Multiple signs show that, in-line with my previous predictions, e-commerce is bouncing back. One such indicator is when JPMorgan recently predicted that Amazon’s (NASDAQ:AMZN) gross merchandise volume (GMV) would surge 11.6% this year. They also cited that the e-commerce giant would become America’s largest retailer in 2024. Analysts expect multiple e-commerce players to grow by 9% or greater  levels in both 2023 and 2024, including Carvana (NYSE:CVNA), Chewy (NYSE:CHWY), and of course, Amazon. Given these points, and with many e-commerce stocks still trading at rather attractive valuations, it’s a good time to purchase high-quality names in the sector.

Here are three top e-commerce stocks for investors to consider.

Amazon.com (AMZN)

As mentioned above, JPMorgan expects “Amazon’s gross merchandise volume…[to] surge 11.6% this year”. That’s a rather impressive increase and suggests that Amazon’s (NASDAQ:AMZN) e-commerce business is continuing to grow rapidly and gain market shares.

Talk abounds over Amazon using AI to enhance its cloud business. Yet the firm’s e-commerce unit will also likely get a big lift from the technology. One of the ways that AMZN can use AI to improve its e-commerce business is by producing summaries of users’ reviews of each product with the technology. That will enable shoppers to more quickly understand the main points made by reviewers. Moreover, I’m sure that the e-commerce giant will harness AI to more effectively match its customers with wanted products. It can also use the technology to create more efficient supply chains.

It’s interesting that investment bank Roth MKM recently increased its price target on AMZN stock to $155 from $130. They cited the benefits that the giant can obtain from AI as well as the firm cutting costs. The bank kept an “outperform” rating on the shares.

Coupang (CPNG)

Coupang (NYSE:CPNG) delivered its second consecutive, strong quarterly results last month. The revenue of its main e-commerce business jumped 21% year over year, excluding currency fluctuations, to $5.7 billion. The firm’s EBITDA, excluding certain items, came in at $288 million. This is in contrast to $3 million during the same period a year earlier. Moreover,  it reported a bottom line of $91 million, versus a loss of $209 million during Q1 of 2022.

Another positive is that Coupang appears to be making significant progress in penetrating the Taiwanese e-commerce market, as “its app [attained] the number one spot in both…iOS and Android” in the island nation.

In a previous column, I noted that “According to one estimate, Taiwan’s e-commerce sector will grow at a compound annual rate of nearly 10% over the next five years. Moreover, e-commerce is expected to account for 11.6% of retailers’ total sales in 2026 in Taiwan, up from 9.5% in 2022.”

MercadoLibre (MELI)

Latin American e-commerce and fintech giant MercadoLibre (NASDAQ:MELI), as usual, reported very strong quarterly results on May 3. In the first quarter, the company’s top line soared 58.4%, excluding currency fluctuations, versus the same period a year earlier. Also, the company’s fintech business continued to grow at an extraordinarily rapid rate. Its total payment volume soared 96% year over year, excluding currency changes, to $37 billion.

In a note to investors on June 23, UBS contended that MELI was poised to gain market share in both e-commerce and fintech. The firm raised its price target on the name to $1,600 from $1,500 and kept a “buy” rating on the shares. The bank also expects the company’s margins to continue to climb.

MELI’s estimated PEG ratio of 1.7 indicates that the stock is drastically undervalued in light of its growth outlook.

On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.