs 9.6%); international growth cooled (+2.2%); InPost dispute (€98.7M arbitration claim over forced carrier switching; Polish OCCP raid Feb 2026); CFO departure (2026); PLN 1.4B buyback 2025 + new capital-allocation policy; 2026 guidance: group adj. EBITDA +9-13%.
• Sources: https://en.media.allegro.pl/386188-allegro-fully-delivered-its-q4-outlook-with-beats-in-polish-profitability-and-across-international-operations">Allegro FY2024 release (company, EN) · https://www.chwang.com/news/203238909244">Allegro FY2025 results (chwang, Chinese) · https://www.amz123.com/t/Az6AJc3W">Allegro FY2025 (AMZ123, Chinese) · https://in.investing.com/news/earnings/allegro-posts-buyback-as-2026-profit-guidance-disappoints-cfo-departs-shares-up-5285935">Investing.com: Allegro 2025 results · https://www.chwang.com/news/203238909244">InPost dispute (chwang, Chinese)

5) Vinted

• Ranking basis: GMV (company-disclosed; group-wide).
• Key metrics: FY2025: marketplace GMV €10.8B (+47%); revenue €1.1B (+38%); net profit €62M (−19%, investment year); adj. EBITDA €151M (−5%); FCF €137M (+36%). FY2024: GMV €7.3B; revenue €813M; net profit €77M. Second-hand C2C category leader; 500,000+ pickup/drop-off points across Europe.
• Company: Vinted Group (Vilnius, Lithuania; private; €8B valuation at 2025 secondary share sale).
• Positioning & strengths: C2C second-hand fashion marketplace (strong in women's/kids' clothing; expanding into sports, collectibles); vertically-integrated shipping (Vinted Go Carrier in BE/FR/NL/PT/ES) and payments (Vinted Pay wallet); lowest-cost model enabling low-value trades; Germany turnaround in 2025.
• 2025 dynamics: Launched Latvia, Estonia, Slovenia; category expansion; Vinted Go launched in Spain/Portugal; Vinted Pay wallet rollout; profitable but investing (profit down YoY); €8B valuation secondary sale.
• Sources: https://company.vinted.com/newsroom/financial-results-2025">Vinted 2025 results (company newsroom) · https://www.reuters.com/business/retail-consumer/second-hand-clothes-app-vinted-reports-jump-revenue-profit-2025-04-29/">Reuters: Vinted 2024 results · https://thenextweb.com/news/vinted-8-billion-valuation-secondary-share-sale">The Next Web: €8B valuation · https://www.siliconrepublic.com/start-ups/european-second-hand-marketplace-vinted-eyes-share-sale-at-8bn-valuation">Silicon Republic: share sale at $8bn valuation

Near-misses (Europe): AliExpress, Shein, eBay, Ozon/Wildberries, Apple

• AliExpress (Alibaba): ECDB #4 Europe GMV 2025; CBCommerce #4 cross-border (dropped from #1 in 2024); launched "Local+" local-fulfillment logistics in 2025; UK seller onboarding free. Sources: https://ecommercenews.eu/us-china-and-russia-dominate-europes-ecommerce-top-10/">Ecommerce News Europe · https://westmoonglobal.com/archives/13207">WestMoon Global
• Shein: ECDB #7 Europe GMV 2025; UK revenue £2.05B in 2024 (+32.3%); reported US+EU business ">$40B" (Modaes — ⚠ likely revenue across markets, flag); 2025 global revenue $41.8B (HK IPO filing); US GMV ~$6B (2025, Marketplace Pulse; 24% of global ⇒ implied global GMV ~$25B ⚠ conflicts with $41.8B revenue — different metrics (GMV vs revenue) and geographies). Regulatory: France/EC scrutiny of greenwashing, ad bans proposed; 2025 Paris physical stores. Sources: https://www.modaes.com/global/companies/europe-the-us-and-the-marketplace-how-shein-has-surpassed-40-billion">Modaes · https://m.sohu.com/a/1055034324_163278">Sohu: Shein HK IPO, 2025 revenue $41.8B (Chinese) · https://www.amz123.com/t/0sguPyAC">Marketplace Pulse US top-10 (via AMZ123) · https://westmoonglobal.com/archives/13207">WestMoon Global (UK revenue)
• eBay (Europe): ECDB top-10; CBCommerce #3 cross-border relevance; global GMV $74.7B (2024) with a large European base (Germany = #2 market after US). Sources: https://ecommercenews.eu/us-china-and-russia-dominate-europes-ecommerce-top-10/">Ecommerce News Europe · https://www.ebayinc.com/stories/news/ebay-inc-reports-fourth-quarter-and-full-year-2024-results/">eBay FY2024 results
• Ozon / Wildberries (Russia): ECDB #2/#3 in Europe by GMV 2025 (roughly equal size), but Russia-only and largely inaccessible to non-Russian sellers/buyers; Wildberries 2025 GMV +49%. Sources: https://ecommercenews.eu/us-china-and-russia-dominate-europes-ecommerce-top-10/">Ecommerce News Europe · https://view.inews.qq.com/k/20260417A06LED00">iNews (Chinese) · http://ec100.cn/detail--6658569.html">100EC (Chinese)
• Apple Store (DTC): ECDB top-10 Europe (DTC hardware sales).

