Pinduoduo, SE, Meli: how does the e-commerce upstarts break out in adversity?

Jul 30, 2020 PinDuoDuo JD.COM

The outbreak has put economies around the world to a severe test. Although the epidemic affected a number of industries, it also boosts the development of some industries, such as biomedicine, office software, e-commerce.
Some time ago, Meiguyanjiushe (ID: meigushe) published an article focusing on why the e-commerce sector has been able to weather the bull and bear market. Since the first half of this year, the share price performance of the e-commerce sector are very bright, such as Amazon, Alibaba,, Pinduoduo, CHWY, Wayfair, SE, ebay, Meli, ETSY, etc. 
Of the many e-commerce platforms, PSM (Pinduoduo, SE and Meli), the emerging triumvirate of China, Southeast Asia and Latin America, shows an outstanding performance during the epidemic. So far, Pinduoduo shares are up over 120%, SE shares are up over 180%, and MercadoLibre shares are up over 87%.
With e-commerce giants Amazon and Alibaba in the limelight, why are PSM, the three new e-commerce upstarts, still able to break out and rise to prominence? With this epidemic accelerating the global penetration of e-commerce, does Pinduoduo, SE, and Meli still have investable value potential in the future?

E-commerce upstarts PSM shares soar to record market value

The epidemic has not only set back economies around the world, it has also changed people's lifestyles dramatically. The epidemic has hit the real economy and many offline stores have been forced to close their doors, which has led to a surge in consumer demand from offline to online during such special times.
The huge demand is driving the global e-commerce sector to soar, because numerous e-commerce platforms can meet the various shopping needs of users online. So far, Pinduoduo's share price is $83.44 with a market capitalization of $99.93 billion; Sea Limited's is $114.18 with a market capitalization of $54.004 billion; Meli's is $1,070.44 with a market capitalization of $53.212 billion. PSM's share price and market capitalization are much higher than the beginning of the year.
In fact, in addition to the positive factors behind the rise of these three emerging e-commerce platforms, they still have some chips in hand. Especially in their respective markets, Pinduoduo, SE, and Meli all have hundreds of millions of users, and their respective fundamentals are still again able to support their market cap growth.
In the global e-commerce sector, Amazon and Alibaba are at the top, with Amazon's market cap exceeding $1.5 trillion and Alibaba's market cap exceeding $678.492 billion. With the pressures from the giants, what does the emerging e-commerce platforms PSM rely on to achieve their breakthrough?

What does the e-commerce upstart's growth strategy rely on?