Answer · confidence: partial
How do sales and prices differ for in-person, store, online, and commission selling?
Research question: How do sales volume and average prices differ between selling directly, through retail, on online marketplaces, and through commission deals?
The records show that in the marketplace channel, the number of consumer purchase transactions grew significantly faster than gross merchandise value, with e-Commerce purchases jumping 89% year-over-year while GMV rose only 22% in Q2 2025 5. This divergence indicates that order counts are increasing far more rapidly than the total value of sales, suggesting a shift toward smaller average ticket sizes or higher frequency of lower-value transactions 5. While the provided facts detail these volume and value dynamics for the marketplace, they do not contain specific data comparing these metrics directly against direct sales, traditional retail, or commission deals 14. Consequently, the evidence only partially addresses the question by highlighting the specific growth patterns within the marketplace segment 13.
Checked 2026-10-14. Only documented and supported facts are used.
Dig deeper on this questionSources
[1] documented
Kaspi's Marketplace take rate rose by 80 basis points year-over-year in both the third quarter and the first nine months of 2025.
"Marketplace take rate up 80bps YoY in both 3Q and 9M 2025."6-K Joint Stock Co Kaspi.kz (KSPI) (CIK 0001985487) 2025-11-10
[2] supported
Marketplace purchases rose 35% year-over-year in the second quarter of 2025, with demand led by e-Commerce including e-Grocery.
"During 2Q 2025, Marketplace purchases increased 35% year-over-year."6-K Joint Stock Co Kaspi.kz (KSPI) (CIK 0001985487) 2025-08-04
[3] documented
Marketplace purchases (the number of consumer purchase transactions) rose 48% year-over-year in 4Q 2024 and 42% for full-year 2024.
"During 4Q and FY 2024, Marketplace purchases increased 48% and 42% year-over-year respectively."6-K Joint Stock Co Kaspi.kz (KSPI) (CIK 0001985487) 2025-02-24
[4] documented
In m-Commerce, GMV grew 12% year-over-year to KZT730 billion in 3Q 2025, while the take rate increased from 9.0% to 9.2%.
"During 3Q 2025 m-Commerce GMV increased 12% year-over-year to KZT730 billion, while take rate increased to 9.2% from 9.0% in the same period in 3Q 2024."6-K Joint Stock Co Kaspi.kz (KSPI) (CIK 0001985487) 2025-11-10
[5] documented
e-Commerce purchases jumped 89% year-over-year in Q2 2025, while e-Commerce GMV rose only 22%, meaning order counts grew far faster than gross merchandise value.
"In 2Q 2025, e-Commerce demand was strong with purchases up 89% year-over-year. e-Commerce GMV increased 22% year-over-year to KZT747 billion."6-K Joint Stock Co Kaspi.kz (KSPI) (CIK 0001985487) 2025-08-04
[6] documented
Marketplace GMV grew 39% year-over-year in 4Q 2024 to KZT1.9 trillion.
"In 4Q 2024, Marketplace GMV increased 39% year-over-year to reach KZT1.9 trillion."6-K Joint Stock Co Kaspi.kz (KSPI) (CIK 0001985487) 2025-02-24
[7] supported
Country-wide supply-side disruption in smartphones reduced year-over-year GMV and revenue from smartphones, while the rest of the business grew faster.
"However, country wide supply side disruption continues to result in lower year-on-year GMV and revenue from smartphones."6-K Joint Stock Co Kaspi.kz (KSPI) (CIK 0001985487) 2025-11-10
[8] supported
The e-Commerce take rate (the commission Kaspi earns on sales) rose to 12.5%, driven by advertising and delivery revenue rather than the base sale.
"e-Commerce’s take rate increased 120 bps and 130 bps year-over-year in 2Q and 1H 2025 to 12.5% for both periods, due to fast growth in both advertising and delivery revenue."6-K Joint Stock Co Kaspi.kz (KSPI) (CIK 0001985487) 2025-08-04
[9] supported
Payments transaction volume grew faster than payments value because the average ticket size fell, as households used the payments platform for more small day-to-day transactions.
