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Mercari
View on WikipediaMercari, Inc. (TYO: 4385) is a Japanese e-commerce company founded in 2013.[1] Their main product, the Mercari marketplace app, was first launched in Japan in July 2013, and has since grown to become Japan's largest community-powered marketplace, with over JPY 10 billion in transactions carried out on the platform each month.[2][3] Among those Japanese users utilizing one of the country's many community marketplace apps, 94% were found to be using Mercari.[4]
Key Information
Mercari expanded to the United States in 2014 and the United Kingdom in 2016.[2][5] The Mercari app has been downloaded over 100 million times worldwide (as of 16 December 2017[update]) and the company is the first in Japan to reach unicorn status.[3][6]
History
[edit]
Kouzoh, Inc. (currently Mercari, Inc.) was founded by Shintaro Yamada, a Japanese serial entrepreneur in February 2013, and the Mercari app was launched for iOS and Android devices in July of that same year.[7][8] Within a year of its release, Mercari had accumulated over one million individual listings on its platform.[9]
The USD 75 million raised in Mercari's Series D round was set aside by the company for the purpose of further expansion in the US and UK, according to Chief Financial Officer Kei Nagasawa in a March 2016 interview.[2]
In 2014, the company opened an office in San Francisco in preparation for the launch of its app in the United States, which took place in September of that same year.[10][11] In the six years since its initial launch in the US, the Mercari app has been downloaded over 40 million times and has risen as high as number 3 on the US App Store rankings.[12] There are currently around 100 employees located between Mercari's Palo Alto and Portland offices.[13]
It was announced In June 2017, that John Lagerling had joined Mercari from Facebook's management team and would be assuming the title of Chief Business Officer.[13] He has also since been named the US CEO of Mercari, Inc.[14]
In January 2016, Mercari opened their first European office in London.[5] In December 2018, Mercari announced it will dissolve the European branch as a "temporary retreat".[15]
Products and services
[edit]Mercari's main product is the Mercari marketplace app, which allows users to buy and sell items quickly from their smartphones. In Japan, the app is known for its ease of use and unique shipping system, which allows users to ship items anonymously from local convenience stores through agreements with Yamato Transport and Japan Post. In the United States, Mercari collaborates with USPS, UPS and FedEx to let users print shipping labels, in addition to allowing sellers to use a separately purchased label for larger items.[2]
Mercari shares its Tokyo offices with its wholly owned subsidiary Souzoh, Inc., which operates several other consumer-to-consumer (C2C) applications in Japan.[16]
Awards
[edit]- Awarded "Best Shopping App" by Google Play in 2013[17]
- Awarded "Best App" by Google Play in 2014 and 2015[18][19]
- Awarded "Best Local App" by Google Play in 2016[20]
- Awarded "Forbes Japan’s Startup of the Year" in 2014, 2015, and 2016 (inducted into the Hall of Fame in 2017)[21][22][23]
- Awarded "Special Jury Award (Global Expansion)" by the Japanese Ministry of Economy, Trade and Industry (METI) at the Second Nippon Venture Awards (part of the Prime Minister's Awards) in 2016[24]
- Awarded the "Emerging Leader Award" at the 2016 Japan-US Innovation Awards Symposium[25][26]
- Awarded "Best Commercial" for "The Bride" at the LA Film Awards 2017[27]
See also
[edit]References
[edit]- ^ Littler, Julian (4 November 2016). "Amazon's Newest Rival is a Japanese Start-Up You Need to Know About". CNBC. NBCUniversal. Retrieved 29 June 2018.
- ^ a b c d "Marketplace app Mercari nabs $75M to become Japan's first startup unicorn – TechCrunch". techcrunch.com. 2 March 2016. Retrieved 29 June 2018.
- ^ a b "Shopping App Mercari Becomes First Japanese Unicorn". Business Insider. Retrieved 29 June 2018.
- ^ 和章, 渡部 (24 May 2017). "最も利用されているフリマアプリは? 「メルカリ」が利用率94%で他を圧倒 - ネットショップ担当者フォーラム". Retrieved 29 June 2018.
- ^ a b "メルカリ、イギリスでサービス提供開始 - TechWave(テックウェーブ) #WAVE". 16 March 2017. Retrieved 29 June 2018.
- ^ "メルカリ、累計ダウンロード数1億超え". 20 December 2017. Retrieved 29 June 2018.
