Tech stocks are flying high right now. With the Federal Reserve seemingly set to cut interest rates later this year, traders are positioning themselves for a big rally in equities.

That might make it seem like it is too late to cash in on leading e-commerce stocks. However, there are still some bargain opportunities in the online shopping space. Here are three that should be at the top of your watchlists today.

JD.com (JD)

American stocks are trading at record highs. And American e-commerce firms such as Amazon.com (NASDAQ:AMZN) have recouped all of their losses from the 2022 bear market.

However, that is decidedly not the case overseas. Take Chinese online retailer JD.com (NASDAQ:JD). The firm went public a decade ago with shares debuting around $25 each. The stock would top $100 at its peak during the pandemic-driven online shopping boom. Now, shares are below $25 once again.

What’s funny, though, is that JD’s underlying business continues to grow. JD has increased its revenues and earnings per share notably over the past few years, even as the share price has collapsed. JD stock is now going for less than eight times forward earnings while offering a solid 2.7% dividend yield.

It’s true that the Chinese economy is in the doldrums right now. But at some point, things there should pick up and JD will be a leader in the ensuing recovery.

Coupang (CPNG)

Turning from China to South Korea, there’s Coupang (NYSE:CPNG). Coupang is the dominant online retailer in South Korea, and it is also building out its presence in the Taiwanese market.

Coupang came public with a hot IPO in 2021 and shares have plummeted since then. Between Coupang’s uneven profitability and investors’ concerns around the firm’s relatively small addressable market, it makes sense why many investors have given up on Coupang.

For a while, investors preferred e-commerce companies such as Sea Limited (NYSE:SE) which were competing in dozens of companies around the globe. However, with the downturn in e-commerce growth in general, Coupang’s more targeted approach seems more prudent. Coupang has an unassailable position in South Korea and it is taking off in Taiwan as well. That combined with an improving profitability position should help Coupang recover going forward.

Walmart de Mexico (WMMVY)

Walmart de Mexico (OTCMKTS:WMMVY) is the Mexican and Central American arm of U.S. retail giant Walmart (NYSE:WMT). Walmart holds 70% of the Mexican division, with the other 30% trading in Mexico and with the U.S. ADR listing.

Walmart de Mexico is appealing for several reasons. One, Mexico is a rapidly growing emerging market where many people are rising into the middle class. As they do so, they start spending more on food, apparel, home goods and other such products carried at Walmart.

For another, Amazon was slower to ramp up operations in Mexico, meaning that Walmart de Mexico was able to claim more of the online market for itself in Mexico as compared to the United States. The pandemic supercharged Walmart de Mexico’s online growth, as the company already had online and phone-based ordering ready and was able to handle a flood of delivery and curbside pick-up orders in 2020 and 2021.

Walmart de Mexico today trades at a lower multiple than its corporate parent while having much better growth prospects. With Mexico booming thanks to an influx of tourists and the reshoring phenomenon, Walmex stock should continue its rally.

On the date of publication, Ian Bezek held a long position in WMMVY and JD stock. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.