Few stocks have been hit as hard in the sell-off this year as Shopify (NYSE: SHOP).

Shares of the e-commerce software company have plunged about 85% from their peak nearly a year ago. The one-time market darling faced slowing growth due to difficult comparisons with 2021 and from consumer spending turning away from e-commerce. It's also made a number of changes in its executive suite, issued a surprise stock split, and seen its profits from a year ago turn into losses.

However, there's another reason why Shopify stock has taken a pounding this year. New competition from Amazon (NASDAQ: AMZN) in the form of Buy with Prime spooked investors as some fear that the e-commerce giant could muscle Shopify out of a valuable revenue stream.

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Source Fool.com