Direct GMV is the sales generated directly from your videos, LIVEs or product cards, and it includes refunded orders. GMV, gross merchandise value, is broader: it counts all orders placed within 14 days of someone clicking a product in your content, including purchases made through other channels like the Shop Tab.
Why GMV and commissions can look out of step
Because Direct GMV includes refunds, and because GMV can update before commissions are confirmed, you can see a GMV figure without a matching commission payout yet. Neither figure changes what you earn from your links: Soco never takes any of your commissions.
Next steps
Where these numbers show up: