The rapid growth of e-commerce in emerging markets has created pressing challenges for logistics systems, particularly in balancing delivery speed, reliability, and cost efficiency. This study conducts a comparative evaluation of two fulfillment models employed by Daraz in Bangladesh: Fulfillment by Daraz (FBD) and Fulfillment by Personnel (FBP). The evaluation utilized a hybrid research methodology, sequentially integrating several techniques: value stream mapping was employed for process flow visualization, five whys analysis was used to trace operational inefficiencies, and a two-stage fuzzy delphi method quantified the critical logistics factors. FBD driven by centralized automation and optimized warehouse management, achieved superior performance in key metrics, specifically lead time efficiency, delivery reliability, and customer trust. A major trade-off, however, is its association with higher storage costs and reduced packaging flexibility. Conversely, while FBP offers vendors crucial advantages in inventory control and branding autonomy, this model is significantly constrained by issues such as manual delays and weaker overall logistics integration. The fuzzy Delphi evaluation identified eight key determinants-including cost, warehouse location, responsiveness, and on-time delivery-that decisively impact fulfillment efficiency. Overall, FBD emerged as the more effective model for sustaining competitiveness in Bangladesh’s dynamic e-commerce environment. The proposed hybrid evaluation framework offers a scalable decision-support tool for logistics strategy optimization in similar developing economies, with implications for future integration of real-time data and hybrid fulfillment solutions.The rapid growth of e-commerce in emerging markets has created pressing challenges for logistics systems, particularly in balancing delivery speed, reliability, and cost efficiency. This study conducts a comparative evaluation of two fulfillment models employed by Daraz in Bangladesh: Fulfillment by Daraz (FBD) and Fulfillment by Personnel (FBP). The evaluation utilized a hybrid research methodology, sequentially integrating several techniques: value stream mapping was employed for process flow visualization, five whys analysis was used to trace operational inefficiencies, and a two-stage fuzzy delphi method quantified the critical logistics factors. FBD driven by centralized automation and optimized warehouse management, achieved superior performance in key metrics, specifically lead time efficiency, delivery reliability, and customer trust. A major trade-off, however, is its association with higher storage costs and reduced packaging flexibility. Conversely, while FBP offers vendors crucial advantages in inventory control and branding autonomy, this model is significantly constrained by issues such as manual delays and weaker overall logistics integration. The fuzzy Delphi evaluation identified eight key determinants-including cost, warehouse location, responsiveness, and on-time delivery-that decisively impact fulfillment efficiency. Overall, FBD emerged as the more effective model for sustaining competitiveness in Bangladesh’s dynamic e-commerce environment. The proposed hybrid evaluation framework offers a scalable decision-support tool for logistics strategy optimization in similar developing economies, with implications for future integration of real-time data and hybrid fulfillment solutions.The rapid growth of e-commerce in emerging markets has created pressing challenges for logistics systems, particularly in balancing delivery speed, reliability, and cost efficiency. This study conducts a comparative evaluation of two fulfillment models employed by Daraz in Bangladesh: Fulfillment by Daraz (FBD) and Fulfillment by Personnel (FBP). The evaluation utilized a hybrid research methodology, sequentially integrating several techniques: value stream mapping was employed for process flow visualization, five whys analysis was used to trace operational inefficiencies, and a two-stage fuzzy delphi method quantified the critical logistics factors. FBD driven by centralized automation and optimized warehouse management, achieved superior performance in key metrics, specifically lead time efficiency, delivery reliability, and customer trust. A major trade-off, however, is its association with higher storage costs and reduced packaging flexibility. Conversely, while FBP offers vendors crucial advantages in inventory control and branding autonomy, this model is significantly constrained by issues such as manual delays and weaker overall logistics integration. The fuzzy Delphi evaluation identified eight key determinants-including cost, warehouse location, responsiveness, and on-time delivery-that decisively impact fulfillment efficiency. Overall, FBD emerged as the more effective model for sustaining competitiveness in Bangladesh’s dynamic e-commerce environment. The proposed hybrid evaluation framework offers a scalable decision-support tool for logistics strategy optimization in similar developing economies, with implications for future integration of real-time data and hybrid fulfillment solutions.