- ^ "Buying and Selling by Smartphone: Mercari App Shakes Up Japan's Consumer Spending". 9 November 2017. Retrieved 29 June 2018.
- ^ Mercari (12 September 2014). "Japan's Mobile Marketplace Giant Mercari Launches in the US" (Press release). Retrieved 29 June 2018.
- ^ "After Leaving Zynga, This Founder Ditched the Gaming Business for Online Shopping". Tech in Asia. Retrieved 29 June 2018.
- ^ Team, OBM (21 November 2016). "Oregon Business - News release: Japan's Mercari expands into Portland". Retrieved 29 June 2018.
- ^ "Japan's Mobile Marketplace Giant Mercari Launches in the US". Retrieved 29 June 2018.
- ^ "メルカリが米国iOSランキングで3位に、その躍進の理由は - THE BRIDGE(ザ・ブリッジ)". 29 July 2016. Retrieved 29 June 2018.
- ^ a b "Mercari hires John Lagerling from Facebook's management team to guide its U.S. strategy – TechCrunch". techcrunch.com. 22 June 2017. Retrieved 29 June 2018.
- ^ "Neymar Jr. Official". Neymar Jr. Retrieved 11 January 2021.
- ^ "Mercari Calls It Quits in Europe as Losses Mount". asia.nikkei.com. Retrieved 28 December 2018.
- ^ "About". Souzoh.com (in Japanese). 2015. Archived from the original on 2018-03-11. Retrieved 2019-11-25.
- ^ "Android Apps on Google Play". Retrieved 29 June 2018.
- ^ "Best Apps of 2014 - Android Apps on Google Play". play.google.com. Retrieved 29 June 2018.
- ^ "Best Apps of 2015 - Android Apps on Google Play". play.google.com. Retrieved 29 June 2018.
- ^ "Best Apps of 2016 - Google Play". play.google.com. Archived from the original on 2016-12-20.
- ^ "メルカリついに殿堂入り!「日本の起業家ランキング」3年連続トップの秘密". 26 November 2016. Retrieved 29 June 2018.
- ^ "日本の起業家ランキング|Forbes JAPAN(フォーブス ジャパン)". Forbes JAPAN(フォーブス ジャパン). Retrieved 29 June 2018.
- ^ "日本の起業家ランキング、メルカリ山田社長が3年連続1位に輝き殿堂入り". Retrieved 29 June 2018.
- ^ "Announcement of the Winners of the Second Nippon Venture Awards(METI)". meti.go.jp. Archived from the original on March 14, 2016. Retrieved 29 June 2018.
- ^ "2016 Japan-US Innovation Awards Symposium". Retrieved 29 June 2018.
- ^ "Stanford Features Japan's Most Innovative Startups". techinasia.com. Retrieved 29 June 2018.
- ^ "Winners – October 2017". Los Angeles Film Awards. Retrieved 29 June 2018.
Mercari
View on GrokipediaOverview
Founding and Leadership
Mercari, Inc. was founded on February 1, 2013, by Shintaro Yamada in Tokyo, Japan.[1] Yamada, inspired by his travels and a desire to promote a circular economy amid finite resources, serves as the Representative Executive Officer and CEO.[4] Other key executives include Sayaka Eda, Director, Executive Officer, Senior VP of Corporate, and CFO; and Masato Yamamoto, Executive Officer, Senior VP of Japan Business.[5]Mission and Operations
Mercari's group mission is to "circulate all forms of value to unleash the potential in all people."[4] The company operates a consumer-to-consumer (C2C) marketplace app, enabling users to buy and sell a wide range of used and new goods. Launched first in Japan in July 2013 and in the United States in 2014, it emphasizes ease of use via mobile technology, AI-driven fraud detection, and a payment deposit system for secure transactions. As of 2025, operations are primarily in Japan and the US, with recent expansions to Taiwan and Hong Kong.[4][6]History
Inception and Launch in Japan
Mercari was conceived in early 2013 by founder Shintaro Yamada, who drew inspiration from established U.S. platforms like eBay while recognizing the potential for a mobile-optimized consumer-to-consumer (C2C) marketplace tailored to Japan's high smartphone penetration and cultural affinity for second-hand goods.[7][8] After a period of global travel where Yamada observed thriving flea markets, the company was officially established on February 1, 2013, with the goal of creating an accessible app for buying and selling unused items directly from smartphones.[9] The Mercari app launched in Japan on July 2, 2013, initially for Android devices, enabling users to list items with simple photo uploads and fixed-price sales without auction complexities.[10] The iOS version followed shortly thereafter, around mid-July, broadening accessibility as iPhone usage was prevalent in the market.[10] This mobile-first approach, emphasizing ease of use over desktop interfaces, quickly gained traction; within three weeks of the Android launch, the platform had attracted over 50,000 users and more than 10,000 listings.[10] By September 2014, user numbers had surged to over 4.5 million, fueled by intuitive features like one-tap listings and integrated payments that reduced barriers for casual sellers.[2] Early growth was not without hurdles, particularly in fostering trust within Japan's C2C ecosystem, where concerns over personal information sharing and transaction safety deterred participation. To address this, Mercari introduced anonymous shipping options in January 2016, partnering with Yamato Transport to allow users to send and receive packages without revealing addresses or names.[11] This innovation, later extended to collaborations with Japan Post for broader logistics support including flat-rate, secure nationwide delivery, helped mitigate privacy risks and boosted user confidence.[12] Between 2014 and 2015, Mercari solidified its position through strategic enhancements, such as nationwide TV advertising campaigns starting in May 2014 that accelerated downloads to 10 million by February 2015. These efforts, combined with seamless shipping integrations, positioned the platform for early operational stability in Japan amid rising transaction volumes.[11][13]Expansion and Key Milestones
