Swiss E-Commerce 2026: CHF 15.7B — What an Online Shop Is Worth

1.0Market Snapshot

1,616: Mail-order and internet retailers in 2024 (BFS STATENT, NOGA 47.91). Online shops run by store retailers and marketplaces are counted in other classes, so this covers pure online and mail-order sellers only.
5,846: Employees in these businesses in 2024 (BFS STATENT), 4,396 full-time equivalents; about 3.6 employees per business.
+6%: Growth of Swiss online purchases in 2025, to CHF 15.8 billion (HANDELSVERBAND.swiss, NIQ/GfK). Employment at pure online and mail-order retailers fell 4.7% in 2024 and is 38.7% below its 2021 peak (BFS STATENT).

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 1,616 e-commerce & online retail companies — Mail-order and internet retailers in 2024 (BFS STATENT, NOGA 47.91). Online shops run by store retailers and marketplaces are counted in other classes, so this covers pure online and mail-order sellers only..

2.0Industry Overview

Market Scope

Swiss consumers bought goods worth CHF 15.8 billion online in 2025, 6% more than in 2024: CHF 13.0 billion from Swiss sellers and CHF 2.8 billion directly from foreign ones (HANDELSVERBAND.swiss, NIQ/GfK with Swiss Post). Home electronics is the largest category with 28% of online sales (+11%), followed by fashion (16%), home and living (15%) and food (10%). Thirteen of the 30 largest online shops are marketplaces.

3.0Industry Health Check (SWOT)

Internal factors

Strengths4

High purchasing power and online spending

Weaknesses4

Small, four-language market with high costs→ §5.0

External factors

Opportunities4

Marketplace models adding third-party ranges

Threats4

Asian platforms shipping about 20 million small parcels a year

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Online keeps growing

Swiss online purchases rose 6% to CHF 15.8 billion in 2025; home electronics grew 11% and holds 28% of the market (HANDELSVERBAND.swiss, March 2026).

Foreign growth slows

Purchases directly from foreign sellers rose 8% to CHF 2.8 billion, after 18% in 2024; about 20 million small parcels a year come from Asia (HANDELSVERBAND.swiss).

The leader pulls ahead

CHF 536 million

Digitec Galaxus raised sales by CHF 536 million, or 17%, in 2025, its second-largest increase after 2020, and had 5 million customers (Netzwoche, January 2026).

Small shops shake out

Employment at pure online and mail-order retailers fell from 9,532 in 2021 to 5,846 in 2024 (BFS STATENT).

Parcels grow again

3.7%

Swiss Post delivered 186.6 million parcels in 2025, 3.7% more than in 2024 and the first growth in three years (paketda, March 2026).

5.0Cost Structure Benchmark

64%

10%

11%

Cost of goods sold64%
Personnel10%
Logistics, delivery and returns11%
Marketing, IT and payment fees9%
EBITDA margin6%

Indicative split of revenue for a Swiss online retailer, not a measured figure. Margins depend heavily on the category: electronics retailers earn low single-digit margins, specialised brands and marketplaces more.

6.0Top E-commerce & Online Retail Companies in Switzerland

Name	Location	Key Facts
Digitec Galaxus AGCHE-109.049.266	Zürich ZH	Digitec Galaxus AG: the largest Swiss online retailer, registered in Zurich. 2025 sales about CHF 3.76 billion (+17%) and net revenue CHF 3.3 billion (+14%); 5 million customers; EU platform sales EUR 418 million (+15%).
Brack.Alltron AGCHE-114.005.116	Mägenwil AG	Brack.Alltron AG: online retailer (Brack.ch) and IT and electronics distributor, registered in Mägenwil. 2025 revenue CHF 1.16 billion (+1.9%), operating EBITDA up 20%, 1,292 employees and 4.58 million parcels shipped.
QoQa Services SACHE-112.640.276	Bussigny VD	QoQa Services SA: daily-deal and community e-commerce platform, registered in Bussigny. It does not publish figures.
Zalando Switzerland AGCHE-287.453.178	Zürich ZH	Zalando Switzerland AG: Swiss company of the German fashion platform Zalando, registered in Zurich. It does not publish Swiss figures.
Nestlé Nespresso SACHE-106.014.627	Vevey VD	Nestlé Nespresso SA: coffee brand with a large direct-to-consumer online business, registered in Vevey. It does not publish Swiss online figures.
Manor AGCHE-105.901.193	Basel BS	Manor AG: department store chain with an online shop, registered in Basel. It does not publish online figures.
Die Schweizerische Post AGCHE-109.030.864	Bern BE	Die Schweizerische Post AG: the national postal company, registered in Bern, delivering most Swiss online orders. It delivered 186.6 million parcels in 2025 (+3.7%).

