§ 10 · SECTOR DEEP DIVE · 12 PLATFORMS
E-Commerce
Logistics infrastructure is the ultimate moat. Not who has the most sellers — who delivers fastest.
12
Platforms
3.35
Mean B
2.71
Median B
12/12
Above B = 1
Key Structural Finding
Logistics is the ultimate e-commerce moat. Amazon (FBA, 91% renewal), MercadoLibre (own cargo fleet, $278B payments), Coupang (93% renewal) all prove: control of physical delivery creates lock-in that pure marketplace network effects cannot match. PDD at $148B and $786B GMV but moderate B demonstrates that price-driven scale without structural depth is inherently fragile.
Sector Rankings — Amazon (7.77) to Uber (1.41)
| # | Platform | Ticker | Mkt Cap | Capture | Escape | B | Zone |
|---|---|---|---|---|---|---|---|
| 01 | Amazon Marketplace | AMZN | $2.34T | 2.41 | 0.31 | 7.77 | BLACK HOLE |
| 02 | MercadoLibre | MELI | $88B | 1.86 | 0.32 | 5.87 | BLACK HOLE |
| 03 | Alibaba/Taobao | BABA | $326B | 1.71 | 0.34 | 4.97 | BLACK HOLE |
| 04 | Coupang | CPNG | $38B | 1.40 | 0.38 | 3.72 | BLACK HOLE |
| 05 | Shopify | SHOP | $167B | 1.41 | 0.45 | 3.15 | BLACK HOLE |
| 06 | Shopee/Sea | SE | $52B | 1.31 | 0.43 | 3.03 | BLACK HOLE |
| 07 | Booking.com | BKNG | $170B | 1.27 | 0.53 | 2.39 | EVENT HORIZON |
| 08 | DoorDash | DASH | $110B+ | 1.21 | 0.54 | 2.24 | EVENT HORIZON |
| 09 | Airbnb | ABNB | $83B | 1.23 | 0.58 | 2.10 | EVENT HORIZON |
| 10 | PDD/Temu | PDD | $148B | 1.02 | 0.55 | 1.86 | EVENT HORIZON |
| 11 | eBay | EBAY | $42B | 0.78 | 0.46 | 1.71 | EVENT HORIZON |
| 12 | Uber Eats | UBER sub | N/A | 0.89 | 0.63 | 1.41 | EVENT HORIZON |
B-Index Distribution
Mean Parameter Profile
Capture Escape Extended