Following its successful launch in Japan in 2013, Mercari began expanding internationally to capitalize on the growing global demand for mobile-based C2C marketplaces. The company entered the United States market in September 2014, opening an office in San Francisco earlier that year and releasing its app nationwide to offer a seamless buying and selling experience for mobile users.[2] By 2017, Mercari had pivoted its U.S. strategy under new leadership, including the appointment of John Lagerling as CEO, which accelerated user growth and product-market fit in the competitive American resale sector.[14] Mercari also ventured into Europe with the launch of its UK app in March 2017, marking its first step into the European market and aiming to replicate its Japanese success among English-speaking users. However, facing mounting losses and challenges in achieving scale, the company discontinued operations in the UK by January 2019, dissolving its European subsidiaries by the fiscal year ending June 2020.[8][15] In parallel, Mercari established Merpay, Inc., as a wholly-owned subsidiary in November 2017 to develop fintech services, including mobile payments integrated with its marketplace ecosystem.[16] A major corporate milestone came in June 2018 when Mercari went public on the Tokyo Stock Exchange, raising 130.5 billion yen in Japan's largest tech IPO since 2016 and achieving unicorn status with a valuation exceeding $4 billion at debut.[17] Entering the 2020s, Mercari responded to the COVID-19 pandemic by enhancing its platform for secondhand goods, which saw surging demand as consumers sought affordable, sustainable alternatives amid economic uncertainty; search interest in vintage items and collectibles notably increased during this period.[18] In July 2021, the company launched Mercari Shops, a B2C feature allowing businesses and creators to open dedicated online stores within the app, with a full rollout to all operators by October 2021 to tap into growing e-commerce opportunities post-pandemic.[19][20] In March 2025, Mercari announced the mandatory implementation of eKYC (electronic Know Your Customer) identity verification for high-value transactions on its Japan platform, particularly for brand items or purchases above certain amounts, to prevent fraud and comply with the Act on Prevention of Transfer of Criminal Proceeds (anti-money laundering law). Effective March 19, 2025, this measure requires both buyers and sellers to complete eKYC via facial authentication and identity document submission, with transaction restrictions imposed if not completed.[21] Subsequently, on July 1, 2025, Mercari launched the Full Compensation Support Program, which provides unlimited compensation for the purchase price or sales profits in eligible cases of transaction disputes, as part of efforts to strengthen user protection and trust. Eligibility for the program requires completed app-based identity verification (eKYC) and use of Mercari shipping (メルカリ便) for transactions started on or after that date.[22] More recently, Mercari has focused on refining its international operations and governance. In November 2024, the company announced a leadership transition effective January 1, 2025, with founder Shintaro Yamada assuming the role of CEO for Mercari, Inc. (US) in addition to his group CEO duties, following the resignation of U.S. CEO John Lagerling on December 31, 2024; this move aims to strengthen cross-border synergies and U.S. growth.[23] Concurrently, effective January 6, 2025, Mercari updated its U.S. fee structure to split costs between buyers and sellers, introducing a 10% commission on the item price and buyer-paid shipping for sellers, alongside a flat 3.6% protection fee for buyers on new and updated listings.[24][25] On January 29, 2025, Mercari Japan introduced an auction feature allowing sellers to list items for bidding by buyers, marking a shift from its initial fixed-price only model.[26] In August 2024, Mercari opened its first physical retail store in Los Angeles, California, to connect U.S. shoppers with inventory from Japanese sellers and enhance cross-border access to unique items.[27] For fiscal year 2025 (ended June 30, 2025), Mercari's U.S. operations achieved their first full-year profit, marking a significant turnaround in international performance as of August 2025.[28]Products and Services
