GMV (Gross Merchandise Volume)
The total value of goods or services sold through a marketplace before fees and deductions.
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Definition
Gross Merchandise Volume (GMV) is the total dollar value of goods or services sold through a marketplace platform over a given period. It is the top-line metric for marketplace businesses, analogous to what ARR is for SaaS companies.
GMV is not revenue — it is the total transaction value before the marketplace takes its cut. Revenue = GMV × Take Rate. A marketplace with $100M GMV and a 10% take rate generates $10M in revenue.
GMV growth, combined with take rate trends, tells the story of a marketplace business. Growing GMV with stable or increasing take rate indicates a healthy, expanding marketplace. Growing GMV with declining take rate may indicate unsustainable subsidies or competitive pressure.
Why It Matters for Founders
GMV is the primary metric for evaluating marketplace scale and growth. Investors use it to assess whether a marketplace is achieving network effects and growing transaction volume. For founders, GMV growth validates that the marketplace is providing real value to both buyers and sellers.
However, GMV alone can be misleading. A marketplace can grow GMV through subsidies (discounting one side) without building a sustainable business. The more important metric is revenue (GMV × take rate) and whether unit economics work at the transaction level.
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Formula
GMV = Total value of all transactions on the marketplaceReal-World Example
If 1,000 transactions happen on a marketplace averaging $150 each, GMV is $150,000. If the marketplace takes a 15% commission, revenue is $22,500 (GMV × take rate).
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Frequently Asked Questions
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