Net Revenues

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Net Revenues

Net Revenues

Details of total net revenues were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Net retail sales	$	3,994,506	$	2,421,448	$	7,801,549	$	4,657,910
Third-party merchant services	430,231		162,499		781,165		314,011
Other revenue	53,377		30,133		102,260		55,418
Total net revenues	$	4,478,114	$	2,614,080	$	8,684,974	$	5,027,339

This level of revenue disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Net retail sales are recognized from online product sales to consumers. Third-party merchant services represent commissions, advertising, and delivery fees earned from merchants that sell their products through the Company’s online business. Other revenue includes revenue earned from our various other offerings.

Contract liabilities consist of deferred revenue and liabilities from customer loyalty credits, which are included in accrued expenses on the condensed consolidated balance sheets. The Company recognized revenue of $60 million and $27 million for the six months ended June 30, 2021 and 2020, respectively, which were included in deferred revenue on the consolidated balance sheets as of December 31, 2020 and 2019, respectively. Revenue recognized from customer loyalty program liabilities as of December 31, 2020 and 2019 were not material for the six months ended June 30, 2021 and 2020, respectively.