{"id":5425,"date":"2022-10-20T06:00:00","date_gmt":"2022-10-20T06:00:00","guid":{"rendered":"https:\/\/www.getmesa.com/blog\/blog\/?p=5425"},"modified":"2026-04-28T23:12:48","modified_gmt":"2026-04-28T23:12:48","slug":"gmv-meaning","status":"publish","type":"post","link":"https:\/\/www.getmesa.com/blog\/gmv-meaning\/","title":{"rendered":"What is GMV? Gross Merchandise Value Explained (With Formula and Growth Strategies)"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">GMV (Gross Merchandise Value) is one of many <a href=\"https:\/\/www.getmesa.com\/blog\/11-ecommerce-metrics-shopify-store-owners-need-to-track\/\">ecommerce metrics<\/a>, and while each metric provides unique insights into your business model, but learning about GMV is <em>especially<\/em> important. Why? Because it helps monitor total revenue growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once you know what GMV is and how it\u2019s calculated, you can begin to strategize how you\u2019ll use this data to increase sales. In this post, we\u2019ll explain what GMV is, how to calculate it, and how to increase your gross merchandise value.<\/p>\n\n\n\n<p class=\"inline-cta wp-block-paragraph\">Are you ready to save time and bring a personalized shopping experience to your customers? <a href=\"http:\/\/app.getmesa.com\/install\">Get MESA for free<\/a> and streamline work to increase profits.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents:<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#What-is-the-meaning-of-GMV\" >What is the meaning of GMV?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#How-is-GMV-calculated\" >How is GMV calculated?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#Why-is-GMV-a-critical-metric\" >Why is GMV a critical metric?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#How-to-increase-your-GMV\" >How to increase your GMV<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#1-Offering-free-shipping\" >1. Offering free shipping<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#2-Cross-selling\" >2. Cross-selling<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#3-Product-bundles\" >3. Product bundles<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#4-Offer-discounts-based-on-order-volume\" >4. Offer discounts based on order volume<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#5-Start-a-loyalty-and-rewards-program\" >5. Start a loyalty and rewards program<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#6-Elevate-the-customer-experience\" >6. Elevate the customer experience<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#7-Offer-Personalized-Products\" >7. Offer Personalized Products<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#Examples-of-businesses-that-have-successfully-increased-their-GMV\" >Examples of businesses that have successfully increased their GMV<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#Nguyen-Coffee-Supply\" >Nguyen Coffee Supply<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#Velour-Beauty\" >Velour Beauty<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#Casper\" >Casper<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.getmesa.com/blog\/gmv-meaning\/#Approach-GMV-from-multiple-fronts\" >Approach GMV from multiple fronts<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-meaning-of-gmv\"><span class=\"ez-toc-section\" id=\"What-is-the-meaning-of-GMV\"><\/span>What is the meaning of GMV?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">GMV means gross merchandise value. The GMV meaning is defined as the total value amount of sales transactions within your ecommerce business during a specific period, such as a quarter or year. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-is-gmv-calculated\"><span class=\"ez-toc-section\" id=\"How-is-GMV-calculated\"><\/span>How is GMV calculated?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In order to calculate gross merchandise value multiplying the sales price by the sales quantity gives you the GMV for your company. For example, if you sell 50 shirts for $100 each, your GMV is $5,000:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>50 shirts x $100\/shirts<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[Sales Price x Sales Quantity] = GMV<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.getmesa.com\/blog\/wp-content\/uploads\/how-to-calculate-gross-merchandise-value-gmv.png\"><img decoding=\"async\" src=\"https:\/\/www.getmesa.com\/blog\/wp-content\/uploads\/how-to-calculate-gross-merchandise-value-gmv.png\" alt=\"GMV Meaning - Calculating gross merchandise value gmv\"\/><\/a><figcaption class=\"wp-element-caption\">GMV Formula<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Although GMV sounds similar to revenue and total sales, it\u2019s technically different.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Is GMV same as revenue?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gross revenue is the money generated by selling gross merchandise or services. For example, commission income adds to your revenue because you provide a service. But it doesn\u2019t add to your gross merchandise value unless you\u2019re maintaining the inventory yourself.