The new economic stimulus bill is expected to drive online spending. A new post from S&P Global Market Intelligence anticipates the third round of stimulus checks, which will distribute to $1,400 to individuals making $75,000 annually or couples earning $150,000 annually, will benefit e-commerce giants like Amazon, Walmart and Target.

Earlier stimulus checks have contributed to increased online spending, particularly for discretionary goods like wearables, gaming and appliances. The $1,400 stimulus check is larger than the previous two rounds of $600 and $1,200, providing a good case for further increases in online spending.

Overall, the e-commerce industry benefitted tremendously during the pandemic. Last year, online shopping sales hit $791.7 billion or 14% of total retail sales. It was a significant increase from 11% of total sales in 2019 and 9.7% in 2018. "We think that Covid-19 winners have more room to run," Camilla Yanushevsky, senior equity research analyst with CFRA Research, said in the post.