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Most of online stores mention in their terms of service that they cannot guarantee that a product is in stock at the time of the customer's order. Which means that when shopping online, I may be paying for something that the seller does not physically possess yet.

What does Islam say about that? Am I allowed to purchase goods that are not available at the time of the transaction, but going to be restocked then shipped to me?

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This is a permissible transaction because the seller has some kind of contract with the distributor or manufacturer to obtain and sell that item. The prohibition is against selling items that you don't own or haven't bought yet or have no means of obtaining.

Source: Class on Fiqh of Transactions.

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