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Is GMV same as net sales?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To calculate net sales, you subtract sales returns, allowances, and discounts from revenue. But you don\u2019t deduct any of these expenses to calculate the GMV.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What is the difference between GMV and GTV?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gross Transaction Value (GTV) is a total value that equates to the number of items sold across all sellers in a marketplace multiplied by the gross value received in a given period. This is the net merchandise value or average amount per retail business. Gross merchandise value gmv, is calculated similarly but per retail company. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-is-gmv-a-critical-metric\"><span class=\"ez-toc-section\" id=\"Why-is-GMV-a-critical-metric\"><\/span>Why is GMV a critical metric?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Understanding gross merchandise value (GMV) is important because it helps provide a sense of your ecommerce business\u2019s financial performance over time. If your GMV grows at a decent pace (which may vary based on your industry), you can gauge how well your strategies are working.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, <a href=\"https:\/\/www.marketplacepulse.com\/stats\/shopify\/shopify-gross-merchandise-volume-gmv-42\" target=\"_blank\" rel=\"noreferrer noopener\">Shopify\u2019s GMV time series<\/a> shows a consistently growing GMV, with marked growth during the initial months of the pandemic:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.getmesa.com\/blog\/wp-content\/uploads\/a81634d2-6c50-4cd4-ba38-7ad4b21cf03b.png\"><img decoding=\"async\" src=\"https:\/\/www.getmesa.com\/blog\/wp-content\/uploads\/a81634d2-6c50-4cd4-ba38-7ad4b21cf03b.png\" alt=\"Shopify Gross Merchandise Volume (GMV)\"\/><\/a><figcaption class=\"wp-element-caption\">Shopify Gross Merchandise Volume<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.marketplacepulse.com\/stats\/shopify\/shopify-gross-merchandise-volume-gmv-42\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Source<\/em><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These insights help Shopify understand revenue behavior and how internal and external factors like the economy impact revenue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can also compare your absolute GMV and GMV growth rate with your competitors. A comparison of current quarter sales for example, provides more context on how well your business is doing and if there\u2019s potential for the ecommerce site to grow more and faster in a given period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Note: Make sure you compare your GMV with other online merchants that\u2019s in the same industry and the same ecommerce business size. If you\u2019re a young company, comparing your gross merchandise value, gross merchandise volume, or other corporate finance metric with Shopify would be inappropriate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Consistent growth in gross merchandise value means you\u2019re increasing merchandise sold or selling more expensive items. That\u2019s great \u2014 a growing gross merchandise value translates to bottom-line growth. If your business analysis reveals room for improvement, you can implement various strategies to increase your gross merchandise value.<\/p>\n\n\n\n<div class=\"wp-block-data443-irp-shortcode irp-shortcode\">[irp posts=&#8221;9401&#8243; name=&#8221;How To Increase Sales On Shopify And Succeed Faster&#8221;]<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-increase-your-gmv\"><span class=\"ez-toc-section\" id=\"How-to-increase-your-GMV\"><\/span>How to increase your GMV<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Here are seven strategies and best practices that can help increase your GMV:<\/p>\n\n\n\n<p class=\"inline-cta wp-block-paragraph\">Add workflows throughout your business to help your GMV. <a href=\"https:\/\/www.getmesa.com\/support\">Ask an expert<\/a> to make one for you today. Free of charge! <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-offering-free-shipping\"><span class=\"ez-toc-section\" id=\"1-Offering-free-shipping\"><\/span>1. Offering free shipping<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You don\u2019t have to offer free shipping at the cost of shrunk margins. Free shipping can be a win-win.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.junglescout.com\/wp-content\/uploads\/2021\/06\/Jungle-Scout-Consumer-Trends-Report-Q2-2021-3.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">80% of customers<\/a> expect free shipping when ordering over a certain threshold. Setting the right threshold ensures you deliver on your customer\u2019s expectations <em>and<\/em> generate enough profit to cover shipping costs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Offering free shipping based on items sold or total sales value is the most common tactic to increase gross merchandise value for the business. Splash this message across your ecommerce store to encourage customers to increase their average order value to qualify.