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Highlights
- The e-commerce industry has been notably bolstered during the pandemic as people stuck in their homes due to lockdowns and quarantine needed to depend on online services for daily needs.
- Considering that technology will continue to evolve in order to simplify human life, the e-commerce space can gain more traction.
- Plus, the metaverse concept could also boost e-commerce activities in the future.
The e-commerce industry has been notably bolstered during the pandemic as people stuck in their homes due to lockdowns and quarantine needed to depend on online services for daily needs.
Considering that technology will continue to evolve in order to simplify human life, the e-commerce space can gain more traction. Plus, the metaverse concept could also boost e-commerce activities in the future.
So, let us explore some of the best Canadian e-commerce stocks of 2021.
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Image description: 5 top e-commerce stocks of 2021 in Canada
1. Shopify Inc (TSX:SHOP)
Shopify Inc generated total revenue of US$ 1.12 billion in the third quarter of fiscal 2021, up by 48 per cent from the last year.
The e-commerce giant noted a net income of US$ 1.14 billion in the latest quarter, compared to US$ 191.1 million in the same quarter a year ago.
Shopify, which posted a return on equity (ROE) of 38.87 per cent, saw its scrip close at C$ 1,781.4 apiece on December 29.
2. Descartes Systems Group Inc (TSX:DSG)
Descartes Systems Group Inc saw its revenue at US$ 108.9 million in the third quarter of fiscal 2022, reflecting a year-over-year (YoY) rise of 24 per cent.
The cloud-based software solutions provider to the shipping industry posted a net income of US$ 25.5 million in the latest quarter, a YoY increase of 92 per cent.
The software stock closed at C$ 105.4 apiece on December 23. DSG stock jumped by approximately 39 per cent year-to-date (YTD).
Also read: 5 best industrial stocks of 2021 in Canada
3. Docebo Inc (TSX:DCBO)
Docebo Inc, which held a market capitalization of C$ 2.8 billion, reported revenue of US$ 27.1 million in Q3 FY2021, 68 per cent up from the last year.
The provider of an e-learning platform for business enterprises recorded a net income of US$ 0.7 million in the latest quarter, compared to a net loss of US$ 1.2 million in Q3 2020.
The e-learning stock closed at C$ 85.6 apiece on December 29. DCBO stock rocketed by roughly 77 per cent in the past nine months.
4. Nuvei Corporation (TSX:NVEI)
Nuvei Corporation saw a 96 per cent growth in its revenue to US$ 183.9 million in Q3 FY2021 on a YoY basis.
Its net income was US$ 28 million in the latest quarter, which was up by US$ 105.9 million YoY.
The payment technology company saw its stock close at C$ 82.3 apiece on December 29. NVEI stock returned a YTD gain of over 28 per cent.
5. Kinaxis Inc (TSX:KXS)
Kinaxis Inc posted a 17 per cent YoY rise in its total revenue to US$ 64.4 million in the third quarter of fiscal 2021.
Its adjusted EBITDA amounted to US$ 12.3 million in the latest quarter as against US$ 10.1 million in the same period a year ago.
KXC stock closed at C$ 178.5 per share on December 29 and grew by roughly 20 per cent YTD.
Bottom line
E-commerce stocks can significantly grow in future and help investors capitalize on long-term gains. However, the pandemic-induced supply chain strains are still a cause of worry and considered before venturing into the e-commerce space.
Also read: 5 top Canadian retail stocks of 2021
