E-commerce industry map

Who earns the money in E-commerce, and who keeps it. When a company spans several industries, only the relevant segment is counted.

FY2025 · 57 companies · ¥5.89T

Industry map

Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.

Industry size (revenue): ¥5.89T
Companies: 57
Avg. salary（parent only）: ¥6.1M
Industry weather: Sunny

Ownership (major shareholders, % held)LYAlliances (from the filing's material contracts)

SoftBank[9434]

Media EC

Revenue: ¥1.64T▲2.4%
Operating income: ¥240.4B▼7.1%

Whole company: Revenue ¥7.04T · Net income ¥550.8B

Avg. salary ¥8.7M · 42.0（parent only）

Rakuten Group[4755]

Internet Services

Revenue: ¥1.37T▲6.8%
Operating income: —

Whole company: Revenue ¥2.5T · Net income -¥177.9B

Avg. salary ¥8.5M · 36.0（parent only）

LY[4689]

Commerce

Revenue: ¥854.9B▲1.0%
Operating income: ¥87.4B▼16.1%

Whole company: Revenue ¥2.04T · Net income ¥193.7B

Avg. salary ¥9M · 39.0（parent only）

Askul[2678]

E-commerce

Revenue: ¥472.2B▲2.1%
Operating income: ¥14.3B▼16.6%

Whole company: Revenue ¥481.1B · Net income ¥9.07B

Avg. salary ¥7.1M · 41.3（parent only）

LY owns 46.9%

MonotaRO[3064]

Revenue: ¥333.9B▲15.9%
Operating income: ¥46.2B▲24.6%

Avg. salary ¥7.2M · 37.0（parent only）

Zozo[3092]

Revenue: ¥228.4B▲7.2%
Operating income: ¥69.4B▲7.1%

Avg. salary ¥8.6M · 34.7（parent only）

MISUMI Group[9962]

VONA businesses

Revenue: ¥192.5B▲7.1%
Operating income: ¥18.6B▲28.8%

Whole company: Revenue ¥441.4B · Net income ¥40.5B

Avg. salary ¥9.1M · 41.4（parent only）

Mercari[4385]

JapanBusiness + 1 more

#8▲

Revenue: ¥186.2B▲326.6%
Operating income: ¥35.6BBack to profit

Whole company: Revenue ¥192.6B · Net income ¥26.1B

Avg. salary ¥11.8M · 36.3（parent only）

Oisix ra daichi[3182]

B2C subscription service(Delivery service)

#9▼

Revenue: ¥94.3B▼3.0%
Operating income: ¥8.27B▼11.7%

Whole company: Revenue ¥251.4B · Net income ¥4.53B

Avg. salary ¥6.9M · 41.1（parent only）

DCM Holdings[3050]

xprice business

#10▼

Revenue: ¥65.8B▲3.4%
Operating income: ¥839M▲62.3%

Whole company: Revenue ¥533.1B · Net income ¥17.3B

istyle[3660]

Retail business + 1 more

#11

Revenue: ¥57.6B▲25.1%
Operating income: ¥2.94B▲21.1%

Whole company: Revenue ¥68.8B · Net income ¥2.33B

Avg. salary ¥6.8M · 35.7（parent only）

Syuppin[3179]

CAMERA + 3 more

#12▼

Revenue: ¥51.9B▼1.4%
Operating income: ¥4.5B▼11.6%

Whole company: Revenue ¥51.9B · Net income ¥1.69B

Avg. salary ¥5.9M · 36.0（parent only）

※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.

Other companies: stream · Beauty Garage · Jade Group · Hamee · Vega · miratap · Base · Generation Pass · All About · World · koukandekirukun · Kitanotatsujin · Trans Genic Group · Uniform Next · HITO-Communications Holdings · cotta · Future · Kurashicom · Makiya · Micreed · Petgo · RKB Mainichi Holdings · Fujisan Magazine Service · Enigmo · Makuake · GMO Pepabo · Shirohato · Crooz · Raccoon Holdings · Torico · Kuradashi. · Creema · Naigai · Scala · Aucfan · Rentracks · zig-zag · M-mart · Ame Kaze Taiyo · Ifuji Sangyo …+5

The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).