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.getmesa.com\/blog\/wp-content\/uploads\/0afc2a6c-2c70-4693-b717-ed86bac6e9de.png\"><img decoding=\"async\" src=\"https:\/\/www.getmesa.com\/blog\/wp-content\/uploads\/0afc2a6c-2c70-4693-b717-ed86bac6e9de.png\" alt=\"Finn example of free shipping offer\"\/><\/a><figcaption class=\"wp-element-caption\">Finn Example<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-cross-selling\"><span class=\"ez-toc-section\" id=\"2-Cross-selling\"><\/span>2. Cross-selling<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Recommending complementary items to products a customer is interested in is a great way to boost your gross merchandise value and also reduce advertising costs. It improves the customer experience by leading them to products they might actually need and increases their average order value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can also extend the customer\u2019s shopping experience with a branded tracking page. <a href=\"https:\/\/apps.shopify.com\/tracktor-2?show_store_picker=1\">We recommend Tracktor<\/a>, a trusted tracking app, to keep customers engaged with real-time updates and seamless tracking. Recommend related products or attractive discounts on your company tracking page to increase gross revenue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another added benefit is that it reduces your customer acquisition cost. Increasing the total transaction value from one customer instead of acquiring a new customer is always cheaper.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-product-bundles\"><span class=\"ez-toc-section\" id=\"3-Product-bundles\"><\/span>3. Product bundles<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Product bundles allow customers to buy complimentary products under a single SKU (stock-keeping unit). For example, someone purchasing a razor might also need razor blades. Bundled deals helps increase such products sold while also moving inventory.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Companies often sell product bundles for a lower sales price than the total of their individual prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"http:\/\/www.harrys.com\" target=\"_blank\" rel=\"noreferrer noopener\">Harrys<\/a> makes good use of product bundling. The men\u2019s grooming brand offers razor handles as a single product and also as part of a shaving set.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Winston handle costs $20. The Winston Set, which includes the handle, blade cartridges, shaving gel, and travel cover \u2014 all for $25:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.getmesa.com\/blog\/wp-content\/uploads\/41b6a0af-11f6-4308-b4f0-5c2802581882.png\"><img decoding=\"async\" src=\"https:\/\/www.getmesa.com\/blog\/wp-content\/uploads\/41b6a0af-11f6-4308-b4f0-5c2802581882.png\" alt=\"Harry's product bundle example\"\/><\/a><figcaption class=\"wp-element-caption\">Harry&#8217;s Product Bundle Example<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Thanks to product bundles, Harrys moves merchandise sold faster and increases GMV while customers get a sweet deal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Want to use the product bundling strategy on your Shopify online store? It\u2019s easy with <a href=\"https:\/\/apps.shopify.com\/custom-options\" target=\"_blank\" rel=\"noreferrer noopener\">Infinite Options<\/a> \u2014 an app that helps create product bundles and add infinite product options across your e commerce store.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.getmesa.com\/blog\/wp-content\/uploads\/infinite-options-app-on-the-shopify-app-store.png\"><img decoding=\"async\" src=\"https:\/\/www.getmesa.com\/blog\/wp-content\/uploads\/infinite-options-app-on-the-shopify-app-store.png\" alt=\"Infinite Options app on the Shopify App Store\"\/><\/a><figcaption class=\"wp-element-caption\">Infinite Options <\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-offer-discounts-based-on-order-volume\"><span class=\"ez-toc-section\" id=\"4-Offer-discounts-based-on-order-volume\"><\/span>4. Offer discounts based on order volume<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Volume discounts are helpful because competing with lower prices is tricky. Assuming a 20% gross profit, reducing the price by 5% requires a 33.3% increase in sales quantity to offset the effect of the reduced price on your bottom line.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s a risky proposition. If you don\u2019t sell 33.3% more, you might still increase your GMV, but you\u2019ll reduce your gross and net income.