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Amazon and Shopify Are Now Half of US E-Commerce

And the remaining half is increasingly contested.

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February 19, 2026 10:35am EST

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Welcome. This week: Amazon and Shopify nearing majority share, eBay buys Depop, TikTok Shop backtracks, Amazon & OpenAI in talks, and more.

IN-DEPTH

Amazon and Shopify Are Now Half of U.S. E-Commerce

Amazon and Shopify together now account for approximately 50% of U.S. e-commerce.

According to Marketplace Pulse estimates, Amazon generated roughly $440 billion in U.S. sales in 2025, representing a 35.7% share of the $1.2 trillion U.S. e-commerce market.

Shopify, reporting a U.S. market share figure for just the second time in its Q4 2025 earnings call, claimed a 14% share, up from 12% a year prior.

The combined figure lands at 49.7% — Amazon’s encompassing both its own retail and marketplace operations, Shopify’s aggregated across millions of merchant storefronts.

Two models — centralized marketplace and decentralized infrastructure — each reached maturity at roughly the same time.

U.S. e-commerce has quietly organized itself around both, and the space between them is where every other player is now making its case.

Miss our webinar last week? The replay is now available.

We heard great insights on margin growth opportunities in 2026 after a year of relentless compression across e-commerce. The conversation with Eden Goldberg, Matthew Peck, and Andri Sadlak centered on three critical shifts:

How AI tools are creating new optimization opportunities for sellers willing to adapt their operations
Why the concentration economy presents margin expansion potential through operational efficiency as competition declines
How content-first discovery models offer alternatives to traditional marketplace dependencies

Watch Replay >

NEWS

Etsy sells second-hand fashion app Depop to eBay for $1.2bn

Depop, the second-hand clothing app that has skyrocketed in popularity among Gen Z shoppers, is being sold to eBay for $1.2bn (£890m). Etsy is offloading Depop just five years after it bought the business - which was founded in the UK - for $1.6bn. BBC >

TikTok Shop halts plan to end independent shipping after backlash

TikTok’s e-commerce arm, Shop, has reversed course on its plan to end seller-fulfilled shipping in the U.S., telling merchants that previously announced deadlines will no longer go into effect. Modern Retail >

Amazon and OpenAI have discussed custom AI models for shopping

Amazon has discussed w/ OpenAI working on custom shopping-related AI tied to Rufus, after using its own models and then Anthropic’s, according to sources briefed. Jason Del Rey >

US companies, consumers bear nearly 90% of tariff costs

U.S. companies and consumers last year shouldered nearly 90% of the costs from tariffs imposed beginning in April 2025, Federal Reserve Bank of New York researchers said last week, countering a claim by the Trump administration that foreigners bear the burden from the import taxes. CFO Dive >

Target to test contextual ads in ChatGPT

Target will be among the first advertisers to pilot contextual ads in OpenAI’s popular ChatGPT program starting this month, according to a company blog post. The retailer will run ads promoting both its own business and those of brand partners on its Roundel retail media network. Marketing Dive >

ICYMI

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Amazon and Shopify Are Now Half of US E-Commerce

And the remaining half is increasingly contested.

IN-DEPTH

Amazon and Shopify Are Now Half of U.S. E-Commerce

NEWS

ICYMI

Top 1.6% of Sellers Drive 50% of Amazon’s 3P GMV

Amazon GMV Surpassed $800 Billion in 2025

The $10 Trillion State of E-Commerce

ChatGPT's 4% Fee Confirms Marketplace Economics

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