Digitec Galaxus AG

CHE-109.049.266

Zürich ZH

Digitec Galaxus AG: the largest Swiss online retailer, registered in Zurich. 2025 sales about CHF 3.76 billion (+17%) and net revenue CHF 3.3 billion (+14%); 5 million customers; EU platform sales EUR 418 million (+15%).

Brack.Alltron AG

CHE-114.005.116

Mägenwil AG

Brack.Alltron AG: online retailer (Brack.ch) and IT and electronics distributor, registered in Mägenwil. 2025 revenue CHF 1.16 billion (+1.9%), operating EBITDA up 20%, 1,292 employees and 4.58 million parcels shipped.

QoQa Services SA

CHE-112.640.276

Bussigny VD

QoQa Services SA: daily-deal and community e-commerce platform, registered in Bussigny. It does not publish figures.

Zalando Switzerland AG

CHE-287.453.178

Zürich ZH

Zalando Switzerland AG: Swiss company of the German fashion platform Zalando, registered in Zurich. It does not publish Swiss figures.

Nestlé Nespresso SA

CHE-106.014.627

Vevey VD

Nestlé Nespresso SA: coffee brand with a large direct-to-consumer online business, registered in Vevey. It does not publish Swiss online figures.

Manor AG

CHE-105.901.193

Basel BS

Manor AG: department store chain with an online shop, registered in Basel. It does not publish online figures.

Die Schweizerische Post AG

CHE-109.030.864

Bern BE

Die Schweizerische Post AG: the national postal company, registered in Bern, delivering most Swiss online orders. It delivered 186.6 million parcels in 2025 (+3.7%).

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

Brand, margin and customers carry value

CHF 15.8bn: Swiss online purchases in 2025, +6% (HANDELSVERBAND.swiss)
CHF 2.8bn: purchases directly from foreign sellers in 2025, +8% (HANDELSVERBAND.swiss)
186.6m: parcels delivered by Swiss Post in 2025, +3.7%
5.0–8.0×: EBITDA deal multiples (ValIndex multiples table)

Most Swiss online shops are small, and the post-COVID shake-out has left many owners looking for a buyer. Value depends on gross margin, repeat customers and the cost of winning them, more than on revenue. Buyers pay for an own brand or exclusive range, a loyal customer base reachable by e-mail and app, efficient logistics and low return rates, and discount for dependence on paid search and marketplaces, thin margins in commodity products and stock that ages. ValIndex's multiples table puts e-commerce at 5.0–8.0× EBITDA in transactions and 4.0–6.0× on statutory valuations.

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Valuation Snapshot

E-commerce & Online Retail business valuation in Switzerland

Statutory Multiple (EBITDA): 4.0 - 6.0×
Deal Multiple (EBITDA): 5.0 - 8.0×
Market Trend: Stable

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Zurich

347 mail-order and internet retailers with 1,493 employees in 2024 (BFS STATENT); Digitec Galaxus and Zalando Switzerland are registered here.

Western Switzerland

VDGEFRVSNEJU

315 businesses with 1,580 employees, the most of any region; Vaud alone has 1,206. QoQa is registered in Bussigny and Nespresso in Vevey.

Eastern Switzerland

SGTGGRSHARAIGL

244 businesses with 518 employees.