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s where volume discounts help. For example, say you offer 10% off to customers who order 4 or more pieces of your product with an original price of $100. At $90 ($100 &#8211; 10% discount), you\u2019ll reduce your $20 per unit gross profit to $10. However, you\u2019ll make a <em>minimum<\/em> of $40 ($10 per unit x 4 units) for each <strong>discounted<\/strong> <strong>order<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This way, volume discounts help you increase GMV <em>without<\/em> reducing your gross profit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-start-a-loyalty-and-rewards-program\"><span class=\"ez-toc-section\" id=\"5-Start-a-loyalty-and-rewards-program\"><\/span>5. Start a loyalty and rewards program<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Customers trust their friends and family more than ads and marketing collateral. A loyalty and rewards program encourages customers to refer others in exchange for a reward. This increases your GMV over time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You don\u2019t necessarily need an extensive rewards program that requires maintaining rewards points balances like Amazon. A simple referral program can be just as effective. Start out with an easy template for offering incentives to new customers:<\/p>\n\n\n<div class=\"mesa-template-backend frontend-hidden\">\n    <p><strong>MESA Template ID<\/strong><\/p>\n    <p>create-a-unique-discount-code-for-new-customers-to-apply-towards-their-next-order<\/p>\n<\/div>\n\n<div class=\"mesa-template\" data-template=\"create-a-unique-discount-code-for-new-customers-to-apply-towards-their-next-order\"><\/div>\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\t\t<style>.mesa-template-backend {\n    background: rgba(139, 139, 150, 0.1);\n    padding: 22px;\n}\n\n.mesa-template-backend h5,\n.mesa-template-backend p {\n    margin: 0 0 5px;\n}\n\n.mesa-template-backend p {\n    font-size: 16px;\n}\n\n.mesa-template-backend p:last-child {\n    display: inline-block;\n    background: #fff;\n    padding: 5px 10px;\n}\n\n.mesa-template-backend p strong {\n    font-size: 12px;\n}<\/style>\n\t\t\n\n\n<p class=\"wp-block-paragraph\">Or take note from <a href=\"https:\/\/omsom.com\/\">Omsom<\/a>, who has a simple, yet effective referral program. The brand offers $5 off on your next Omsom order for every friend you refer. Your friend also gets $5 off on their first order.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.getmesa.com\/blog\/wp-content\/uploads\/22af7644-6ea6-4fdb-b215-b0a8bdf04637.png\"><img decoding=\"async\" src=\"https:\/\/www.getmesa.com\/blog\/wp-content\/uploads\/22af7644-6ea6-4fdb-b215-b0a8bdf04637.png\" alt=\"Omsom referral program example\"\/><\/a><figcaption class=\"wp-element-caption\">Omsom Referral Program<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-elevate-the-customer-experience\"><span class=\"ez-toc-section\" id=\"6-Elevate-the-customer-experience\"><\/span>6. Elevate the customer experience<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.statista.com\/statistics\/1076074\/organizations-customer-experience-competitive-differentiator-worldwide\/\" target=\"_blank\" rel=\"noreferrer noopener\">44.5% of companies<\/a> believe customer experience is a primary differentiator. To stay competitive, you <em>need<\/em> to offer personalized experiences.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to <a href=\"https:\/\/www.mckinsey.com\/industries\/retail\/our-insights\/personalizing-the-customer-experience-driving-differentiation-in-retail\" target=\"_blank\" rel=\"noreferrer noopener\">McKinsey<\/a>, personalized experiences can improve <a href=\"https:\/\/www.getmesa.com\/blog\/how-to-improve-your-conversion-rate\/\">conversion rates<\/a> by 10% to 15%. But the benefits don\u2019t end at conversion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When you offer customers a memorable experience, they\u2019ll return to you for future purchases thus, increasing their customer lifetime value. Your customers will tell their friends about their experience, acting as brand advocates too. Start off small with this template to bundle a free gift on a new customer&#8217;s order:<\/p>\n\n\n<div class=\"mesa-template-backend frontend-hidden\">\n    <p><strong>MESA Template ID<\/strong><\/p>\n    <p>add-a-free-product-to-first-time-customers-order<\/p>\n<\/div>\n\n<div class=\"mesa-template\" data-template=\"add-a-free-product-to-first-time-customers-order\"><\/div>\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">You can also use many other strategies to improve customer experience. For example, you can provide shoppers with a personalized list of your bestsellers. If you sell fashion, allowing them to sort this list by location can further personalize their experience.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-7-offer-personalized-products\"><span class=\"ez-toc-section\" id=\"7-Offer-Personalized-Products\"><\/span>7. Offer Personalized Products<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Personalized products are a great way to increase your business&#8217;s gross merchandise value gmv. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By offering products that can be customized with a customer&#8217;s name, initials, <a href=\"https:\/\/apps.shopify.com\/uploadery\" target=\"_blank\" rel=\"noreferrer noopener\">uploaded files<\/a>, or other personal details, you can make each customer feel like they&#8217;re getting a one-of-a-kind item that was specifically made for them.