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Top 1.6% of Sellers Drive 50% of Amazon’s 3P GMV

The concentration continues.

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February 12, 2026 11:25am EST

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Welcome. This week: Further concentration of GMV toward top sellers on Amazon, TikTok Shop GMV climbs, OpenAI facing shopping-related tax hurdles, and more.

IN-DEPTH

Top 1.6% of Sellers Drive 50% of Amazon’s 3P GMV

Fewer than 8,000 sellers now generate half of Amazon’s estimated $300 billion in U.S. third-party GMV – roughly 68% of total U.S. GMV – representing just 1.6% of the active seller base.

The concentration has intensified dramatically since 2023, when 15,000 sellers drove that same 50% threshold, marking a near-halving in less than three years.

The shift reflects top sellers capturing growth disproportionately - while the seller count within the cohort halved, the GMV at the 50% threshold increased from approximately $115 billion to $150 billion, with average per-seller revenue in this cohort more than doubling to nearly $20 million annually.

U.S. sellers dominate at this scale, representing 55% of these top sellers while controlling 67% of their combined GMV.

Chinese sellers account for 41% of the cohort but generate 30% of GMV, demonstrating that American sellers maintain significantly higher per-seller revenue at the top end of the marketplace.

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NEWS

TikTok Shop U.S. GMV grew 68% to reach US$15.1B in 2025

TikTok Shop’s U.S. business continued to scale rapidly in 2025, with GMV growing 68% yoy to reach US$15.1 billion, up from US$9 billion in 2024. Growth remained strong, but the underlying dynamics of the ecosystem began to shift, signalling a transition away from the platform’s initial launch phase. Momentum Works >

OpenAI faces sales tax hurdles for shipping features

OpenAI is navigating complex state sales tax regulations as it expands internal shopping features for ChatGPT. The AI giant is considering building its own tax compliance infrastructure to handle transactions directly rather than relying solely on third-party integrations like Shopify. Shopifreaks >

Shopify issues upbeat quarterly forecasts

Canada's Shopify forecast quarterly revenue well above Wall Street expectations on Wednesday, as the e-commerce platform benefits from increased focus on artificial intelligence, and resilient consumer spending despite tariff woes and rising prices. Reuters >

ICYMI

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Top 1.6% of Sellers Drive 50% of Amazon’s 3P GMV

The concentration continues.

IN-DEPTH

Top 1.6% of Sellers Drive 50% of Amazon’s 3P GMV

NEWS

ICYMI

Amazon GMV Surpassed $800 Billion in 2025

The $10 Trillion State of E-Commerce

ChatGPT's 4% Fee Confirms Marketplace Economics

Amazon Seller Registrations Hit Decade Low in 2025

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