Revenue and orders · P&L line 1
GMV
Gross merchandise value: every line item at its original price.
Formula
Σ original unit price × quantity
GMV is what the catalogue would have earned if nothing was discounted: every line item at its original price, times the quantity sold, VAT included and shipping excluded.
It is the top of the statement because it makes discounting visible. The distance between GMV and gross revenue is exactly what you gave away in price reductions and discount codes.
It is not a vanity metric as long as the lines under it are shown too. On its own it is one of the easiest numbers in ecommerce to mislead yourself with.
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