Amazon GMV: Which Marketplace Country Domains Grew the Fastest?

Amazon GMV by Country: Key Insights

• Defining GMV: The gross merchandise volume (GMV) of transactions on Amazon's online domains serves as an indicator of how much activity the marketplace manages in a given period of time.

• Top Marketplace Domain Is Amazon.com: Amazon.com is the highest-grossing domain. It accounts for 52% of the total GMV generated by all 22 Amazon domains.

• Fastest Growing Marketplace Domains: Some of the domains grow rapidly due to their novelty, while the others benefit from infrastructure investments and platform upgrades.

Amazon is highly prevalent in the world. Its 22 domains respond to regional preferences and make Amazon a leading player in global markets. The domains include its marketplace activity and online stores. Amazon also uses its outstanding position to collect valuable first-party and third-party data from its online business.

A necessary metric to assess marketplace performance is gross merchandise value (GMV). Here is a look at how Amazon's country domains perform in terms of GMV and its growth.

What is GMV and How is It Calculated?

Gross merchandise volume (GMV) describes the value of transactions on an online marketplace before reduction of discounts, advertising, and delivery costs. GMV therefore calculates how much eCommerce activity took place on a platform. It can thus be seen as a measure of business activity.

It is important to understand that GMV does not equal the revenue generated by a marketplace operator. Instead, providers deduct a fee for each transaction made on the platform, which is how they make a profit. 

How much do specific domains contribute to Amazon's overall GMV?

Amazon Generated US$729 Billion in GMV Across All 22 Domains in 2023

Amazon's revenue streams are multifaceted and include transaction fees from its marketplace platform, sales of its own products as a retailer, and contributions from its extensive network. That includes cloud services, retail advertising markets, and subscription services for streaming as well as for faster delivery. 

While GMV does not reflect Amazon’s total profit from its role as a marketplace operator, the size of the transactions that take place in a given period helps us illustrate the size of commerce this platform manages.

Overall, Amazon’s marketplaces generated a total GMV of around US$728.8 billion in 2023, which includes transactions on all 22 domains Amazon operates around the world. A breakdown shows that amazon.com remains the most used domain, with a GMV of US$375.1 billion in 2023, accounting for more than half (52%) of Amazon's global GMV.

Among the remaining top four domains, amazon.co.jp ranks second with a GMV of US$68 billion, accounting for 9% of the total figure. Amazon.co.uk and amazon.de have similar GMVs of US$62.9 billion and US$61.1 billion, representing shares of 9% and 8%, respectively. Fifth is amazon.ca with US$30.7 billion, resulting in a 4% share of the company's total GMV.

Other domains collectively generate 17% of Amazon's overall GMV, or US$119.5 billion in absolute terms. As Amazon continues to expand its marketplace into new geographies and markets, the performance of these new ventures has a notable impact on the brand’s overall development. 

Below is a look at the top five Amazon domains with highest GMV growth rates and the factors that contributed to their outstanding performance.

Top Amazon Domains by Growth Rate in 2023

Here are the domains that stood out in 2023 due to their yearly increase in GMV.

1. Belgium

In recent years, Amazon has entered several new markets, including Belgium in late 2022. The Belgian domain ranks first among Amazon's fastest growing markets, having increased by more than 8 times the previous year's value in 2023. This astonishing growth rate resulted because of the late domain's late launch in 2022.

Before the launch, Amazon served the Belgian market through its German and Dutch domains. The new domain's launch therefore addressed an existing customer base, which further fuels the domain's tremendous growth during its first year.

2. Australia

Amazon’s Australian and Brazilian domains are not particularly new, yet they rank second and third in GMV growth from 2022 to 2023. This is because Amazon has invested heavily in distribution facilities and infrastructure in both markets over the recent years, attracting more customers to the site with the promise of next-day delivery and an extensive product selection.

3. Brazil

Barriers to Amazon’s reach in these markets include both intense competition and structural impediments such as insufficient eCommerce penetration and infrastructure. With subsequent investments, Amazon strengthened its position in the markets, inviting more retailers to add their product offerings to the marketplace, and attracting more customers with the promise of greater convenience and choice.

4. Poland

The Polish domain is one of the newer markets for Amazon, with growth of 31% since 2022.

What facilitated Amazon’s entry into this market is the existing infrastructure, including about 10 fulfillment centers that were already operating in Poland before Amazon launched amazon.pl in 2021. 

Prior to the launch, consumers in Poland had to order their packages from Amazon across borders, mostly through the German domain, which offered the option to navigate and purchase in Polish, but the launch of amazon.pl has now streamlined this process and provides a localized experience tailored to the Polish market.

5. Sweden

Amazon.se is active since 2020, but the domain ranks fifth by GMV growth rates in 2023, having increased market activity by 29% since 2022.

Sweden is one of the markets in which Amazon invests in renewable energy projects. One of these is a wind energy investment in Sweden, which Amazon claims is a contributing factor to the domain's success, as it meets widespread consumer demand for ecologically clean business practices.

Amazon GMV Growth: Closing Remarks

Amazon's dominance as a Western retailer is supported by its US$729 billion GMV across all 22 domains in 2023. The moderate growth rates of Amazon's fastest growing domains, which mostly revolve around 35%, call into question the longevity of Amazon's approach.

There are also recent market developments, namely the emergence of low-cost competitors like Temu, which prompt Amazon to choose between low prices and higher quality.

Sources: About Amazon: 1 2 – AFR – Investopedia – Notes from Poland – Valor International

GMV on Amazon: FAQs

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