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The news: Klarna鈥檚 revenues jumped 20% YoY to $823 million in the latest earnings released ahead of its IPO this fall. Gross merchandise volume (GMV) spiked 19% to $31.2 billion鈥攏early four times the size of competitor 础蹿蹿颈谤尘鈥檚 $8.6 billion. Klarna鈥檚 US GMV growth is even more impressive, at 37% YoY. Our take: Klarna will have an uphill battle if it wants to dethrone Affirm as the dominant BNPL provider in the US. Given 础蹿蹿颈谤尘鈥檚 recent partnership with Stripe, Klarna may not be able to rely on the fintech for such rapid growth anymore鈥攅specially considering 础蹿蹿颈谤尘鈥檚 more direct integrations with Stripe in-store.

Ad revenues per gross merchandise volume (GMV) rose across all countries, with Argentina narrowing the gap with Brazil and Mexico. Advertising鈥檚 share of GMV was 2.6% in Q2, up from 2.4% in Q1, based on our estimates. Mercado Libre expects that share to accelerate in Q3, and we project its retail media arm will capture 6.9% of digital ad spending in Latin America this year, up from 5.1% in 2024.

A record Q2: The RealReal鈥檚 GMV and revenues reached record highs in Q2, bolstered by a growing user base and an increase in average order value (AOV). The company counted over 1 million active users at the end of the quarter, up 6% YoY. AOV rose 8% YoY to $581, which could indicate that shoppers are buying more per order, or are opting for more expensive items.

Shop Pay global GMV jumped 57% YoY in Q1 2025. Brands are flocking to the buy button as it gains popularity among consumers. Any merchant鈥攅ven those without a Shopify storefront鈥攃an add it to their checkout page, automatically bringing the merchant into the Shopify Payments ecosystem that processes all Shop Pay purchases.

It credits the card with its Q1 2025 success: Roughly 2 million cardholders generated $807 million in GMV. Prior to the Klarna Card鈥檚 US rollout, Klarna did offer a credit card to American consumers. However, adoption of this card was tepid鈥攚hy get a credit card from a BNPL provider if you鈥檙e using BNPL to avoid credit card financing?

GMV rose 40% to $13.3 billion. Earnings per share were $9.74, up nearly 44% and well ahead of the $8.27 forecast. The company also reported 66.6 million unique active buyers, a 25% increase from a year ago.

Partnering with World Market can help Affirm grow its home and lifestyle category, which accounted for just 6% of its gross merchandise volume (GMV) in Q3 FY 2025 (ending March 31, 2025). Home and lifestyle GMV grew 20% YoY during the quarter, underperforming overall GMV鈥檚 35% bump.

Klarna鈥檚 gross merchandise volume (GMV) rose 10% YoY to a whopping $25.3 billion鈥攆our times that of its nearest competitor, Affirm. Klarna benefits from a much more established international presence than 础蹿蹿颈谤尘鈥檚 US-heavy base. Narrowing in on the US market, our forecast shows Affirm and Klarna are neck-in-neck in payment value.

That uncertainty, along with tariffs, is beginning to chill sales: TikTok Shop鈥檚 US GMV fell by over one-fifth during the week reciprocal tariffs were announced compared with the prior week, per EchoTik data reported by the South China Morning Post. Other markets are beginning to take precedence. With US growth prospects uncertain, ByteDance is hastening its entry into new markets.

TikTok Shop joins Amazon in holding a July sale: The marketplace hopes exclusive discounts on brands like L鈥橭r茅al and live-shopping events will boost GMV.

TikTok is still expected to post solid, but slower, growth this year (16.0%), due in part to lingering questions about its future as well as some advertisers鈥� lukewarm reaction to Smart+ and GMV Max. All in all, we have revised our 2025 US ad revenue estimates downward for over half the social platforms we track. Click here to view our full forecast for US social network ad revenue growth, by company.

The card鈥檚 gross merchandise volume (GMV) jumped up 113% YoY during the quarter. The buy now, pay later (BNPL) provider has been looking for new ways to grow its overall card presence. It partnered with FIS in February, letting FIS鈥� bank partners integrate 础蹿蹿颈谤尘鈥檚 BNPL solution directly into their existing debit card programs. Our take: This tie-up can help Affirm propel its overall volume growth.

Beauty and personal care accounted for 22.5% of TikTok Shop鈥檚 gross merchandise value (GMV) as of November 2024, per AfterShip data. TikTok leads social platforms for beauty purchases. More than 44% of social shoppers had made a beauty purchase via TikTok, per our US Social Commerce survey conducted in March 2024, just six months after TikTok Shop launched.

Klarna鈥檚 gross merchandise volume (GMV) in 2024 totaled $105 billion, almost double its $53 billion in 2020. Klarna鈥檚 revenues totaled $2.8 billion in 2024, and net profit hit $21 million. It boasts 93 million active consumers and 675,000 merchants. We forecast Klarna will reach $41.54 billion in US-only GMV by 2028, up from an expected $30.42 billion this year.

础蹿蹿颈谤尘鈥檚 GMV for the 2024 calendar year was $31.2 billion. PayPal鈥檚 BNPL payment volume was approximately $33 billion last year. Afterpay鈥檚 GMV totaled $33.25 billion. And Klarna鈥檚 GMV totaled a massive $71.96 billion for the first nine months of 2024. Zip must also contend with smaller players like Sezzle, which boasted impressive growth in its most recent quarter.

础蹿蹿颈谤尘鈥檚 GMV for the 2024 calendar year was $31.2 billion. PayPal鈥檚 BNPL payment volume was approximately $33 billion last year. Afterpay鈥檚 GMV totaled $33.25 billion. Klarna posted a massive $71.96 billion in GMV for the first nine months of 2024 thanks to its expansive presence in Europe. Our take: Sezzle still has a long way to go to catch up to its competitors.

It will help the BNPL player keep growing its GMV, which shot up 35% YoY in its most recent quarter.

Affirm Card gross merchandise volume (GMV) jumped 113% YoY in the quarter ending December 31, 2024. And the number of active Cash App cardholders increased by 1 million in 2024. Dig deeper: For more on how fintech-linked debit cards are giving the payment method a boost, read our State of Payment Methods 2025 report.

In our inaugural forecast, Xiaohongshu鈥攁 beauty and lifestyle social media platform鈥攚ill generate a gross merchandise value (GMV) of $31.41 billion, up 50.0% in 2024 versus 2023. Retail livestreaming has reached a major milestone. This year, for the first time, livestreaming will account for 25.4% of retail ecommerce spending.

Walmart鈥檚 gross merchandise value (GMV) is growing the fastest. Interestingly, Douyin, including TikTok, is No. 2, according to ECDB. May 22, 2025. What鈥檚 the most popular category for graduation gifts this year? A) Electronics. B) Clothes/footwear. C) Toys/hobbies/collectibles. D) Jewelry/accessories.

Gross merchandise volumes (GMV) grew by 25.7% year over year (YoY) to $94.46 billion, outpacing FactSet鈥檚 consensus estimate of $93 billion. Revenues accelerated 31.2% YoY to $2.81 billion, topping analysts鈥� expectations of $2.73 billion. Adjusted earnings per share (EPS) jumped to 44 cents, up 29% YoY and well ahead of the expected 35 cents.