Gross Merchandise Value (GMV)
定义
GMV is the total dollar value of goods or services sold through a marketplace or platform over a period, before deducting the platform's own fees, refunds, or the seller's share of the proceeds.
它在融资中如何出现
Marketplace and e-commerce founders lead with GMV because it captures total transaction volume flowing through the platform, but investors always ask for take rate and net revenue right after, since GMV alone says nothing about what the company actually earns.
常见问题
How is GMV different from a company's actual revenue?
Revenue is only the portion of GMV the platform keeps, called the take rate, such as a commission or service fee. A marketplace with $10 million in GMV and a 15 percent take rate earns roughly $1.5 million in revenue.
Why do investors discount GMV as a growth metric?
Because it is easy to inflate with heavy discounting or low-margin categories, so investors weight GMV growth against take rate and contribution margin to see whether the volume is actually profitable.