The Swiss ecommerce landscape has a new leader. For the first time since consultancy Carpathia began tracking the market in detail, Galaxus has overtaken Zalando to become the largest online store in Switzerland. By the end of 2025, the Swiss marketplace generated 2.5 billion euros in gross merchandise volume (GMV), effectively dethroning the German fashion platform that had held the top spot for years. The shift marks a significant moment for the country’s digital retail sector, reflecting a broader change in consumer behavior and the accelerating rise of marketplace models.
How Galaxus Captured the Top Spot in Swiss Ecommerce
Galaxus reached a revenue of 2.5 billion euros (2.3 billion Swiss francs) by the close of 2025, according to the latest ranking from Carpathia, an ecommerce management consultancy that publishes an annual analysis of the biggest online stores active in Switzerland. The revenue figures represent total GMV—encompassing both direct sales and marketplace transactions—adjusted for VAT, returns, and cancellations. This methodology provides a clearer picture of true economic activity than raw sales numbers alone.
The growth trajectory for Galaxus has been remarkable. Over the course of the year, the company, together with fellow marketplace Temu, added a combined 950 million Swiss francs (1.03 billion euros) in revenue. This rapid acceleration was instrumental in closing the gap with Zalando. By the end of 2025, the difference between the two retailers stood at nearly 500 million Swiss francs (542.4 million euros). Carpathia had already flagged in its 2024 ranking that Galaxus was expanding at a faster pace than Zalando, making the outcome widely anticipated within the industry.
Zalando’s Stalled Growth Opens the Door
Zalando’s stagnation is the other side of the story. After years of leading the Swiss market, the Berlin-based fashion platform saw its growth flatten, allowing Galaxus to surge past. For the 2025 ranking, Zalando recorded GMV of roughly 1.97 billion euros. While still a formidable figure, the lack of momentum compared to Galaxus’s double-digit expansion proved decisive. The data underscores a critical shift: Swiss consumers are increasingly turning to generalist marketplaces that offer a wider product range, rather than category-specific platforms.
The Rise of the Marketplace Model in Switzerland
The top six positions in the 2025 ranking are all marketplaces, a clear signal that the business model has become dominant in Swiss ecommerce. Galaxus, Digitec (also owned by the parent company Migros), Temu, Amazon, and Ricardo all operate primarily as platforms for third-party sellers. This structure allows them to offer vast product catalogs without the inventory risk that burdens traditional retailers. Customers have clearly responded, embracing the convenience and choice that marketplaces provide.
Carpathia notes that 80 percent of the top 50 online stores in Switzerland are either growing or maintaining their revenue levels compared to 2024. In a mature and relatively small market like Switzerland, this rate of stability and growth is noteworthy. It suggests that the digital retail sector remains dynamic, even as macroeconomic pressures persist across Europe.
Top 50 Stores Generate More Than 15 Billion Euros
The collective scale of Swiss ecommerce is laid bare by the new data. The top 50 online stores in the country generated a total of 14.2 billion Swiss francs (15.4 billion euros) in revenue during 2025. The top five players alone accounted for 7.1 billion Swiss francs (7.7 billion euros), highlighting the concentration of market power. This concentration is typical of digital economies, where network effects and platform advantages tend to reward the largest players disproportionately.
What Is the Full Ranking of Switzerland’s Biggest Online Stores?
The complete top 10 for 2025, according to Carpathia’s data, illustrates the competitive landscape in detail. Galaxus leads with 2.5 billion euros, followed by Zalando at 1.97 billion euros. Digitec, the electronics and tech marketplace, holds third place with 1.14 billion euros. Temu, the Chineseaaa-owned fast-fashion and general goods platform, has climbed to fourth with 1.08 billion euros, a stunning ascent given it had negligible Swiss revenue just a few years ago. Amazon rounds out the top five at 1.03 billion euros. The remaining positions are filled by Ricardo (954.6 million euros), Brack (629.8 million euros), Coop (406.5 million euros), Migros (392.4 million euros), and AliExpress (390.2 million euros). The presence of two traditional supermarket chains—Coop and Migros—in the top 10 demonstrates that omnichannel retailers remain relevant, even as pure-play marketplaces capture the lion’s share of growth.
Key Takeaways from the 2025 Swiss Ecommerce Rankings
Several patterns emerge from the Carpathia report that will shape strategic decisions for retailers operating in or entering Switzerland. First, the marketplace model is no longer an emerging trend but the established norm. Second, international platforms like Temu and Amazon are gaining significant ground, intensifying competition for domestic players. Third, the growth of Galaxus—a homegrown Swiss company—shows that local players can successfully compete against global heavyweights by combining a broad assortment with strong logistics and customer service tailored to the Swiss market.
For brands and merchants, the implication is clear: having a presence on the leading marketplaces, particularly Galaxus, is becoming essential for reaching Swiss consumers. The data also suggests that niche or single-category ecommerce sites will face increasing pressure unless they can differentiate on service, exclusivity, or specialized knowledge that generalist platforms cannot easily replicate.
Looking ahead, the 2025 rankings set a new benchmark. With Galaxus now firmly in the lead and Temu charging up the ranks, the competitive dynamics of Swiss ecommerce are more fluid than they have been in years. Whether Zalando can regain its momentum or whether the new top order becomes entrenched will be one of the defining questions for the market in 2026.