Core Marketplace Features
Mercari's core marketplace revolves around a user-friendly mobile application designed to facilitate peer-to-peer (C2C) transactions for secondhand goods, aligning with its mission to promote reuse and reduce waste.[29] The platform emphasizes simplicity, enabling users to list items quickly by uploading up to 12 photos directly from their smartphone camera, adding a detailed description, selecting from predefined categories such as fashion, electronics, or home goods, and setting a price. To assist sellers in competitive pricing, Mercari integrates an AI-powered price suggestion tool that analyzes similar past sales and provides a recommended range during the listing process, helping users maximize sales potential without extensive market research.[30] In Japan, since January 29, 2025, sellers can alternatively select an auction format during listing, setting a starting price and allowing buyers to place bids until approximately 8 PM the following day after the first bid is placed, with the highest bidder winning the item.[26][31] Buyers can then discover items through category-based searches, advanced filters for condition, size, brand, or location, and personalized recommendations powered by vector search technology for similar products.[32][33] Mercari includes a "いいね!" (like) feature that allows users to add listings to a personal favorites list ("いいね!一覧") for later reference. This function is commonly used to bookmark items, including those that have already been sold, for purposes such as anticipating relisting by the seller, referencing the item's description, photos, or pricing for future transactions, or indirectly tracking a seller's offerings. While this represents typical and benign user behavior without malicious intent, some sellers may find it puzzling or mildly frustrating to receive likes on sold-out items, as the purpose may not be immediately apparent to them.[34][35] The transaction process varies by listing type. For fixed-price listings, buyers can make offers on listings, which sellers can accept, decline, or counter within 24 hours; accepted offers automatically charge the buyer and move the item to a pending shipment status.[36] For auction listings in Japan, bidding continues until the auction concludes, after which the highest bidder is automatically charged and the item advances to pending shipment status, following the standard purchase flow. Sellers are required to ship within three business days using Mercari's integrated prepaid labels, which partner with carriers like USPS and UPS to generate QR codes or printable labels for easy drop-off at authorized locations, ensuring tracked delivery across all 50 U.S. states.[37] In Japan, this flow extends to unique conveniences, allowing sellers to drop off packages at partnered convenience stores like 7-Eleven or FamilyMart via services such as Rakuraku Mercari, where they scan a QR code to hand over the item without needing to visit a post office.[12] Due to Mercari Japan's primary orientation toward the domestic market and language barriers, international users seeking to purchase items, including participating in auctions, commonly rely on proxy bidding services to facilitate access and bidding. Popular services include Buyee, Doorzo (which fully supports auctions without special processes), Japan Rabbit, and others; some services like ZenMarket do not support bidding on Mercari auctions, while others may have limitations or require special requests.[38][39][40][41] To ensure a secure environment, Mercari implements several safety measures, including a Buyer Protection program that holds payments until delivery confirmation and allows refunds for items not as described, damaged, or undelivered, funded by a 3.6% fee on the item price and shipping.[42] In Japan, to prevent fraud and money laundering in compliance with the Act on Prevention of Transfer of Criminal Proceeds, Mercari has strengthened identity verification for buyers purchasing high-value items (particularly branded goods or those exceeding certain amounts), requiring eKYC (electronic Know Your Customer) involving face authentication and ID document photography. This verification can be mandatory depending on the transaction amount or payment method, with purchase restrictions imposed if not completed; enhancements have been implemented gradually, with mandatory eKYC for high-value transactions effective from March 19, 2025, following an announcement on March 5, 2025.[21] Additionally, effective July 1, 2025, Mercari introduced the Full Compensation Support Program (全額補償サポートプログラム), which provides unlimited compensation for eligible issues (such as fraud, non-delivery, or items not as described) in transactions started on or after that date, provided that users have completed eKYC identity verification and used Mercari Shipping (メルカリ便). Without completed verification, users may face temporary restrictions on certain services, such as fund transfers, some shipping options, and Melpay.