GMV (gross merchandise volume) is the core indicator to measure the competitiveness (market share) of the platform. The calculation formula is: GMV = sales + cancellation order amount + rejection order amount + return order amount, that is, GMV is the sum of paid orders and unpaid orders.

Here, everyone needs to pay attention to the fact that the transaction amount of the e-commerce GMV website actually refers to the amount of the orders received, including the paid and unpaid parts, while the operating income generally corresponds to the B2C self-operated website, which is the actual flow of water. In some previous news reports on sales activities, the website likes to give the GMV amount, but without it, the number is huge and attractive. Operating income is slightly lower because sometimes payments are made every other day, but the orders are completed on the same day. Of course, the actual orders may not be paid, so GMV is definitely larger than operating income, so it often appears in reports and news.