Marketplace Pulse

We track millions of data points across marketplace platforms. What we've never done is go directly to sellers en masse and ask what those numbers actually feel like on the ground. Today we're changing that. Introducing the first Marketplace Pulse Seller Index.

The full Marketplace Pulse Seller Index Report examines why these trajectories split, how platform power shapes strategy, and what separates sustainable businesses from those getting squeezed. Download the free report: marketplacepulse.com/reports/seller…

The breakdown: – Only 23% are thriving (revenue + margins both up) – 31% are grinding (revenue up, margins flat/down) – 38% are distressed (stagnant or declining on both) Same platforms. Same conditions. Dramatically different outcomes.

We surveyed 181 marketplace sellers representing $2B+ in combined annual revenue. Platform-level data shows steady growth across Amazon, Walmart, and other marketplaces. But that aggregate view hides a critical divergence in how individual sellers are actually performing.

Amazon has aggressively subsidized growth (90% off discounts). The strategy: prove it can compete on any dimension shoppers value, rather than ceding an entire segment to competitors. Full seller economics breakdown: marketplacepulse.com/articles/amazo…

For context: Temu generates ~$30B in US GMV, Shein ~$18B. Haul's $2B is single-digit percentage of the market. Other highlights: -- 97.5% of sub-$10 sellers are China-registered -- Sub-$10 cohort averages $498K revenue/year -- Amazon has expanded to 25+ markets via Bazaar

Amazon Haul has reached over 3,000 sellers and ~$2B in annual GMV since launching in November 2024. But only 30% of sellers average <$10 per item. 38% average >$20, suggesting they're testing with selected inventory rather than fully committing to the ultra-low-price model.

Walmart's marketplace is still early: ~$15B GMV — roughly 10% of its own e-commerce base. (Amazon = ~69%). Ad costs are rising, but they reflect profitable growth that makes Walmart an increasingly compelling place to sell. Read more: marketplacepulse.com/articles/walma…

Measure each platform's advertising against its own e-commerce base: -- Amazon: ~8% of GMV -- Walmart: ~4% of GMV The dollar gap is 11:1. The penetration gap is closer to 2:1.

Walmart's advertising grew 46% last year. Amazon's grew 22%. The dollar gap is closing — from 15:1 four years ago to 11:1 today. But the dollar comparison is only part of the picture.

Everyone who completes it can get early access to the full findings report + entry into a $250 Amazon gift card draw. Specifically for brands and sellers with an active marketplace presence. Closes March 6th at midnight ET. Complete the Index: s.surveyplanet.com/v71muskm

The Index captures what platform data can't — where margin pressure is really coming from, how sellers are shifting strategy, where AI is being adopted, and where the market is heading. 27 questions. Under 10 minutes. Completely anonymous.

We track millions of data points across marketplace platforms. What we've never done is go directly to sellers en masse and ask what those numbers actually feel like on the ground. Today we're changing that. Introducing the first Marketplace Pulse Seller Index.

The entire top cohort now averages nearly $20M annually - more than double vs. three years ago. New @MarketplacePulse data on who's capturing growth, why concentration is accelerating, and what it means for marketplace dynamics: marketplacepulse.com/articles/top-1…

The composition matters: U.S. sellers represent 55% of this elite cohort but control 67% of GMV. Chinese sellers are 41% but generate just 30%. While Chinese sellers dominate the overall seller base at 50%+, American sellers maintain higher per-seller scale at the top.

Just 111 sellers generate 10% of Amazon's $300B U.S. third-party GMV. 1,020 sellers = 25%. Fewer than 8,000 (1.6% of active sellers) = 50%. The concentration has nearly doubled in less than three years.

5/ Full breakdown of Amazon's 2025 GMV, competitive positioning, and marketplace dynamics: marketplacepulse.com/articles/amazo…

4/ The 1P-3P shift plateaus: After nearly a decade of sellers gaining ~150 basis points annually, marketplace share has stabilized at 69% of GMV. The controlled shift appears to have reached equilibrium as Amazon balances retail's strategic value vs marketplace profitability.

1/ Amazon reached $830 billion in GMV worldwide in 2025. In the U.S. alone: $440 billion, representing 36% of the entire e-commerce market. Three key dynamics shaping this dominance 🧵