Global E-commerce Players Outgrowing Amazon

May 28, 2025

Amazon’s dominance in global e-commerce is well known, but its reign is no longer uncontested. Across Asia, Latin America, and parts of Europe, regional champions are not only defending their turf but expanding beyond borders, outpacing Amazon in growth and redefining digital commerce in high-growth markets. As global retail continues its digital shift, the next trillion-dollar opportunities may lie outside of Seattle.

man in blue polo shirt using laptop computer

Key Highlights

Sea Group (Singapore) is leveraging Shopee’s mobile-first model to dominate Southeast Asia and penetrate Latin America.
MercadoLibre (Argentina) is now Latin America’s undisputed e-commerce and fintech leader.
Coupang (South Korea) has mastered same-day delivery and local logistics, enabling it to outperform rivals in a saturated market.
Allegro (Poland) is thriving in Central Europe, scaling its ecosystem and resisting Amazon’s market entry.
Jumia (Nigeria), while still in early stages, is building Africa’s e-commerce infrastructure from the ground up.

Regional Titans Leading the Charge

Sea Group (Shopee)

Shopee (NYSE: SE), Sea Group’s e-commerce arm, has become the leading marketplace across Southeast Asia, leveraging a mobile-first strategy, localized marketing, and gamified shopping experiences. Its expansion into Brazil and Mexico has shown early success by replicating its low-cost seller acquisition model.

MercadoLibre

Often dubbed “the Amazon of Latin America,” MercadoLibre’s (NASDAQ:MELI) deep integration of payments (Mercado Pago) and logistics has helped it become indispensable across Brazil, Mexico, and Argentina. Its digital wallet and lending services are helping it build an ecosystem far richer than traditional e-commerce.

Coupang

With ultra-fast delivery powered by in-house logistics, Coupang (NYSE:CPNG) has become a staple in South Korea’s urban centers. The company's IPO on the NYSE and continued tech investment have positioned it as Asia’s answer to Amazon Prime, only faster.

Allegro

Poland’s Allegro (WSE: ALE) has maintained its market leadership through strategic acquisitions and strong customer loyalty. It is investing in cross-border delivery and European expansion as Amazon struggles with regional fulfillment inefficiencies in Eastern Europe.

Jumia

Though still navigating profitability challenges, Jumia (NYSE:JMIA) remains Africa’s flagship e-commerce platform. Its localized logistics, cash-on-delivery options, and growing fintech integration make it a compelling long-term play in one of the world’s fastest-growing consumer markets.

Why This Matters for Investors

Amazon’s global slowdown, particularly in markets with high regulatory friction or low infrastructure alignment, has created an opportunity for regional disruptors to thrive. Investors looking for growth should not overlook the asymmetric upside in these frontier and emerging markets. These companies are not only beating Amazon in local share but also rewriting the playbook for platform growth, logistics innovation, and fintech integration.

As retail globalization pivots toward regional strength, portfolios must adapt beyond Western benchmarks.

AFYVA Takeaway

The digital retail future isn’t just being shaped in Silicon Valley. It’s being built in São Paulo, Seoul, and Singapore. For investors seeking international alpha, watching these regional giants closely may offer earlier entry points into tomorrow’s global leaders.

This newsletter is for informational purposes only and does not constitute financial advice or recommendation. Please research or consult a licensed financial advisor before making investment decisions.

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