An employee stacks items to be shipped at the Amazon.com fulfillment center in Phoenix, Arizona.

Amazon’s annual shopping holiday is a significant positive driver for the company’s e-commerce leadership and even its stock price.

Cowen told its clients that the company’s Prime Day is a key benefit for its Prime subscriber base. Only Amazon Prime members can take advantage of Prime Day discounts, which starts Monday at 3 p.m. EDT this year.

“Amazon Prime Day returns for the 4th time … and is likely to be the biggest one ever,” analyst John Blackledge said in a note to clients Monday. "Beyond adding further revenue/GMV, Prime Day is a key driver of Prime subs, which we view as the core driver of LT eCommerce growth.”

Amazon raised the price of its annual Prime plan to $119 from $99 in May.