Naver’s Commerce Engine Is Firing — But Why Is GMV Falling?

The first quarter of 2025 marked the debut of performance metrics for Naver’s new AI-powered shopping app, Naver Plus Store. While Naver delivered strong revenue growth across commerce segments, one key figure told a more complex story: gross merchandise volume (GMV) showed only modest growth year-over-year and declined from the previous quarter. What’s really driving the performance of Naver’s commerce play?

1️⃣ Point of View | What’s Changed

Revenue surged, but GMV stumbled — Naver’s commerce growth looks two-faced.

Naver's AI-based personalization engine and platform integration strategy produced double-digit growth in commerce revenue, including ads, memberships, and transactions. However, GMV — the total value of goods sold — rose only 4.9% YoY and declined QoQ, revealing a disconnect between monetization and actual commerce volume.