Shopify could become Amazon's biggest rival

Bloomberg has reported that Amazon could be facing some tough competition from rival Shopify. KeyBanc analyst Josh Beck said that his company's checks and bottoms-up segment suggest that Shopify's gross merchandise volume will rival Amazon's first-party sales.

Beck actually raised his 2020 revenue estimate on the company and his price target on stock from 300 dollars to 350 dollars. Beck also estimated that Shopify's market share could triple about 9 percent in five years.

Shopify's stock has also gained 127 percent year to date as of last Friday's close. Shares hit a record high on June 20 when they announced a 1 billion dollar investment in fulfillment centers in the United States. New e-commerce products could be the key to Shopify eventually usurping Amazon. The online retail marketplace space just got a whole lot more competitive.