By Evan Lee Salim 
In a landmark shift for the Swiss digital retail landscape, the annual industry report by e-commerce consultancy Carpathia has confirmed a new power dynamic. By the conclusion of 2025, the Swiss-born powerhouse Galaxus officially unseated Zalando, the long-reigning fashion giant, to claim the title of Switzerland’s largest online retailer. This transition marks the end of an era for the German-based Zalando and signals the accelerated maturation of domestic marketplaces in the alpine nation.
According to the latest data, Galaxus achieved a staggering revenue of 2.5 billion euros (2.3 billion Swiss francs) by the end of 2025. This achievement is not merely a narrow victory; it is a profound testament to the shifting consumer preferences in Switzerland. While Zalando’s growth has largely stagnated, constrained by a saturated fashion market and changing European consumer habits, Galaxus has leveraged its diversified product range and marketplace model to capture a dominant share of the Swiss wallet.
The Main Facts: A Billion-Franc Milestone
For the first time since Carpathia began tracking the performance of the Swiss e-commerce sector, the rankings feature four distinct sellers each generating over one billion Swiss francs in revenue. This "billion-club" includes the industry leader Galaxus, Digitec, the aggressive newcomer Temu, and the global titan Amazon.
The financial chasm between the top two contenders is significant. The gap between Galaxus and Zalando now stands at approximately 542.4 million euros. This delta reflects two opposing trajectories: the rapid, diversified expansion of Galaxus versus the plateauing performance of Zalando. The data, which includes Gross Merchandise Volume (GMV)—covering both direct sales and marketplace transactions—excludes VAT and accounts for returns and cancellations, providing an accurate, "net-realized" view of the market.
Chronology: The Road to the Throne
The ascent of Galaxus was not an overnight success, but rather the culmination of a decade-long strategy focused on building a robust, Swiss-centric ecosystem.
2023: The Warning Signs
In the 2023/2024 reporting period, industry analysts at Carpathia first began to signal a potential shift. While Zalando maintained the top spot, the growth velocity of Galaxus was already significantly outpacing its competitor. At that time, market observers noted that the Swiss marketplace’s commitment to logistics, customer service, and an "everything-store" approach was creating a defensive moat that fashion-centric retailers struggled to replicate.
2024: The Converging Lines
Throughout 2024, the gap narrowed incrementally. While Zalando faced headwinds in the broader European market, Galaxus continued to invest heavily in its platform capabilities. The company expanded its third-party seller program, allowing it to scale its inventory without the overhead of massive physical warehousing, a move that proved critical to its 2025 success.
2025: The Crossover
By the first half of 2025, internal projections began to confirm what industry insiders had suspected. The momentum of Galaxus became unstoppable. Driven by a surge in demand across electronics, home goods, and lifestyle products, the platform effectively outperformed Zalando in every major metric. By December 31, 2025, the official figures confirmed that Galaxus had surpassed Zalando by over half a billion euros.
Supporting Data: An Ecosystem in Expansion
The broader e-commerce market in Switzerland remains remarkably resilient. According to the Carpathia report, the top 50 online stores collectively generated 15.4 billion euros (14.2 billion Swiss francs). This growth is driven by the top-tier players, with the top 5 alone accounting for 7.7 billion euros—roughly 50% of the entire top-50 volume.
The Rise of the Marketplace Model
Perhaps the most telling trend in the data is the total dominance of the marketplace business model. The top six retailers—Galaxus, Zalando, Digitec, Temu, Amazon, and Ricardo—are all platforms that rely on the marketplace model. This indicates a permanent shift in consumer behavior; Swiss shoppers are increasingly favoring "one-stop-shop" environments where they can purchase groceries, fashion, electronics, and home repair tools in a single checkout experience.
Stability and Growth
The report highlights that 80% of the top 50 online retailers in Switzerland are either experiencing growth or maintaining their revenue levels compared to 2024. This stability is notable given the economic pressures of inflation and supply chain volatility that have plagued Europe during the same period.
Top 10 Online Stores in Switzerland (2025 Revenue in Euros):
| Rank | Store | 2025 Revenue |
|---|---|---|
| 1 | Galaxus | 2.5 billion |
| 2 | Zalando | 1.97 billion |
| 3 | Digitec | 1.14 billion |
| 4 | Temu | 1.08 billion |
| 5 | Amazon | 1.03 billion |
| 6 | Ricardo | 954.6 million |
| 7 | Brack | 629.8 million |
| 8 | Coop | 406.5 million |
| 9 | Migros | 392.4 million |
| 10 | AliExpress | 390.2 million |
Official Responses and Strategic Perspectives
While the retail giants involved have remained largely tight-lipped regarding specific competitive figures, industry analysts suggest that the results have sent shockwaves through the headquarters of international players.
Representatives from Carpathia, when presenting the data, emphasized that "the consumer is now dictating the terms of the market." They pointed out that while global giants like Amazon and AliExpress remain influential, their growth in Switzerland is hindered by the lack of deep, localized infrastructure that companies like Galaxus have spent years perfecting.
For Zalando, the focus has shifted toward profitability over raw revenue growth. Analysts suggest that the company is currently restructuring its operations to focus on high-margin segments rather than competing in a "volume war" it can no longer win in Switzerland.
Conversely, Galaxus has doubled down on its community-driven approach. By integrating user reviews, transparent pricing, and robust local customer support, the platform has cultivated a level of brand loyalty that is difficult for foreign competitors to penetrate.
Implications: The Future of Swiss E-commerce
The crowning of Galaxus as the leader of Swiss e-commerce has several long-term implications for the market:
1. The Consolidation of Platforms
The data suggests that the Swiss market is moving toward a "winner-takes-most" scenario. As smaller, specialized e-commerce players struggle to compete with the massive selection and fast shipping times offered by the top-tier marketplaces, we are likely to see further consolidation or the acquisition of niche retailers by the dominant players.
2. The "Temu" Factor
The inclusion of Temu in the top four—at 1.08 billion euros—is a signal that budget-conscious shoppers are becoming a massive force in the Swiss market. The rapid rise of Chinese-backed marketplaces presents a new challenge for established European retailers, who must now decide whether to compete on price or differentiate through quality and sustainability.
3. Sustainability and Local Preference
Swiss consumers continue to show a preference for brands they trust. The success of Galaxus and the continued strength of Brack (ranked 7th) prove that the "Swissness" of a brand—its reliability, local warehousing, and customer service—is a significant competitive advantage. As environmental regulations tighten, the advantage may swing even further toward companies with optimized, local supply chains.
4. Digital Transformation for Traditional Retailers
The presence of traditional retail giants like Coop and Migros in the top 10 shows that the "phygital" (physical + digital) approach is paying off. However, with revenues lagging behind the pure-play digital marketplaces, these companies face a critical juncture: they must either accelerate their digital infrastructure investment or risk being relegated to the mid-tier of the e-commerce landscape.
Conclusion
The 2025 performance data serves as a clear warning to the global retail community: the Swiss market is unique, complex, and highly competitive. The ascension of Galaxus to the number one spot is not merely a corporate victory; it is a reflection of a consumer base that demands efficiency, variety, and local accountability. As the e-commerce landscape continues to evolve, the ability of these top players to adapt to shifting consumer demands and technological advancements will define the next decade of Swiss retail.
The market has spoken, and for the foreseeable future, the throne of Swiss e-commerce belongs to a homegrown champion.
Lina Irawan 
rifanmuazin 