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This can help increase your conversion rate, as customers will be more likely to purchase something if they feel it is unique to them. Additionally, personalized products often come with a higher price tag, which means you&#8217;ll be able to increase your accrued fees on these goods sold. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Personalizing products isn&#8217;t an option for every online retailer but, if you&#8217;re looking for ways to boost your business&#8217;s bottom line, consider offering personalized products to your customers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-examples-of-businesses-that-have-successfully-increased-their-gmv\"><span class=\"ez-toc-section\" id=\"Examples-of-businesses-that-have-successfully-increased-their-GMV\"><\/span>Examples of businesses that have successfully increased their GMV<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Here are examples of brands that have successfully increased their GMV using one or more of the strategies explained in the previous section:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-nguyen-coffee-supply\"><span class=\"ez-toc-section\" id=\"Nguyen-Coffee-Supply\"><\/span>Nguyen Coffee Supply<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Nguyen encourages customers who can\u2019t decide on a flavor to try all three flavors by offering a <a href=\"https:\/\/nguyencoffeesupply.com\/products\/bundle-vietnamese-coffee-trio?variant=31546272710713\" target=\"_blank\" rel=\"noreferrer noopener\">discounted product bundle<\/a>. Instead of just one pack, shoppers can buy three packs at a discount and find a flavor they love.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-velour-beauty\"><span class=\"ez-toc-section\" id=\"Velour-Beauty\"><\/span>Velour Beauty<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.velourlashes.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Valour<\/a> offers free shipping on orders over $50. This message appears throughout Velour\u2019s site, encouraging shoppers to get their cart value up to $50 and save on shipping.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-casper\"><span class=\"ez-toc-section\" id=\"Casper\"><\/span>Casper<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Cross sell products for high-value items often purchased as a single item. For example, you\u2019ll probably want to buy new sheets and pillows when buying a mattress. <a href=\"https:\/\/casper.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Casper<\/a> puts all mattress-related items at the bottom of the mattress product page with an attractive title \u2014 \u201cElevate your sleep game\u201d.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.getmesa.com\/blog\/wp-content\/uploads\/cross-selling-example.png\"><img decoding=\"async\" src=\"https:\/\/www.getmesa.com\/blog\/wp-content\/uploads\/cross-selling-example.png\" alt=\"Cross-selling example\"\/><\/a><figcaption class=\"wp-element-caption\">Cross-Selling Example<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-approach-gmv-from-multiple-fronts\"><span class=\"ez-toc-section\" id=\"Approach-GMV-from-multiple-fronts\"><\/span>Approach GMV from multiple fronts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Instead of relying on just one strategy, use multiple strategies to increase your gross merchandise value. This ensures diversification of efforts and helps achieve tangible results faster. Implementing these strategies can feel overwhelming if you\u2019re new to business performance, but focusing on financial metrics for the business can make the job easier.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;re interested in learning about other financial metrics to help you business and it&#8217;s financial health, read our other article: <\/p>\n\n\n\n<div class=\"wp-block-data443-irp-shortcode irp-shortcode\">[irp posts=&#8221;417&#8243; name=&#8221;17 Ecommerce Metrics Shopify Store Owners Need to Track&#8221;]<\/div>\n\n\n\n<div class=\"card-next-steps\">\n\t<div class=\"card__content\">\n\t\t<h4>What to do next&#8230;<\/h4>\n<p>The fastest way to automate anything is to start with a single task.<\/p>\n<ol>\n<li><a href=\"https:\/\/www.getmesa.com\/pricing\"><strong>Try MESA free<\/strong><\/a> \u2014 7-day free trial included<\/li>\n<li><a href=\"https:\/\/www.getmesa.com\/templates\"><strong>Start from a template<\/strong><\/a> \u2014 pre-built workflows for the most common tasks<\/li>\n<li><a href=\"https:\/\/www.getmesa.com\/yedric\"><strong>Describe your workflow<\/strong><\/a> \u2014 let our AI assistant build it for you<\/li>\n<\/ol>\n\t<\/div><!-- \/.card__content -->\n\n\t<\/div><!-- \/.card-next-steps -->\n","protected":false},"excerpt":{"rendered":"<p>GMV (Gross Merchandise Value) is one of many ecommerce metrics, and while each metric provides unique insights into your business&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[444],"tags":[42,40],"class_list":["post-5425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shopify-automation-guides","tag-infinite-options","tag-uploadery"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is GMV? 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