Switch years to see how the map shifts

Who earns the money

Area = revenue from businesses in this industry. Color = operating margin.

LossHigh margin(middle = 0% margin)

Who makes a profit

Across = revenue (log scale), up = operating margin, bubble size = operating income.

Ranking and momentum

Rank	Company (business)	Revenue	Share	Op. margin	CAGR	FCF*
1	SoftBankMedia EC	¥1.64T	27.8%	14.6%	—	¥823.3B
2	Rakuten GroupInternet Services	¥1.37T	23.2%	—	+8.2%	¥218.1B
3	LYCommerce	¥854.9B	14.5%	10.2%	+1.4%	—
4	AskulE-commerce	¥472.2B	8.0%	3.0%	+3.4%	-¥2.54B
5	MonotaRO	¥333.9B	5.7%	13.8%	+15.2%	¥17.7B
6	Zozo	¥228.4B	3.9%	30.4%	+8.3%	¥45.5B
7	MISUMI GroupVONA businesses	¥192.5B	3.3%	9.7%	+2.9%	¥37.9B
8▲4	MercariJapanBusiness + 1 more	¥186.2B	3.2%	19.1%	—	-¥13.1B
9▼1	Oisix ra daichiB2C subscription service(Delivery service)	¥94.3B	1.6%	8.8%	—	¥7.41B
10▼1	DCM Holdingsxprice business	¥65.8B	1.1%	1.3%	—	¥21.5B
11	istyleRetail business + 1 more	¥57.6B	1.0%	5.1%	+87.5%	¥572M
12▼2	SyuppinCAMERA + 3 more	¥51.9B	0.9%	8.7%	+4.5%	¥1.77B
13	streamInternet shopping business	¥31.6B	0.5%	2.0%	+2.3%	¥757.7M
14	Beauty GarageGoods sales	¥27.7B	0.5%	4.5%	+15.5%	¥1.12B
15	Jade Group	¥19.4B	0.3%	12.4%	—	¥1.42B
16▲4	HameeCommerce	¥19B	0.3%	11.4%	+18.2%	¥77M
17▼1	Vega	¥18.1B	0.3%	7.5%	+1.9%	¥318.2M
18	mirataphousing equipment	¥15.1B	0.3%	4.0%	—	-¥464M
19▲8	BaseBASE business + 2 more	¥13.3B	0.2%	11.7%	+12.1%	¥3.27B
20▲2	Generation PassEC Marketing business	¥13.3B	0.2%	2.0%	+5.1%	-¥741M
21	All AboutConsumer service	¥13.2B	0.2%	2.8%	+0.2%	-¥628.6M
22▼3	WorldDigital Business	¥11.9B	0.2%	19.2%	—	¥24.1B
23▲5	koukandekirukunHousing equipment DX business	¥11.3B	0.2%	1.4%	—	-¥82.9M
