3 Top E-Commerce Stocks to Buy on the TSX Today

These e-commerce stocks have already shown some signs of improvement, but 2024 could be huge for today’s investor.

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The holidays are almost upon us, and that means one thing: shopping. No matter what you celebrate, it seems that gifts have become the main stress caused by the holiday season. As I write this, yet another package is being delivered to my house as we speak. Yet there is a way to make back some of the cash you continue to spend.

That’s why today, we’re focusing on e-commerce stocks. These stocks have already seen some strength nearing the end of 2023. But today, let’s look at the ones that should see even more growth in 2024.

Lightspeed

First off, Lightspeed Commerce (TSX:LSPD) should be a strong winner coming into 2024 and beyond. It’s one of the e-commerce stocks that took off during the pandemic amidst all that excitement about e-commerce companies. However, after falling, it didn’t bounce back as some of its peers have. That’s despite doing just as well, if not better.

Lightspeed stock has grown immensely in the last few years, making partnerships with enormous companies that have taken on the stock to help bring them out of legacy software. For 2024, the focus will be on unified payments. The hope is to bring all its clients onto the payments program eventually, reaching 50% in the next 18 months to two years.

Meanwhile, Lightspeed stock is now one of the e-commerce stocks trading at a profit and passing a $1 billion run rate very recently. With so much positive movement going on, it’s only a matter of time before Lightspeed stock comes roaring back.

Shopify stock

Speaking of Lightspeed stock, we need to mention its peer in the market: Shopify (TSX:SHOP). The big question is, however, whether Shopify stock can continue its climb upward among other e-commerce stocks? The answer, I would think, is absolutely.

Shopify stock made some hard decisions during the last year that investors agreed it had to make. And it proved to be worth it, as the company is also bringing in a profit and doubling down on its e-commerce platform. The goal is now to be the best of the best in terms of its platform and secondary to focus on profit to again, get back to that first goal.

Yet shares have hovered around $100 per share, even as Shopify stock produced another record-breaking Black Friday weekend. Yet, honestly, I think that the three-digit share price will be here to stay come another strong quarterly earnings report.

Cargojet

Yes, I’m aware that this one is an airline. However, Cargojet (TSX:CJT) is directly related to e-commerce stocks. That’s because it’s a necessary part of the shipping sector, providing the only overnight cargo airline in the country. But it’s now expanding even further beyond Canada.

Cargojet stock has been partnering with large companies such as Amazon and DHL to bring its packages worldwide. It’s invested in more aircraft and now has even more destinations on hand. Yet shares are less than half what they were at all-time highs during the pandemic.

This is a hugely undervalued stock these days — especially as the company continues to buy back shares and recently increased its dividend by 10%! So, if you’re looking for a reason to buy, consider that the stock is still down 15% in the last year and is due to rise.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Fool contributor Amy Legate-Wolfe has positions in Cargojet, Lightspeed Commerce, and Shopify. The Motley Fool has positions in and recommends Cargojet and Shopify. The Motley Fool recommends Amazon and Lightspeed Commerce. The Motley Fool has a disclosure policy.

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