[43][44] The platform employs AI-driven content moderation to scan listings in real-time for prohibited items like drugs, weapons, or counterfeit goods, automatically flagging or removing violations to maintain marketplace integrity.[45] Additionally, a mutual rating system prompts users to evaluate each other post-transaction on criteria like communication, shipping speed, and item accuracy, with ratings displayed on profiles to build trust—sellers receive feedback within three days of delivery confirmation, influencing future interactions.[46] Furthermore, while it is common for users to exchange questions or negotiate prices via in-app comments and messages before purchase, Mercari requires all communications to remain strictly within the app's messaging system. Suggestions to switch to external services (such as LINE), arrange off-app payments, or share personal or banking details are strong indicators of potential scams. Mercari's official policy prohibits external inducements, as engaging in such practices exposes users to risks including non-payment or personal information leakage. Users should use only in-app messages, cancel suspicious transactions, or report them to Mercari support.[47] As a mobile-exclusive platform optimized for smartphones, Mercari lacks a full web-based listing interface, instead relying on the app for core functions like photo uploads and offer management, while a limited web version supports browsing and basic account access.[48] This design incorporates push notifications to alert users instantly about offers, sales, messages, or shipment updates, enhancing real-time engagement and convenience on the go.[49]Additional Offerings and Integrations
In addition to its core marketplace, Mercari has developed Merpay, a digital wallet service launched in February 2019 to facilitate seamless in-app payments for transactions.[16] Initially established as a subsidiary in November 2017, Merpay integrates directly with the Mercari platform, allowing users to store sales proceeds and use them for purchases without external transfers.[16] The service has since expanded to support QR code payments and iD contactless payments at physical merchants across Japan. Merpay supports iD payments for contactless smartphone taps at stores displaying the iD mark in Japan. On iOS devices via Apple Pay, once iD is set up, Merpay can also be used at stores supporting Mastercard Touch Payment, enabling usage at both iD and Mastercard contactless terminals on compatible iOS devices. Android supports iD via Osaifu-Keitai but does not explicitly support Mastercard Touch Payment in the same manner. This enables contactless transactions at millions of locations, in partnership with networks like iD and major retailers.[50][51] Mercari Shops, introduced in July 2021, represents a B2C extension of the platform, enabling brands and businesses to create dedicated online stores for selling new merchandise alongside user-listed secondhand items.[19] This feature allows companies to leverage Mercari's user base for direct-to-consumer sales, with tools for inventory management, promotions, and analytics to support e-commerce operations.[19] By October 2021, the full rollout included aggressive marketing to attract sellers, resulting in thousands of brand shops and a diversified product mix that blends new and preloved goods.[52] For its U.S. operations, Mercari introduced an import tool in April 2024 that allows sellers to cross-list items directly from eBay listings, streamlining inventory management across platforms.[53] This feature supports bulk imports via URLs or profiles, adapting listings to Mercari's format while complying with platform policies.[53] Complementing this, Mercari maintains logistics partnerships tailored to each market: in Japan, collaborations with Japan Post for anonymous, flat-rate shipping and Yamato Transport for convenient drop-off options at convenience stores and offices; in the U.S., prepaid labels through USPS, UPS, and FedEx to ensure reliable domestic delivery.[48][54] Further enhancing user experience, Mercari offers integrations for social good and sustainability, including the Mercari Donation program, which lets sellers allocate a portion of sales proceeds to over 100 partner nonprofits or local governments.[55] As of August 2025, this has facilitated approximately 288 million yen (about $1.9 million USD) in cumulative contributions.[56] Additionally, eco-friendly options like the Mercari Eco Pack, a reusable packaging solution designed for multiple shipments, promote circular economy principles and reduce waste in the resale process.[57] In January 2025, Mercari launched Mercari NFT, an online marketplace for buying and selling non-fungible tokens (NFTs), integrated with OpenSea to expand digital asset trading on the platform.[58]Business Model
