The pandemic has had a tremendous impact on the world of retail. In the beginning, it caused consumers to shift buying habits rapidly toward digital means. As consumers engaged with more new payments options and methods of doing business, it seemed like it might be a golden age for e-commerce stocks.

And yet, we’ve seen something of a letdown over the past year. Growth rates have diminished, and leading e-commerce players have stumbled. In some cases, firms invested too heavily in logistics based on recent growth rates and ended up with more warehouses, trucks, employees and so on than necessary.

However, there’s little doubt that e-commerce will continue to be an improving market long-term, both due to overall economic growth and continuing shift from brick and mortar. This could make it a profitable time to buy these three leading e-commerce stocks.

Amazon.com (AMZN)

Amazon.com (NASDAQ:AMZN) delivered a mixed earnings report this week. The company’s net sales jumped 9%. However, several metrics came up short of expectations, causing shares to dip after their initial gains.

That said, for longer-term investors interested in the online retail business, there are encouraging signs. Amazon’s profitability within its North American business jumped significantly, and sales were up double-digits year-over-year. This is a big improvement from the sorts of results that Amazon’s domestic retail had posted in prior quarters.

To be fair, AMZN stock may face some weakness due to a slowdown in its cloud business. Amazon Web Services is a key driver of the overall business, and it appears to be struggling with the same macroeconomic factors that have hurt so many other leading tech companies.

However, Amazon’s retail operations appear to be back on track. Ultimately, that’s something that investors shouldn’t lose sight of. Retail is what built Amazon into the titan it is today. After some unusual missteps over the past few years, management appears to have righted the ship.

Walmart (WMT)

The future of retail appears to be trying to give customers the best of both worlds. Most shoppers want the benefits of fast online shipping and the convenience of ordering from an app or website. However, there’s also the appeal of having a local store nearby for quick stops, along with the benefits of easy returns and exchanges.

As such, companies that can combine a successful online presence with a large domestic footprint should prosper. Walmart (NYSE:WMT) is perhaps the best example of that. The company notoriously got off to a slow start in e-commerce, but it has rapidly gained a foothold over the past few years. That’s true in key foreign markets as well, such as Mexico, where Walmart has developed a strong digital presence.

Meanwhile, Walmart’s brick and mortar footprint remains unrivaled. 90% of Americans live within ten miles of a physical Walmart store. And it enjoys being the leader in grocery market share. This naturally sets up Walmart’s physical stores as fulfillment centers for items, particularly for perishable goods.

As far as broader e-commerce goes, Amazon has an estimated 37.8% market share compared to 6.3% for Walmart. It still faces an uphill climb in closing that gap. Yet, the company’s focus on offering one-day shipping out of its huge network of stores and company-managed logistics gives it the sticking power to thrive in an evolving retail landscape.

JD.com (JD)

JD.com (NASDAQ:JD) is one of China’s leading e-commerce companies. Over the years, it has been an entrepreneurial giant, also launching businesses in logistics, healthcare, and other fields.

Like many e-commerce stocks, JD.com enjoyed a tremendous boom over the past few years. China’s Covid-19 restrictions were, at times, particularly stringent. This forced consumers to adopt e-commerce options at a particularly rapid pace, especially in comparison to other emerging markets.

However, the lingering Chinese economic slowdown, along with the selloff in tech stocks more generally, has caught up to JD. Shares are down by a third in 2023 and have lost close to 70% of their value since their all-time highs.

This discount represents a buying opportunity. Shares now go for just 12 times this year’s estimated earnings and 10 times 2024’s estimates. In a fairly rare move for e-commerce companies, JD has initiated a dividend as well. While the macroeconomic tides are currently against the company, its longer-term prospects should be fine.

On the date of publication, Ian Bezek did not have (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.