"TPV growth below transactions growth reflects lower average ticket size year-over-year, as households use Payments Platform for more of their day-to-day transactions."6-K Joint Stock Co Kaspi.kz (KSPI) (CIK 0001985487) 2025-02-24
[10] supported
Kaspi Travel's GMV rose 13% year-over-year to KZT146 billion in 3Q 2025, and its take rate increased by 50 bps to 5.0%, driven by international Kaspi Tours.
"Take rate increased by 50 bps year-over-year to 5.0%, due to growth in international Kaspi Tours."6-K Joint Stock Co Kaspi.kz (KSPI) (CIK 0001985487) 2025-11-10
[11] documented
Marketplace take rate climbed to 10.2% from 9.5% a year earlier, as value-added services such as delivery, advertising and classifieds lifted commissions.
"Valued-added services revenue including Kaspi Delivery, Advertising and Classifieds contributed to Marketplace take rate increasing to 10.2% in both 2Q and 1H 2025 up from 9.5% in the same periods in 2024."6-K Joint Stock Co Kaspi.kz (KSPI) (CIK 0001985487) 2025-08-04
[12] supported
Marketplace revenue grew much faster than GMV in 4Q 2024 (43% versus 39%) because the marketplace take rate rose, driven by value-added services.
"With Marketplace Take Rate up year-over-year, 4Q 2024 Marketplace revenue grew significantly faster than Marketplace GMV and was up 43% year-over-year to KZT235 billion."6-K Joint Stock Co Kaspi.kz (KSPI) (CIK 0001985487) 2025-02-24
[13] supported
Marketplace revenue grew faster than GMV, rising 24% year-over-year in 3Q 2025 versus 12% GMV growth, with the take rate increase and e-Grocery growth as drivers.
"With Marketplace take rate up year-over-year and e-Grocery growing fast, 3Q and 9M 2025 Marketplace revenue grew faster than Marketplace GMV growth and was up 24% and 27% year-over-year respectively."6-K Joint Stock Co Kaspi.kz (KSPI) (CIK 0001985487) 2025-11-10
[14] documented
DSW Inc. acts as the principal in its supply agreements with retailers like Stein Mart, Frugal Fannie's, and Gordmans, meaning it owns the merchandise and records sales net of returns, while the retailers act as agents providing sales associates and space.
"As the principal, the Company owns the merchandise and the fixtures and records sales of merchandise, net of returns and excluding sales tax at the point of sale to the end customer. As the agent, the ABG retailers provide the sales associates and retail space."CORRESP DSW Inc. (DBI) (CIK 0001319947) 2015-11-05
[15] documented
Under the supply agreements with ABG retailers, DSW Inc. is responsible for selecting the footwear assortment, fulfilling inventory, and setting prices for both in-store and online sales.
"Furthermore, the Company is responsible for selecting the footwear assortment, inventory fulfillment, and pricing at all in-store locations and online."CORRESP DSW Inc. (DBI) (CIK 0001319947) 2015-11-05
[16] documented
DSW Inc. pays a percentage of net sales to the ABG retailers as rent, which is recorded as an occupancy expense within cost of sales.
"The Company pays a percentage of net sales as rent, which is included in cost of sales as occupancy expense."CORRESP DSW Inc. (DBI) (CIK 0001319947) 2015-11-05
[17] documented
DSW Inc. closed all four Yellow Box test stores during fiscal 2015, having previously operated them as mall-based branded specialty retail stores where ABG owned the merchandise and fixtures.
"Please note the Company closed all four Yellow Box test stores during fiscal 2015. Prior to closure, ABG operated the mall-based branded specialty retail stores under the banner of Yellow Box footwear. ABG owned the merchandise and the fixtures, and recorded sales of merchandise, net of returns."CORRESP DSW Inc. (DBI) (CIK 0001319947) 2015-11-05
[18] documented
DSW Inc. accounts for royalty fees paid by its equity investee Town Shoes as net sales, with the royalty amount being less than 0.01% of DSW Inc.'s net sales for the fiscal year ended January 31, 2015.
"DSW accounts for the royalty fee as net sales. For the fiscal year ended January 31, 2015 and the six months ended August 1, 2015, the royalty fee was less than 0.01% of DSW Inc.’s net sales."CORRESP DSW Inc. (DBI) (CIK 0001319947) 2015-11-05