Shopify Statistics: A Data-Driven Look At Its Growth

In this article, we are going to embark on a data-driven journey into the phenomenal growth of Shopify, where numbers tell the captivating story of its dominance in online retail.

Shopify: Key Statistics

• Shopify is used by over 4.36 million websites in more than 175 countries, with a strong presence in the United States, where 62% of its stores are based.
• In the first two quarters of 2023, Shopify reported a revenue of $3.202 billion and a GVM of $104.6 billion.
• From its founding until the present day, Shopify has facilitated more than $700 billion in sales.
• As of September 2023, Shopify boasts a market capitalization of $82.4 billion, making it a significant player in the global e-commerce market.
• Shopify’s platform attracts a substantial number of buyers, predicting over 700 million customers in 2023. 
• A wide range of over 8,500 applications is available on the Shopify App Store, serving diverse sectors for businesses.

Shopify Store Statistics

Shopify has firmly established itself as a powerhouse in the world of e-commerce, with a staggering 4.5 million live websites and online stores currently utilizing its platform, according to Builtwith. However, this is just the tip of the iceberg regarding the platform’s historical reach of 17 years, as a total of 6.95 million websites have leveraged Shopify so far.

Perhaps the most striking statistic is the exponential growth of Shopify stores, which soared by over 200% between March 2020 and January 2022. This surge can be attributed to the global COVID-19 pandemic, which forced many traditional ‘offline’ retailers to pivot and establish an online presence through Shopify.

The cumulative number of Shopify users for the last 10 years.

Shopify approaches merchants from more than 175 countries worldwide. However, The geographical distribution of Shopify users is also noteworthy, with approximately 62% of domains using Shopify originating from the United States (nearly 2.8 million stores).

Shopify has stated that it is the third-largest online retailer in the United States, following Amazon and eBay.

Following the USA, the United Kingdom and Australia are the next in line with a significant distance. The second rank is less than the top 1 of a million number.

Top 12 Shopify countries by website number

Source: Builtwith

Shopify Plus Store Statistics

Shopify Plus, designed to cater to high-volume online businesses, offers an enterprise-grade solution with monthly subscription prices starting at $2,000.

As claimed by Builtwith, the number of operational Shopify Plus stores currently stands at 32,341 live websites. 

A significant portion of 18,778 Shopify Plus stores are based in the United States. This statistic underscores the platform’s dominance among U.S.-based large enterprises. The United Kingdom, which represents one of Shopify’s significant markets just behind the US, hosts 2,175 stores.

The top 10 countries with the most Shopify Plus stores.

Source

Shopify Plus market share by country distribution

Shopify Plus stores notably hold a prominent presence, accounting for 0.56% of the top one million Internet sites. This statistic reflects the platform’s relevance and impact on the global online business landscape.

Top 1 million e-commerce sites by platform share

Source

Shopify Customer Statistics

The trusted source of statistics reports that nearly 649 million people purchased from Shopify stores in 2022 is impressive and is more than two times higher compared to 2019 (about 300 million).

The prediction that Shopify merchants will collectively serve over 700 million customers in 2023 is a testament to the platform’s immense popularity and growth trajectory.  It underscores Shopify’s role as a preferred choice for businesses looking to tap into the vast e-commerce market.

Number of Shopify customers over the years

Shopify Daily Active Users

In January 2023, Shopify recorded over 3 million Daily Active Users (DAUs), with peak usage typically occurring during weekends and holidays.

Shopify’s significant daily user base highlights the platform’s role as a critical tool for businesses’ day-to-day operations. These users rely on Shopify to manage their online storefronts, process transactions, and access various e-commerce features. 

Shopify GMV (Gross Merchandise Volume)

In the second quarter of 2023, Shopify recorded a GMV of $55 billion. This represents a notable increase of $8.2 billion compared to the same quarter in the previous year. Shopify’s GMV for the first two-quarters of 2023 stands at a substantial $104.6 billion. 

The GMV for the entirety of 2022 reached $197.2 billion, marking a 12% increase compared to the previous year. This steady year-over-year growth is indicative of Shopify’s enduring appeal to businesses and its capacity to adapt to changing market dynamics.

Shopify’s Gross Merchandise Volume over the years

Shopify Revenue Statistics

In the first two quarters of 2023, Shopify generated a significant revenue of $3.2 billion, which increased 31% to $1.7 billion compared to the prior year (2.49 billion in June 2022). This indicates a robust financial start to the year.

Comparing the total revenue for 2022, which amounted to $5.6 billion, with the previous year’s revenue shows a notable increase of 23%.

Shopify’s revenue over the years

Source: Shopify

Revenue From Subscription Plans

Shopify’s revenue from subscription plans is derived from the monthly fees that its merchant users pay for access to the platform’s suite of e-commerce tools and services. These subscription plans are structured with a range of options, starting at $39 per month and scaling up to $399 per month (monthly bill) for standard plans, with a higher-tier option called Shopify Plus for larger businesses.

In the last reported quarter (Q2 2023), revenue from subscription plans reached $444.00 million. This figure represents a substantial 21% year-over-year increase compared to the same quarter in the previous year ($366.40 million). The total revenue from subscription solutions is $826 billion in the first half of 2023.