3. ⚠ Conflicting numbers across sources (must-check before publication)

1. Amazon US share: 35.7% (Marketplace Pulse, 2025, GMV basis) vs ~35% (Consumer Edge, credit/debit spend, 2026) vs ~40% (eMarketer, retail-ecommerce-sales basis, 2024 — paywalled, cited via https://www.researchandmarkets.com/reports/5982466/us-amazon-ecommerce-forecast-the-ecommerce">ResearchAndMarkets summary). Different denominators (total US ecommerce sales vs GMV vs spend).
2. Shopify FY2025 global GMV: "topped $300B" (DC360, from company framing) vs $378B (Marketplace Pulse estimate). Use $378B only with the MP attribution, or state ">$300B".
3. Temu US GMV: ~$25B (2024, analyst/Bloomberg-cited) vs ~$22B (2025, Marketplace Pulse) — implies near-zero US growth 2024→2025 post de-minimis change.
4. Walmart US GMV: one Marketplace Pulse summary lists "$15B" — that is almost certainly 3P marketplace GMV only (Walmart's US marketplace ~10% of its ecommerce GMV per the same source); it conflicts with ~7% US ecommerce share (Consumer Edge) and Walmart's ~18%-of-sales ecommerce ratio. Walmart discloses no US ecommerce GMV.
5. Allegro FY2025 GMV: PLN 69.16B group (+9.1%) vs PLN 66.42B cited in one headline — the latter is Poland-only (+9.4%).
6. Shein scale: ">$40B US+EU" (Modaes) vs US GMV ~$6B (Marketplace Pulse) vs global revenue $41.8B (2025, IPO filing) — revenue vs GMV, and different geographies; do not mix.
7. TikTok Shop US 2024: $9B actual (Momentum Works) vs $17.5B 2024 internal target (eMarketer/Marketplace Pulse July 2024 forecast).
8. Amazon Europe $232B (ECDB GMV) vs Amazon International segment net sales $142.9B (2024, company) — ECDB counts marketplace GMV (incl. 3P) and a different year/scope; do not compare directly.
9. eBay active buyers: 132M (end-2023, 10-K) vs ~131M (end-2024, PR table) — verify the exact 2024 figure in the https://www.ebayinc.com/stories/news/ebay-inc-reports-fourth-quarter-and-full-year-2024-results/">eBay FY2024 press release before publishing.

4. Data-vintage & scope cheat sheet

5. Full source list (all URLs cited above)

North America - https://ir.aboutamazon.com/news-release/news-release-details/2025/Amazon-com-Announces-Fourth-Quarter-Results/ - https://content-archive.fast-edgar.com/20250206/AMZ2D22CJ222D2Z2222G22Z9LAAKO22I2272/amzn-20241231xex991.htm - https://www.sec.gov/Archives/edgar/data/1594805/000159480525000011/exhibit991pressreleaseq420.htm - https://www.digitalcommerce360.com/2025/02/12/shopify-revenue-gmv-q4-fy24/ - https://www.digitalcommerce360.com/2026/02/17/shopify-revenue-gmv-q4-2025/ - http://100ec.cn/detail--6646925.html - https://www.businesswire.com/news/home/20250219052528/en/Walmart-reports-strong-revenue-of-4.1-up-5.3-in-constant-currency-cc-with-operating-income-growing-faster-at-8.3-or-9.4-adjusted-cc - https://www.digitalcommerce360.com/2025/02/21/walmart-online-sales-q4-fy25/ - https://www.ebayinc.com/stories/news/ebay-inc-reports-fourth-quarter-and-full-year-2024-results/ - https://www.sec.gov/Archives/edgar/data/1065088/000106508825000034/exhibit991erebayq42024.htm - https://www.sec.gov/Archives/edgar/data/1065088/000106508825000037/ebay-20241231.htm - https://investors.etsy.com/news-events/press-releases/detail/13/etsy-inc-reports-fourth-quarter-and-full-year-2024-results - https://investors.etsy.com/sec-filings/all-sec-filings/content/0001370637-25-000015/exhibit99112312024.htm - https://www.digitalcommerce360.com/2025/02/21/etsy-gms-sales-q4-2024/ - https://thelowdown.momentum.asia/press-release-tiktok-shop-in-the-u-s-achieves-explosive-growth-in-2024-surpassing-us9-billion-gmv/ - https://thelowdown.momentum.asia/new-report-tiktok-shop-u-s-gmv-grew-68-to-reach-us15-1b-in-2025/ - https://technode.global/2025/01/27/momentum-works-tiktok-shop-us-gmv-surpasses-9b-in-2024/ - http://en.kjwlbxs.com/4562.html - https://www.headscm.com/Fingertip/videodetail/id/45237.html - https://www.emarketer.com/content/temu-shein-face-considerable-regulatory-headwinds-despite-popularity - https://www.mediapost.com/publications/article/394193/google-meta-ad-platforms-benefit-from-temus-push.html - https://www.amz123.com/kx/zmhRU6Gg (Marketplace Pulse US 2025 — Chinese) - https://www.amz123.com/t/0sguPyAC (Marketplace Pulse US top-10 2025 — Chinese) - https://www.amz123.com/t/TXa7L4gZ (eMarketer/MP 2024 US top-5 — Chinese) - https://www.ecomcrew.com/amazon-and-shopify-now-control-nearly-half-of-u-s-e-commerce/ - https://www.researchandmarkets.com/reports/5982466/us-amazon-ecommerce-forecast-the-ecommerce (eMarketer summary, paywalled)

