For investors looking for a top e-commerce stock to buy in this current market, Amazon is certainly the most likely choice that first comes to mind for many investors. That's for good reason, given the company's dominant market position in this high-growth sector.

However, I'd argue that rival Shopify (TSX:SHOP) might be a better option for Canadian investors seeking a high-growth alternative on the Toronto Stock Exchange. Shopify is not just a rising star in e-commerce; it is a trailblazer redefining how businesses sell online.

As we approach 2025, here is why Shopify can outshine Amazon for investors looking to capitalize on the future of the e-commerce sector.

Unique business model

Unlike Amazon, which focuses on operating a centralized marketplace, Shopify empowers merchants by providing them with tools to create and manage their online stores. Shopify's model gives businesses full control over their branding, customer experience, and data, which appeals to merchants who want to build direct relationships with their customers.

The company does not compete with the businesses using its platform. Meanwhile, Amazon has often faced criticism for using data from third-party sellers to launch competing products. Thus, as far as an e-commerce company with a business model that's built from the bottom up (as the company's customers do better, Shopify does better), there's a lot to like about the company's growth prospects — that is, for those who are bullish on the long-term potential the e-commerce sector provides.

Explosive growth upside

On that note, I think it's important to point out that Shopify's growth trajectory has improved considerably following a fallout prior to the pandemic, where very high comps led the company to produce less-than-stellar growth rates as the e-commerce market normalized.

This past quarter, Shopify reported 26% year-over-year revenue growth, far outpacing the industry average. These results were driven by strong direct-to-consumer trends, with Shopify remaining a leader in this high-growth market segment. Unlike Amazon's third-party platform, which provides scale and reach for its vendors (but at a cost), Shopify's platform enables businesses to build direct connections with their customers, bypassing intermediaries like Amazon.

I think that as more and more businesses catch on to the value the Shopify model provides relative to Amazon, higher growth rates are likely over the long term. Currently, Shopify powers more than 5.6 million stores in more than 175 countries, so this is a global e-commerce player that I think could continue to grab market share over time.

A risky bet, but it could be one worth making

Undoubtedly, Amazon is the safer pick of the two e-commerce giants, when thinking about these companies and their underlying business models. Amazon remains a top cloud provider and has other high-margin businesses that spit off tremendous cash flow, which the company is re-investing in artificial intelligence.

Shopify isn't sitting on its hands with this trend and is investing heavily here as well. But I think the relative size differential between the two companies, Shopify's potential to grab market share from leaders such as Amazon and underlying growth in the e-commerce sector overall could provide a larger boost to Shopify investors than those in Amazon, at least over the next decade or so.

We'll see — it's a bold prediction. However, I think this sector is ripe for some innovation and disruption, and I'm seeing more of that with Shopify right now.