(NYSE: SHOP) stock is up almost 100% this year. Investors can't seem to get enough of this top e-commerce stock despite its high price tag. But it would still have a long ways to go to turn an investment of $10,000 into a cool $1 million. Does it have what it takes? And should you buy it now?

Shopify already processes a similar amount of gross merchandise volume to Amazon, at $56 billion in the 2023 third quarter. The pandemic was a watershed moment for the company, which historically hosted an e-commerce platform for the little guy but has increasingly turned its attentions to large, enterprise businesses.

The pandemic was integral to its dominance in e-commerce since small businesses, especially those that don't sell essentials, had to immediately get online to survive store closures. They came in droves to Shopify, which is one of the easiest ways to get a complete web package with full e-commerce services but each store's own branding, concept, and individual features.

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Source Fool.com