<p>电子商务是一个引人注目的投资行业，因为它仍然有很大的增长空间。根据 Statista 市场洞察的估计，全球电子商务市场将从 2023 年的 3.6 万亿美元扩展到 2029 年的惊人 6.5 万亿美元。</p>
<p><strong>亚马逊</strong>(AMZN -0.89%) 和 <strong>Shopify</strong>(SHOP -1.22%) 在争夺这一增长份额的过程中采取了不同的策略。前者主要直接面向消费者销售，而后者则通过提供所需的技术基础设施来帮助其他企业在线销售商品。</p>
<p>两家公司都发布了出色的第三季度业绩，推动其股价在 11 月上涨。但现在哪个股票更值得购买呢？</p>
<h2>投资亚马逊的理由</h2>
<p>亚马逊是国内电子商务的无可争议的王者，去年在美国的市场份额为 38%。其最接近的竞争对手仅占 6% 的份额。但在国际市场上，它并不总是那么成功。在 2023 年第三季度，其国际业务遭受了 9500 万美元的运营亏损。2024 年第三季度国际运营收入达到 13 亿美元，扭转了这一局面。这帮助亚马逊整体运营收入同比增长 56%，达到 174 亿美元。</p>
<p>亚马逊还在努力提高其自由现金流（FCF），这使其能够投资于业务、偿还债务和回购股票。该公司的自由现金流在过去四个报告季度同比增长了 123%，达到 477 亿美元。考虑到亚马逊在两年前的过去 12 个月自由现金流为负 197 亿美元，这一表现尤其令人印象深刻。</p>
<p>该公司的合并第三季度收入增长了 11%，达到 1589 亿美元，这帮助其在自由现金流和运营收入方面取得了强劲的业绩。引入 AI 购物助手和 AI 驱动的购物指南等创新推动了其零售销售。</p>
<p>为第三方卖家提供的 AI 工具也促进了亚马逊的收入增长。这些卖家为亚马逊第三季度 1589 亿美元的销售额贡献了 379 亿美元。</p>
<h2>Shopify 的概况</h2>
<p>Shopify 并不像亚马逊那样是一个零售商。相反，它为其他企业提供电子商务技术。它通过收取企业为访问其软件平台支付的订阅费用以及提供各种服务（如在线支付处理和货币转换费用）来产生收入。</p>
<p>这些非订阅收入在 Shopify 的商户解决方案部门下报告。商户解决方案占公司第三季度 22 亿美元收入的 72%。由于这部分收入对公司至关重要，因此通过 Shopify 软件处理的卖家销售量——即其总商品交易额——是一个重要指标。</p>
<p>在第三季度，总商品交易额同比增长 24%，达到 697 亿美元，因为 Shopify 的卖家销售额增加，公司吸引了更多商户加入其平台。因此，其收入同比增长 26%。</p>
<p>Shopify 留住卖家和吸引新卖家的能力是其核心优势之一。使用其平台的现有商户能够随着时间的推移增加销售额，这已大大弥补了任何离开平台的卖家的损失。例如，2020 年加入 Shopify 的商户到 2023 年销售额增长了近 100%。</p>
<p>卖家之所以留在 Shopify，是因为该公司努力使其平台易于使用。今年，该公司引入了 AI 来帮助商户回应客户咨询，并正在实施一项功能，以允许通过 Shopify 平台自动报税。</p>
<h2>在亚马逊和 Shopify 之间做出选择</h2>
<p>投资这两家公司都有合理的论据。Shopify 第三季度同比增长 26% 的收入增幅快于亚马逊的 11%。尽管如此，亚马逊是一家规模更大的企业，业务多元化，涵盖零售、云计算、消费技术，甚至卫星宽带服务。</p>
<p>它们各自的市盈率（P/E 比率）可能为判断现在哪个股票更值得购买提供一些见解。该指标通过告诉您投资者愿意为公司每赚取一美元支付多少来评估股票的价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/531b579b4b9ea348c86fb38fca1d0c63.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/531b579b4b9ea348c86fb38fca1d0c63.png"/></p>
<p>数据来源于 YCharts。</p>
<p>Shopify 在第三季度的出色业绩超出了华尔街的预期，导致其股价飙升，使其市盈率倍数超过 100。亚马逊的市盈率则明显较低，表明其价值更具吸引力。考虑到亚马逊的财务状况正在改善，尤其是在运营收入和自由现金流方面，加上其庞大的业务和较低的市盈率，亚马逊在此时是比 Shopify 更好的投资选择。</p>

亚马逊

SHOP

<p>电子商务预计将显著增长，亚马逊和 Shopify 正在争夺市场份额。亚马逊在美国电子商务中占据 38% 的市场份额，展现出强劲的财务增长，包括运营收入增长 56% 和自由现金流增长 123%。虽然 Shopify 并不是零售商，但其商户解决方案推动了 26% 的收入增长。尽管 Shopify 的增长速度更快，但亚马逊更大的规模、多元化的业务以及较低的市盈率使其目前成为更具吸引力的投资选择</p>