Northwestern Switzerland

AGBLBS

229 businesses with 547 employees; Brack.Alltron is registered in Mägenwil and Manor in Basel.

Central Switzerland

LUSZZGOWURNW

216 businesses with 905 employees.

Bern and Solothurn

BESO

184 businesses with 650 employees; Swiss Post is registered in Bern.

Ticino

81 businesses with 153 employees.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 47.91 retail sale via mail order houses or via internet)HANDELSVERBAND.swiss — Schweizer Online-Konsum wächst im Jahr 2025 erneut um 6% (12 March 2026; NIQ/GfK with Swiss Post)Netzwoche — Digitec Galaxus verkündet zweitgrössten Umsatzsprung seiner Firmengeschichte (7 January 2026)Netzwoche — Brack Alltron ist wieder auf Wachstumskurs (29 January 2026)ChannelPartner — Galaxus wächst in Deutschland langsamer (EU platform sales EUR 418m, +15%)paketda — Schweizerische Post: Ergebnis 2025 (186.6 million parcels; 12 March 2026)Swiss Post — Post erzielt tieferes, aber solides Ergebnis (nine months 2025: parcels +3.5%, first parcel-market growth in three years)Zefix — Swiss Central Business Name Index (seats of Digitec Galaxus AG, Brack.Alltron AG, QoQa Services SA, Zalando Switzerland AG, Nestlé Nespresso SA, Manor AG and Die Schweizerische Post AG)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-10|8 sources cited

9.0Frequently Asked Questions

▶How much is an e-commerce business worth in Switzerland?

ValIndex's multiples table puts Swiss e-commerce at 5.0–8.0× EBITDA in transactions and 4.0–6.0× EBITDA on statutory valuations. Shops with their own brands, loyal customers and good margins sit at the upper end; resellers of commodity products dependent on paid search at the lower end.

▶What drives the value of a Swiss online shop?

Buyers price: (1) gross margin; (2) repeat customers and the cost of winning new ones; (3) own brands or exclusive ranges; (4) logistics efficiency and return rates; (5) dependence on marketplaces and paid search; (6) stock quality.

▶How big is the Swiss e-commerce market?

Swiss consumers bought CHF 15.8 billion of goods online in 2025, 6% more than in 2024, of which CHF 13.0 billion from Swiss sellers (HANDELSVERBAND.swiss). BFS counts 1,616 pure mail-order and internet retailers with 5,846 employees (2024).

▶Who are the main Swiss online retailers?

Leading players include Digitec Galaxus in Zurich, Brack.Alltron in Mägenwil, QoQa in Bussigny, Zalando Switzerland in Zurich, Nespresso in Vevey and Manor in Basel, with Swiss Post in Bern delivering most parcels.

▶What are the key trends in Swiss e-commerce?

Five trends: (1) online still growing at 6%; (2) slower growth of foreign purchases; (3) the leader Digitec Galaxus pulling ahead; (4) a shake-out among small online shops; (5) parcel volumes growing again.

▶What are the main risks when buying a Swiss online shop?

The main risks are: (1) dependence on paid search and marketplaces; (2) thin margins and price competition from foreign platforms; (3) rising delivery and return costs; (4) ageing stock; (5) dependence on the owner. Due diligence should check margins by category, customer cohorts, traffic sources, stock and logistics contracts.

▶How much do Swiss consumers buy from foreign online shops?

Swiss consumers bought CHF 2.8 billion of goods directly from foreign online sellers in 2025, 8% more than in 2024 after 18% growth the year before; about 20 million small parcels a year come from Asia (HANDELSVERBAND.swiss).

▶Where are Swiss online retailers located?

Using BFS figures for 2024: Zurich has the most mail-order and internet retailers (347, with 1,493 employees), followed by Western Switzerland (315; 1,580), Eastern Switzerland (244; 518), Northwestern Switzerland (229; 547), Central Switzerland (216; 905), Bern and Solothurn (184; 650) and Ticino (81; 153).

E-commerce & Online Retail