Question 1
In FY 2022 vs FY 2021, e-commerce order volume grew by 69.4% while Gross Merchandise Value (GMV) grew by 73.6%, and average order value (AOV) grew by just 2.5% YoY. What does the near-parity of order volume growth and GMV growth, with only marginal AOV increase, most likely indicate?
Customers are buying significantly more expensive products than before
Growth is primarily driven by a surge in the number of transactions rather than higher spending per order
Sellers are increasing prices substantially across all categories
The e-commerce market is shrinking in terms of customer base