<p>E-commerce is a compelling industry to invest in because it still has plenty of room for growth. According to an estimate from Statista Market Insights, the global e-commerce market will expand from 2023's $3.6 trillion to a whopping $6.5 trillion by 2029.</p>
<div class="lb-trans"><p>电子商务是一个引人注目的投资行业，因为它仍然有很大的增长空间。根据 Statista 市场洞察的估计，全球电子商务市场将从 2023 年的 3.6 万亿美元扩展到 2029 年的惊人 6.5 万亿美元。</p>
</div><p><strong>Amazon</strong>(AMZN -0.89%) and <strong>Shopify</strong>(SHOP -1.22%) are taking different approaches in their ongoing efforts to capture their share of that growth. The former largely sells directly to consumers, while the latter helps other businesses sell their wares online by providing them with the technical infrastructure they need.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN -0.89%) 和 <strong>Shopify</strong>(SHOP -1.22%) 在争夺这一增长份额的过程中采取了不同的策略。前者主要直接面向消费者销售，而后者则通过提供所需的技术基础设施来帮助其他企业在线销售商品。</p>
</div><p>Both posted stellar third-quarter results that propelled their share prices higher in November. But which one is the better stock to buy right now?</p>
<div class="lb-trans"><p>两家公司都发布了出色的第三季度业绩，推动其股价在 11 月上涨。但现在哪个股票更值得购买呢？</p>
</div><h2>Reasons to invest in Amazon</h2>
<div class="lb-trans"><h2>投资亚马逊的理由</h2>
</div><p>Amazon is the undisputed king of domestic e-commerce with a 38% market share in the U.S. last year. Its closest competitor had a 6% share. But internationally, it hasn't always been as successful. In Q3 2023, its international segment suffered an operating loss of $95 million. It turned that around in 2024 as Q3 international operating income reached $1.3 billion. This helped Amazon grow overall operating income by 56% year over year to $17.4 billion.</p>
<div class="lb-trans"><p>亚马逊是国内电子商务的无可争议的王者，去年在美国的市场份额为 38%。其最接近的竞争对手仅占 6% 的份额。但在国际市场上，它并不总是那么成功。在 2023 年第三季度，其国际业务遭受了 9500 万美元的运营亏损。2024 年第三季度国际运营收入达到 13 亿美元，扭转了这一局面。这帮助亚马逊整体运营收入同比增长 56%，达到 174 亿美元。</p>
</div><p>Amazon is also working to grow its free cash flow (FCF), which provides it with the capacity to invest in its business, pay down debt, and repurchase shares. The firm's FCF over the past four reported quarters rose by 123% year over year to $47.7 billion. That's particularly impressive considering that Amazon's trailing-12-month FCF was negative $19.7 billion just two years ago.</p>
<div class="lb-trans"><p>亚马逊还在努力提高其自由现金流（FCF），这使其能够投资于业务、偿还债务和回购股票。该公司的自由现金流在过去四个报告季度同比增长了 123%，达到 477 亿美元。考虑到亚马逊在两年前的过去 12 个月自由现金流为负 197 亿美元，这一表现尤其令人印象深刻。</p>
</div><p>The company's consolidated Q3 revenue rose by 11% to $158.9 billion, which helped it achieve strong results on both FCF and operating income. Innovations such as the introduction of an AI shopping assistant and AI-powered shopping guides galvanized its retail sales.</p>
<div class="lb-trans"><p>该公司的合并第三季度收入增长了 11%，达到 1589 亿美元，这帮助其在自由现金流和运营收入方面取得了强劲的业绩。引入 AI 购物助手和 AI 驱动的购物指南等创新推动了其零售销售。</p>
</div><p>AI tools for its third-party sellers also added to Amazon's revenue growth. These sellers contributed $37.9 billion of Amazon's $158.9 billion in Q3 sales.</p>
<div class="lb-trans"><p>为第三方卖家提供的 AI 工具也促进了亚马逊的收入增长。这些卖家为亚马逊第三季度 1589 亿美元的销售额贡献了 379 亿美元。</p>
</div><h2>A look at Shopify</h2>
<div class="lb-trans"><h2>Shopify 的概况</h2>
</div><p>Shopify isn't a retailer in its own right like Amazon. Instead, it provides e-commerce technology to other businesses. It generates revenue from the subscription fees they pay for access to its software platform, as well as from fees collected for various services it provides, such as online payment processing and currency conversion charges.</p>
<div class="lb-trans"><p>Shopify 并不像亚马逊那样是一个零售商。相反，它为其他企业提供电子商务技术。它通过收取企业为访问其软件平台支付的订阅费用以及提供各种服务（如在线支付处理和货币转换费用）来产生收入。</p>