24▼1	Kitanotatsujin	¥11.2B	0.2%	8.9%	+4.2%	¥837.9M
25▼1	Trans Genic GroupInvestments and Consulting business	¥10.9B	0.2%	4.4%	+8.7%	-¥42.6M
26▲5	Uniform Next	¥9.86B	0.2%	7.6%	+17.8%	-¥178M
27▼2	HITO-Communications HoldingsE-Commerce and TV-Commerce support business	¥9.25B	0.2%	3.5%	-30.0%	¥1.02B
28new	cottaSales business of confectionery materials and miscellaneous goods	¥8.93B	0.2%	7.6%	—	¥700.9M
29▲1	FutureBusiness innovation business	¥8.34B	0.1%	2.1%	—	¥6.63B
30▲5	KurashicomHokuoh, Kurashi no douguten	¥8.27B	0.1%	13.7%	—	¥713.6M
31▲1	Makiyaelectronic commerce business	¥7.73B	0.1%	-1.5%	—	¥78.2M
32▲2	Micreed	¥7.67B	0.1%	5.3%	+26.2%	¥312M
33▼4	PetgoPetCommerce	¥7.13B	0.1%	1.4%	—	-¥103M
34▲23	RKB Mainichi HoldingsLifestyle business	¥7.05B	0.1%	-4.6%	—	-¥1.26B
35▲3	Fujisan Magazine ServiceMagazine sales support business	¥5.65B	0.1%	5.2%	—	¥71.8M
36▲1	EnigmoFashionPlatform Segment	¥5.37B	0.1%	21.3%	—	¥46.9M
37▲3	Makuake	¥4.58B	0.1%	9.8%	-0.2%	¥832.7M
38▲1	GMO PepaboEC support service + 1 more	¥4.37B	0.1%	24.1%	-10.5%	¥1.27B
39▼3	Shirohato	¥4.21B	0.1%	-3.1%	-32.9%	-¥306.2M
40▼7	CroozEC	¥3.74B	0.1%	1.9%	-21.4%	-¥365.6M
41	Raccoon HoldingsE-commerce business	¥3.56B	0.1%	34.8%	—	¥862.3M
42new	ToricoManga	¥3.19B	0.1%	-2.1%	—	¥39.4M
43▼1	Kuradashi.	¥3.08B	0.1%	-2.1%	—	-¥814M
44▼1	Creema	¥2.54B	0.0%	1.7%	+2.5%	¥487M
45	NaigaiHome shopping(mail-order)Business	¥2.52B	0.0%	3.5%	+6.6%	-¥358M
46new	ScalaEC	¥2.28B	0.0%	11.6%	—	¥495.3M
47▼3	AucfanPlatform + 1 more	¥1.87B	0.0%	-21.9%	+2.4%	-¥7.7M
48▼1	RentracksUsed Construction Machinery Marketplace Related Business	¥1.72B	0.0%	—	+37.3%	-¥446.9M
49▼1	zig-zag	¥1.41B	0.0%	22.9%	+27.7%	¥187.2M
50▼4	M-mart	¥1.36B	0.0%	46.4%	+10.9%	¥448.1M

