This study examines the intellectual structure of the journal Electronic Commerce Research over its first twenty-five years and frames a forward-looking research agenda. Using reference co-citation analysis, the study identifies the knowledge base, major thematic domains, temporal evolution, and key turning points that have shaped the journal’s development. The findings show a progressive expansion from early concerns with adoption, usability, trust, reputation, security, and e-finance toward more recent themes related to social influence, cross-border platforms, omnichannel systems, algorithmic personalization, live commerce, and AI-mediated markets. Citation burst analysis further reveals that the field evolves through accumulation and recombination rather than abrupt thematic replacement, as influential references consolidate specific clusters and connect adjacent research streams over time. Building on this trajectory, the article proposes a research agenda centered on agentic commerce, truth signals, platform governance, human–AI and agent-to-agent interaction, foundation models for high-fidelity market simulation, financial-product market convergence, and the AI-enabled reorganization of e-commerce firms.