Calculate total GMV, your take rate, and net revenue — the core metrics for marketplaces and e-commerce platforms.
Number of transactions in the period
Average value per transaction
Your fee as a % of GMV (0 for direct e-commerce)
Percentage of orders returned
GMV = Orders × AOV. Net Revenue = GMV × (1 − Returns%) × Take Rate%In plain English
GMV = total orders × average order value. Net revenue = GMV × (1 − return rate) × take rate.
Worked Example
5,000 orders × $120 = $600K GMV. After 8% returns = $552K net GMV. At 15% take rate = $82,800 net revenue.
For direct e-commerce: GMV ≈ gross revenue (before returns and discounts). For marketplaces: GMV is the total transaction value between buyers and sellers; net revenue is just the platform's commission (take rate).
Investors in marketplace businesses focus heavily on GMV growth rate and take rate trends. A rising take rate with strong GMV growth signals increasing platform power. A declining take rate with GMV growth may indicate competitive pressure.
| Platform Type | Typical Take Rate | GMV to Revenue | Example | Status |
|---|---|---|---|---|
Horizontal marketplace | 8–15% | Medium | Amazon 3P: 8–15% | |
Vertical marketplace | 15–30% | High | Etsy: 6.5% + fees | |
Services marketplace | 20–40% | High | Fiverr: 20%, Upwork: 10% | |
Direct e-commerce | 100% | N/A (revenue = GMV) |
Source: a16z Marketplace Benchmarks 2025 · Andreessen Horowitz Market Analysis
Reporting GMV as revenue for investor metrics
Marketplace companies sometimes report GMV when investors expect net revenue. Be explicit: always clarify whether a number is GMV or net revenue to avoid misleading stakeholders.
Not adjusting GMV for returns
Gross GMV includes returned items that never resulted in actual completed sales. Net GMV (after returns) is the more accurate picture of real economic activity.
Confusing GMV growth with business health
GMV can grow while unit economics worsen (e.g. via deep discounting). Track GMV alongside take rate, gross margin, and repeat purchase rate for a complete picture.