Shopping leaves the storefront

Digital commerce will take a larger share of spending.

By AKA Studio

What’s inside

• SHOP Shopify: GMV rose 32% to $115.6B as AI-driven traffic and orders tripled; purest share-shift read
• AMZN Amazon: Still the single largest destination for US online spend; every point of share flows here
• WMT Walmart: Physical incumbent converting itself digital; 200k products into ChatGPT, Gemini shopping deal
• V Visa: Card-not-present mix grows faster than overall spend as retail moves online
• MA Mastercard: Second rail on the same toll road; direct beneficiary of digital penetration rising
• PYPL PayPal: Named as a payment processor in Copilot Checkout; checkout layer for agent-led buying
• GOOGL Alphabet: Launched Universal Commerce Protocol with Shopify, Etsy, Wayfair and Target for shopping agents
• DASH DoorDash: Turns local, same-day categories into digital orders — the least-penetrated share left
• MELI MercadoLibre: Commerce and payments compounding together in a region still early on online share
• SE Sea: Shopee plus digital finance rides Southeast Asian online spend from a low base

Why it could work

Digital commerce will take a larger share of spending. The basket combines direct participants and broader suppliers.

What could break it

Adoption could disappoint, competition could weaken margins, or high valuations could already price in the trend. Some holdings are broad, indirect proxies.

For learning only. Not investment advice.