The stock market is underestimating the impact Amazon’s fast rise in Australia will have on local retail giants, according to investment and advisory group Jarden.

“We think the trajectory and success of Amazon AU – to date – suggests the Australian market is, and will continue to be, an overwhelming success,” Jarden’s note, led by analyst Ben Gilbert reads.

“This reflects the penetration of Prime (one of fastest ever new markets), pace of investment (earliest investment in fully automated distribution centre) and growth in GMV (gross merchandise value) to date.”

Jarden lists JB Hi-Fi, Super Retail, Wesfarmers, Accent Group, The Reject Shop, Baby Bunting, Kogan, Temple & Webster Group and Adore Beauty as being the “most impacted” by Amazon Australia’s fast success.

Jarden also made a “conservative” prediction that Amazon Australia’s gross merchandises value will reach $5 billion this year, and surpass $5.5 billion in 2024.