GMV is orders multiplied by average order value, before fees, discounts already applied, or returns are subtracted.
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A Gross Merchandise Value calculator multiplies your order count by your average order value to show the total dollar value of goods sold through your store or marketplace over a period, before fees, commissions or returns are taken out.
Multiply the number of orders by the average order value: GMV = orders times AOV. A store with 1,200 orders at a 65 dollar average order value has a GMV of 78,000 dollars for that period. Marketplaces calculate it the same way, but roll up every seller's transactions rather than just their own, since GMV measures total transaction volume flowing through the platform.
GMV is not revenue, and mixing the two up is one of the most common mistakes founders and marketers make when reading ecommerce metrics. Revenue is what the business actually keeps: your own product sales, or a marketplace's commission on each transaction. GMV is the full value of goods that changed hands. A marketplace can report a large GMV number while recognizing only a small slice of it as revenue, so GMV should always sit next to, not instead of, a revenue and margin figure.
Gross GMV counts every order the moment it is placed, including ones that later get returned or refunded. Net GMV subtracts that value back out, so it reflects sales that actually stuck. A category with a high return rate, like apparel, can look strong on gross GMV while the net figure tells a much more honest story about what customers actually kept.
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