Amazon.com (AMZN) could be responsible for close to a third of all U.S. e-commerce transactions, RBC Capital analyst Stephen Ju asserted in a research note this morning. Ju notes that Amazon’s reported revenues consist of a mix of gross revenues from its own businesses plus net third-party commissions. To date, he notes, Amazon has not given a breakdown of the two numbers, other than as a percentage of units shipped. The question, he says, is how much third-party gross merchandise value is flowing through Amazon’s platform–and what slice of all e-commerce Amazon is actually facilitating.

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