The stock market is inundated with fear. With inflation lingering at a four-decade high and interest rates rising at their fastest pace since the 1980s, many investors have been selling stocks hand over fist because they are afraid of a recession.

An economic contraction would certainly be a headwind to corporate growth but, ultimately, a temporary problem. In other words, a recession would have no lasting impact on the long-term growth prospects of an otherwise healthy business. For that reason, Warren Buffett has urged investors to be greedy during periods of widespread fear -- and now is the time to take action.

Here are two high-conviction growth stocks worth buying today.

Shopify: the market leader in e-commerce software

Shopify (SHOP 0.31%) is the market leader in e-commerce software, and Shopify-powered businesses accounted for 10.3% of retail e-commerce sales in the U.S. in 2021, second only to Amazon. The company achieved that success because its platform offers a robust suite of software and services that simplify commerce.

Shopify lets businesses manage sales across physical and digital channels -- brick-and-mortar stores, online marketplaces, and direct-to-consumer websites -- from a single dashboard. It also provides adjacent services like payment processing, business loans, and fulfillment.

Like many retailers, Shopify has struggled as consumers have reined in discretionary spending in response to high inflation. Coupled with continued investments in growing the business, that has led to underwhelming financial results this year. In the third quarter, revenue increased just 22% to $1.4 billion, and Shopify reported a non-generally accepted accounting principles (non-GAAP) net loss of $30 million, down from a profit of $103 million in the prior year.

Those results are certainly disappointing, but the bull case is still crystal clear. As the leading e-commerce software vendor, Shopify is particularly well positioned to benefit from the ever-increasing popularity of online shopping. Retail e-commerce sales in the U.S. alone are expected to grow at 12% annually to reach $1.7 trillion by 2026, according to eMarketer.

However, Shopify is actively expanding its addressable market. It debuted payment processing services in four more European geographies in the third quarter and launched point-of-sale software in Singapore and Finland, extending its physical retail presence to 14 countries.

The company is also growing upmarket by bringing new features to Shopify Plus, a commerce platform designed for larger businesses. Most notably, Plus merchants now have access to business-to-business (B2B) commerce tools, and B2B e-commerce sales in the U.S. are expected to grow at 10% annually to reach $2.5 trillion by 2026.

Currently, shares trade at 8.7 times sales, an absolute bargain compared to the three-year average of 35.6 times sales. That's why this growth stock is a high-conviction buy right now.

MercadoLibre: the largest online commerce and payments ecosystem in Latin America

MercadoLibre (MELI 0.11%) runs the most popular online marketplace in Latin America, measured by page views and unique visitors. That success stems, in part, from its first-mover status. MercadoLibre launched its marketplace in 1999, just a few years after Amazon went live in the U.S. But MercadoLibre has reinforced its leadership with logistics support, digital advertising tools, and a number of fintech services.

Specifically, Mercado Credito offers merchant loans, consumer loans, and credit cards; and Mercado Pago handles payment processing for merchants and provides mobile wallet services to consumers. In fact, Mercado Pago currently ranks as the third-most-popular mobile wallet in Latin America but is rapidly taking market share in Brazil and Mexico.

Turning to the financials, MercadoLibre has consistently delivered strong growth, and the company recently turned in an impressive third-quarter report, despite the challenging economic climate. Revenue increased 45% to $2.7 billion, and GAAP earnings climbed 33% to $2.56 per diluted share.

MercadoLibre has only scratched the surface of its addressable market. E-commerce sales in Latin America will total $382 billion in 2022, according to Americas Market Intelligence, but the MercadoLibre marketplace facilitated just $28.4 billion in sales last year. Similarly, digital payments revenue in Latin America will total $149 billion in 2022, according to consulting firm Cognizant, but MercadoLibre's fintech business brought in just $2.4 billion in revenue last year.

In a nutshell, while MercadoLibre operates Latin America's largest online commerce and payments ecosystem, it has captured only a tiny portion of its addressable market. And with shares trading at 4.4 times sales -- a bargain compared to the five-year average of 13 times sales -- this high-conviction growth stock is a screaming buy.