</div><p>That non-subscription income is reported under the umbrella of Shopify's merchant solutions segment. Merchant solutions generated 72% of the company's $2.2 billion in third-quarter revenue. Because this income is critical to the company, the volume of seller sales processed through Shopify's software -- i.e., its gross merchandise volume -- is an important metric for it.</p>
<div class="lb-trans"><p>这些非订阅收入在 Shopify 的商户解决方案部门下报告。商户解决方案占公司第三季度 22 亿美元收入的 72%。由于这部分收入对公司至关重要，因此通过 Shopify 软件处理的卖家销售量——即其总商品交易额——是一个重要指标。</p>
</div><p>In Q3, gross merchandise volume rose 24% year over year to $69.7 billion as Shopify's sellers' sales increased and the company attracted more merchants to its platform. As a result, its revenue rose 26% year over year.</p>
<div class="lb-trans"><p>在第三季度，总商品交易额同比增长 24%，达到 697 亿美元，因为 Shopify 的卖家销售额增加，公司吸引了更多商户加入其平台。因此，其收入同比增长 26%。</p>
</div><p>Shopify's ability to retain sellers and bring in new ones is one of its core strengths. Existing merchants using its platform have been able to increase their sales over time, which has more than offset the loss of any sellers leaving the platform. For example, merchants who joined Shopify in 2020 saw their sales grow nearly 100% by 2023.</p>
<div class="lb-trans"><p>Shopify 留住卖家和吸引新卖家的能力是其核心优势之一。使用其平台的现有商户能够随着时间的推移增加销售额，这已大大弥补了任何离开平台的卖家的损失。例如，2020 年加入 Shopify 的商户到 2023 年销售额增长了近 100%。</p>
</div><p>Sellers stay with Shopify because the company strives to make its platform easy to use. This year, the company introduced AI to help merchants respond to customer inquiries, and is implementing a feature to allow automatic tax filing through the Shopify platform.</p>
<div class="lb-trans"><p>卖家之所以留在 Shopify，是因为该公司努力使其平台易于使用。今年，该公司引入了 AI 来帮助商户回应客户咨询，并正在实施一项功能，以允许通过 Shopify 平台自动报税。</p>
</div><h2>Deciding between Amazon and Shopify</h2>
<div class="lb-trans"><h2>在亚马逊和 Shopify 之间做出选择</h2>
</div><p>There are valid arguments for investing in either of these companies. Shopify's 26% year-over-year Q3 revenue increase was faster than Amazon's 11% growth. That said, Amazon is a much larger business, diversified across retail, cloud computing, consumer technology, and even satellite-powered broadband service.</p>
<div class="lb-trans"><p>投资这两家公司都有合理的论据。Shopify 第三季度同比增长 26% 的收入增幅快于亚马逊的 11%。尽管如此，亚马逊是一家规模更大的企业，业务多元化，涵盖零售、云计算、消费技术，甚至卫星宽带服务。</p>
</div><p>Their respective price-to-earnings ratios (P/E ratio) may offer some insight into which is the better stock to buy now. This metric assesses the value of a stock by telling you how much investors are willing to pay for every dollar the company earns.</p>
<div class="lb-trans"><p>它们各自的市盈率（P/E 比率）可能为判断现在哪个股票更值得购买提供一些见解。该指标通过告诉您投资者愿意为公司每赚取一美元支付多少来评估股票的价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/531b579b4b9ea348c86fb38fca1d0c63.png" alt="" original-src="https://media.ycharts.com/charts/531b579b4b9ea348c86fb38fca1d0c63.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源于 YCharts。</p>
</div><p>Shopify's stellar results in Q3 beat Wall Street estimates, leading to a surge in its stock price that elevated its P/E multiple to over 100. Amazon's is substantially lower, suggesting it's a better value. Considering Amazon's strengthening financials, especially around operating income and free cash flow, its vast business, and lower P/E multiple, Amazon is the better investment choice over Shopify at this time.</p>
<div class="lb-trans"><p>Shopify 在第三季度的出色业绩超出了华尔街的预期，导致其股价飙升，使其市盈率倍数超过 100。亚马逊的市盈率则明显较低，表明其价值更具吸引力。考虑到亚马逊的财务状况正在改善，尤其是在运营收入和自由现金流方面，加上其庞大的业务和较低的市盈率，亚马逊在此时是比 Shopify 更好的投资选择。</p>
</div>

Best Stock to Buy Right Now: Amazon vs. Shopify

- 全球电商市场预计将从 2023 年的 6.6 万亿扩展至 2029 年的 8.5 万亿。  
- 亚马逊在美国电商市场占有 38% 的份额，第三季度整体营业收入同比增长 56%。  
- Shopify 第三季度收入同比增长 26%，但亚马逊的财务状况更强，P/E 比率较低。  

当前最值得购买的股票：亚马逊 vs. Shopify