Showing the top 50. See all 57 in the list below

* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.

How they make money differently

Where each company's ¥100 of sales goes, and how much it keeps (company-wide).

Cost of sales
Operating costs
SG&A
Other
Operating profit

Zozo
7
63
30
LY
26
60
17
SoftBank
52
34
15
MonotaRO
70
16
14
Mercari
28
58
14
Jade Group
22
66
12
MISUMI Group
53
36
11
Hamee
41
49
10
Kitanotatsujin
24
67
9
Vega
47
45
8
Base
52
40
8
DCM Holdings
66
30
World
51
43
istyle
57
38
Syuppin
81
14
Beauty Garage
75
20
Askul
76
21
Oisix ra daichi
71
26
Rakuten Group
99
stream
84
15
Generation Pass
73
26
koukandekirukun
78
21
Trans Genic Group
82
17
All About
37
64
loss ¥1
miratap
65
37
loss ¥2

Showing the 25 largest companies by revenue.

Ownership links

From the major-shareholder section of annual securities reports.

GMOインターネットグループ株式会社Outside
- SubsidiaryGMO Pepabo58.8%
株式会社サイバーエージェントOutside
- SubsidiaryMakuake50.9%
LYIn industry
- AffiliateAskul46.9%
ソニーグループ株式会社Outside
- AffiliateEnigmo25.2%
株式会社ひとまいるOutside
- AffiliateMicreed23.6%
タビオ株式会社Outside
- StakeNaigai11.7%
株式会社ABEJAOutside
- StakeFujisan Magazine Service9.3%
株式会社トーホーOutside
- StakeMicreed9.1%
丸紅株式会社Outside
- StakeScroll8.3%
株式会社リクルートホールディングスOutside
- StakeAll About7.0%
株式会社ＴＢＳホールディングスOutside
- StakeRKB Mainichi Holdings6.4%
大日本印刷株式会社Outside
- StakeAll About6.1%
日本郵政株式会社Outside
- StakeRakuten Group6.0%
三井物産株式会社Outside
- Stakeistyle5.7%
株式会社丸井グループOutside
- StakeAme Kaze Taiyo5.5%
不二製油株式会社Outside
- Stakecotta5.2%
スルガ銀行株式会社Outside
- StakeMakiya4.9%
株式会社シモジマOutside
- Stakecotta4.8%
ＳＧホールディングス株式会社Outside
- StakeFuture4.5%
株式会社テイツーOutside
- StakeTorico4.5%
㈱クエストOutside
- StakeScala3.5%
株式会社滋賀銀行Outside
- StakeWacoal Holdings3.2%
西日本鉄道株式会社Outside
- StakeRKB Mainichi Holdings3.1%

The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.

Compare the leaders side by side

All companies in E-commerce (by revenue)

All 60 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.

SoftBank¥1.64T · 14.6%
Rakuten Group¥1.37T
LY¥854.9B · 10.2%
Askul¥393.1B · -4.1%
MonotaRO¥333.9B · 13.8%
Zozo¥228.4B · 30.4%
Mercari¥221.6B · 23.9%
MISUMI Group¥192.5B · 9.7%
Oisix ra daichi¥94.3B · 8.8%
istyle¥67.5B · 4.8%
DCM Holdings¥65.8B · 1.3%
Syuppin¥51.9B · 8.7%
stream¥31.6B · 2.0%
Beauty Garage¥31.2B · 4.0%
Hamee¥20.1B · 6.9%
Jade Group¥19.4B · 12.4%
Vega¥18.1B · 7.5%
miratap¥15.1B · 4.0%
Scroll¥15.1B · 1.1%
Base¥13.3B · 11.7%
Generation Pass¥13.3B · 2.0%
All About¥13.2B · 2.8%
World¥11.9B · 19.2%
koukandekirukun¥11.3B · 1.4%
Kitanotatsujin¥11.2B · 8.9%
Trans Genic Group¥10.9B · 4.4%
Wacoal Holdings¥10.5B · -2.5%
Uniform Next¥9.86B · 7.6%
HITO-Communications Holdings¥9.25B · 3.5%
cotta¥8.93B · 7.6%
Future¥8.34B · 2.1%
Kurashicom¥8.27B · 13.7%
Makiya¥7.73B · -1.5%
Micreed¥7.67B · 5.3%
Petgo¥7.13B · 1.4%
RKB Mainichi Holdings¥7.05B · -4.6%
Fujisan Magazine Service¥5.65B · 5.2%
Enigmo¥5.37B · 21.3%
Makuake¥4.58B · 9.8%
GMO Pepabo¥4.37B · 24.1%
Shirohato¥4.21B · -3.1%
Raccoon Holdings¥3.9B · 32.6%
Crooz¥3.74B · 1.9%
Torico¥3.19B · -2.1%
Kuradashi.¥3.08B · -2.1%
Creema¥2.54B · 1.7%
Naigai¥2.52B · 3.5%
Scala¥2.28B · 11.6%
Aucfan¥1.87B · -21.9%
Rentracks¥1.72B
zig-zag¥1.5B · 19.3%
M-mart¥1.36B · 46.4%
Ame Kaze Taiyo¥1.03B · 21.3%
Ifuji Sangyo¥877M · 0.6%
Kowa¥696.5M · 6.8%
Wel-Dish.¥568.1M · 0.8%
IID¥515.4M · 3.9%
Cravia¥270.9M · 2.4%
Laox Holdings¥241M · -18.7%
Cominix¥133M · -48.9%

Revenue · Op. margin

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