Shopify (NYSE: SHOP) and Coupang (NYSE: CPNG) represent two very different ways to invest in the e-commerce sector. Shopify, which is based in Canada, provides self-serve e-commerce tools that enable merchants to set up their own online stores, process payments, fulfill orders, and manage their own marketing campaigns without joining a large online marketplace like Amazon. Coupang owns South Korea's largest online marketplace. It also delivers meals and groceries, and it operates a streaming media platform called Coupang Play.

Shopify and Coupang both saw their shares hit record highs last year. But both stocks subsequently collapsed as investors fretted over the e-commerce market's post-pandemic deceleration, inflationary headwinds, and rising interest rates. As of this writing, shares of Shopify and Coupang now trade down roughly 70% and 35%, respectively, on the year. Let's take a fresh look at both beaten-down e-commerce stocks and see if either one is worth buying again.

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