A marketplace can report rising GMV and still lose money on each order. GMV is the value of goods sold by merchants. It is not the platform's sales.
Revenue starts with commission and charged services. Then subtract seller onboarding, payments, support, returns, incentives and fulfilment. If the remainder is negative, growth scales the loss.
Review seller and category cohorts by completed orders and contribution. Build liquidity where both hold before widening the catalogue.