Europe - https://ecommercenews.eu/us-china-and-russia-dominate-europes-ecommerce-top-10/ (ECDB Top-10) - https://www.amz123.com/t/J6ZEIOdQ (ECDB Top-10 — Chinese, $232B/$244B) - https://trademagazin.hu/en/amerikai-kinai-es-orosz-cegek-uraljak-europa-e-kereskedelmi-toplistajat/ - https://www.cbcommerce.eu/blog/2025/10/16/sixth-edition-of-the-top-100-cross-border-marketplaces-europe-report-european-cross-border-e-commerce-reaches-new-heights/ - https://www.ecommercebridge.com/european-cross-border-e-commerce-hits-e359-billion-milestone/ - https://westmoonglobal.com/archives/13207 (CBCommerce summary + Temu EU/Shein UK — Chinese) - https://kdso.net/kdso/1905531/d.htm (Temu/Shein Europe slowdown — Chinese) - https://corporate.zalando.com/en/investor-relations/zalando-full-year-2025-results - https://corporate.zalando.com/en/investor-relations/zalando-se-exceeds-its-own-profitability-guidance-fy-2024-after-better-expected - https://corporate.zalando.com/en/investor-relations/key-figures-2024 - https://www.yilantop.com/news/56246 (Zalando GMV €15.3B 2024 — Chinese) - https://www.yilantop.com/news/52908 (Zalando revenue €10.5B 2024 — Chinese) - https://en.media.allegro.pl/386188-allegro-fully-delivered-its-q4-outlook-with-beats-in-polish-profitability-and-across-international-operations - https://www.chwang.com/news/203238909244 (Allegro FY2025 — Chinese) - https://www.amz123.com/t/Az6AJc3W (Allegro FY2025 — Chinese) - https://in.investing.com/news/earnings/allegro-posts-buyback-as-2026-profit-guidance-disappoints-cfo-departs-shares-up-5285935 - https://company.vinted.com/newsroom/financial-results-2025 - https://www.reuters.com/business/retail-consumer/second-hand-clothes-app-vinted-reports-jump-revenue-profit-2025-04-29/ - https://thenextweb.com/news/vinted-8-billion-valuation-secondary-share-sale - https://www.siliconrepublic.com/start-ups/european-second-hand-marketplace-vinted-eyes-share-sale-at-8bn-valuation - https://www.modaes.com/global/companies/europe-the-us-and-the-marketplace-how-shein-has-surpassed-40-billion - https://m.sohu.com/a/1055034324_163278 (Shein HK IPO 2025 revenue $41.8B — Chinese) - https://view.inews.qq.com/k/20260417A06LED00 (Wildberries 2025 GMV +49% — Chinese) - http://ec100.cn/detail--6658569.html (Wildberries GMV — Chinese) - https://www.globenewswire.com/de/news-release/2026/02/04/3232200/28124/en/Europe-B2C-Ecommerce-Market-Report-2025-A-1-5-Trn-Market-by-2029-Amazon-Leads-Core-Markets-Zalando-Cdiscount-Allegro-and-Bol-com-Defend-Local-Scale-as-Temu-Shein-and-TikTok-Shop-Ex.html (Europe B2C market report — Research and Markets)