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Shopping for the Next Amazon?

Many up-and-coming e-commerce players in other countries are selling at attractive discounts to their fair values.

RJ Hottovy: Over the past couple of years Morningstar has taken a close look at the North American e-commerce space, and in particular, what makes Amazon so special and gives it a wide economic moat.

More recently, however, we've also expanded the scope of our research to take a look at a number of other e-commerce markets across the globe, including China, Latin America, Europe, India, and Australia, to really see if there was a number of similarities between the markets and whether or not we could see similar instances of companies replicating Amazon's success. Using our analyst teams in each one of these regions we've come up with four global themes that really, we think, marks the growth of e-commerce in each region.