Revenue Streams
Mercari's primary revenue source is a 10% selling fee charged to sellers on the purchase price of each item sold through the platform. Additional revenue comes from advertising fees for promoted listings, commissions from integrated financial services like Merpay, and fees for premium features such as enhanced seller tools.[59]User Engagement and Technology
Mercari employs artificial intelligence (AI) and machine learning (ML) to enhance user engagement and maintain platform integrity. The company's AI team utilizes computer vision techniques for fraud detection, including image analysis to identify counterfeit items and moderate listings for trust and safety.[60] Personalized recommendations are powered by ML models, such as deep learning and natural language processing, to suggest items on the home screen and detail pages, improving product discovery.[60] Additionally, dynamic pricing is optimized through multi-armed bandit algorithms, which enable real-time adjustments based on market demand and user behavior.[60] These technologies also support broader applications like account takeover prevention via statistical ML.[60] To foster user retention, Mercari incorporates gamification elements into its platform. The Mercari Points system rewards users with points for transactions, redeemable for credits or discounts, encouraging repeat activity.[61] Referral programs allow users to earn up to $20 in credit for each successful invite, promoting social sharing and network growth.[62] Features like "My Collection" enable users to curate and share recommended items, further boosting community interaction.[63] Data-driven approaches guide Mercari's iterative improvements to the user interface and experience. The engineering team conducts A/B testing to refine UI elements, ensuring changes align with user preferences. In 2025, the company launched its first global app on September 30, improving user experience for international users.[64] Mercari's backend infrastructure relies on a hybrid cloud setup, primarily Google Cloud Platform, to scale operations efficiently. Google Kubernetes Engine (GKE) supports a microservices architecture for rapid feature development, while Cloud Spanner handles data pipelines for high-volume analytics. This setup, augmented by services like Amazon Route 53 for traffic management, ensures reliability during peak loads from sales events.[65] Real-time data processing via Confluent Cloud further bolsters performance for engagement features.[66] Strategies for user metrics emphasize high retention, targeting sustained monthly active users through proactive engagement tactics. With approximately 22.7 million monthly active users in Japan as of Q2 FY2025, Mercari achieves strong retention—calculated as the percentage of users logging in within 28 days—by analyzing customer experiences and addressing pain points like delivery issues.[67][68] Push notifications and SMS alerts for item sales, deliveries, and restocking on wishlists keep users informed and returning.[69][70] These efforts, informed by log data visualization, help maintain engagement rates above industry benchmarks for C2C platforms.[68]Financial Performance
Growth Metrics and Revenue
Mercari demonstrated steady financial growth in fiscal year 2025 (ended June 30, 2025), with consolidated revenue reaching ¥192.6 billion, marking a 3% increase year-over-year from ¥187.4 billion in FY2024.[71] This modest revenue expansion was supported by improvements in operational efficiencies across its marketplace and fintech segments, though it fell short of initial guidance due to softer demand in the US market.[72] Net profit for FY2025 stood at ¥26.1 billion, reflecting a significant year-over-year increase driven by cost optimizations, including reduced marketing expenses and enhanced profitability in the US operations, which achieved its first full-year profit.[71][73] Core operating profit rose 46% to ¥27.5 billion, exceeding expectations and highlighting the company's focus on margin improvement.[74] Key performance indicators underscored Mercari's scale in the C2C sector. Gross merchandise value (GMV) for the marketplace segment totaled approximately ¥1.125 trillion, with cross-border transactions contributing ¥90 billion (8% of total), a 15-fold increase from FY2022 levels.[72] In Japan, GMV reached around ¥1.0 trillion, while the US market recorded GMV of approximately $730 million, down 20% year-over-year amid strategic adjustments.[73] Total monthly active users exceeded 25 million globally, with Japan accounting for over 23 million.[75]| Metric | FY2025 Value | YoY Growth |
|---|---|---|
| Consolidated Revenue | ¥192.6 billion | +3% |
| Net Profit | ¥26.1 billion | Increase from prior year |
| Core Operating Profit | ¥27.5 billion | +46% |
| Japan GMV | ~¥1.0 trillion | +4% (full year estimate) |
| US GMV | ~$730 million | -20% |
| Total MAU | >25 million | Stable |