Over the course of the entire year 2022, Shopify’s revenue from subscription plans amounted to $1,487 million, marking an 11% increase compared to the previous year’s revenue of $1,342 million in 2021. 

Shopify’s Subscription Plans Revenue over the Years

Source: Shopify

Revenue from Payment processing fees, Referral fees, advertising & POS hardware sales

Shopify’s revenue from its merchant solutions, encompassing various sources, including payment processing fees, transaction fees, referral fees from partners, and sales of point-of-sale (POS) hardware, reflects the stable income generated from the various services and products offered to its merchants.

In the most recent quarter (Q2 2023), Shopify reported merchant solutions revenue of $1,250 million, representing a substantial 35% year-over-year growth compared to the same quarter in the previous year ($928.60 million). In the initial two quarters of 2023, Shopify generated $2.4 billion in this sector.

Over the course of the entire year 2022, merchant solutions revenue reached $4,112 million, marking a robust 26% increase from the previous year’s revenue of $3,269 million in 2021.

Shopify’s Merchant Solution Revenue over the years

As more businesses opt for Shopify as their e-commerce solution, this revenue stream will likely grow immensely.

Shopify Revenue By Region

These revenue statistics by region reveal Shopify’s significant dependence on the North American market, where it generates the majority of its income, accounting for the highest share of Shopify’s revenue, comprising a substantial 73.3% of the total. The revenue from this region amounted to an impressive $2.15 billion in 2022, underscoring the significance of the United States, Mexico, and Canada as primary revenue contributors for Shopify.

The Europe, Middle East, and Africa regions contributed the second-highest portion of Shopify’s revenue, comprising 15.5% of the total.

Shopify’s revenue in different regions

Shopify Market Capitalization

In September 2023, Shopify boasted a market capitalization of $82.40 billion, positioning it as the 173rd most valuable company globally by market capitalization based on the companiesmarketcap data.

Shopify’s market capitalization over the years

Shopify Payments Statistics

Approximately 2.63 million merchants trust Shopify Payments to handle their payment processing needs.

In the last reported quarter (Q2 2023), Shopify Payments processed transactions totaling $31.68 billion. This figure represents a notable 27% year-over-year increase compared to the same quarter in the previous year ($24.90 billion).

Looking at the annual data for 2022, Shopify Payments processed a total volume of $106.10 billion, reflecting a solid 24% increase from the previous year’s total of $85.80 billion in 2021. 

Shopify Gross Payments Volume Quarterly from 2021

The fact that millions of merchants use Shopify Payments highlights the trust and confidence businesses have in this payment processing service. This trust is built on factors such as security, reliability, and the convenience of using Shopify Payments.

Shopify Payments is currently available in 23 countries, which are Australia, Austria, Belgium, Canada, Czechia, Denmark, Finland, France, Germany, Hong Kong SAR, Ireland, Italy, Japan, the Netherlands, New Zealand, Portugal, Romania, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

Popular Categories on Shopify

“Fashion” stands out as the most popular category on Shopify, with over 100 thousand stores dedicated to selling fashion-related products. This non-outdated industry is expected to continue growing and making a boom in the near future.

Shopify’s most popular categories as of 2023

Shopify Application Statistics

Shopify’s app store boasts an extensive collection of over 8,500 apps, available until 2023. This wide selection provides businesses with a rich ecosystem of tools and solutions to enhance their online stores, streamline operations, and improve the customer experience.

The most popular category among Shopify apps is ‘marketing and conversion,’ with nearly 2,500 apps available. Following closely are ‘store management’ apps, ‘store design’ apps, and ‘orders and shipping’ apps.

Between 2019 and 2020, there was remarkable growth, marked by the introduction of more than 2,000 new apps in just a year.

The number of Shopify apps over the years

Additional Facts and Figures Associated With Shopify

In addition to the previously highlighted statistics, this section delves deeper into various facets of Shopify, providing a more comprehensive view of the platform’s impact.

• Shopify’s demographic statistics reveal that the largest user segment falls within the age range of 25 to 34 years, accounting for 34.48% of the user base. The average age of users is 30.
• Over 2 billion individuals worldwide engage in online shopping, predominantly via smartphones.
• Shopify’s user base comprises 50.33% female users and 49.67% male users.
• Among various social media platforms, YouTube has the highest referral rate to shopify.com at 44.06%, surpassing other social networks.
• In the Shopify App Stores, apps were installed nearly 25 million times. 
• Within Shopify, the integration of 3D product images has been shown to boost conversion rates by an impressive 250 times.
• More than 100 premium and free themes are available in the Shopify Theme Store. Over 12,000 stores are currently using their custom themes on Shopify.
• The company is committed to sustainability and environmental responsibility. Shopify announced plans to invest $5 million annually in various sustainability initiatives.

Bottom Line

In summary, the Shopify statistics for 2023 demonstrate the platform’s continued growth, global reach, and diverse offerings, with the trust of more than four million businesses.

With millions of active users, a thriving app ecosystem, and a strong presence in various regions, Shopify remains a leading force in the world of e-commerce. Its commitment to sustainability and strategic partnerships further solidify its position as a versatile and forward-thinking e-commerce solution.