Shopify Statistics: A Deep Dive into the Platform’s Growth and Impact

Shopify has established itself as one of the leading e-commerce platforms worldwide, empowering businesses of all sizes to create, manage, and grow their online stores. With its user-friendly interface and comprehensive suite of tools, Shopify has become a go-to solution for millions of merchants. Let’s explore the latest Shopify statistics and insights that highlight the platform’s incredible growth.  

General Shopify Statistics  

Currently, over 4 million live e-commerce websites are built and powered by Shopify, with around 3 million of those located in the United States. This significant presence highlights Shopify’s dominance in the e-commerce space, particularly in North America. In fact, Shopify holds 10.32% of the global e-commerce software market share and commands the loyalty of 30% of all U.S. websites using e-commerce technologies. In the first half of 2024, only 2.2% of businesses migrated from Shopify, demonstrating the platform’s strong customer retention. 

The platform’s success is reflected in its financial performance. Shopify generated over $7 billion in total revenues worldwide in 2023, with a gross profit of $3.5 billion. Additionally, Shopify’s market capitalization in 2024 has reached $96.35 billion. This impressive financial standing is further emphasized by its gross merchandise volume (GMV), which totaled $235.9 billion in 2023, contributing to a cumulative $886 billion in e-commerce sales since its inception in 2006. Shopify has also contributed to $444 billion in global economic activity. With a market cap of $82 billion, Shopify is the 7th biggest online service in the world.  

Shopify Plus, designed for enterprise-level businesses, is also gaining traction with nearly 50,000 active stores. Consumers are increasingly engaging with Shopify-powered stores, as evidenced by the 675 million buyers who made purchases in 2023. Notably, 61 million consumers shopped on Shopify sites during Black Friday and Cyber Monday alone.  

The diversity of product offerings on Shopify is evident, with 528,255 stores selling apparel, making it the most popular product category. Home and garden is the second most popular category, with 229,263 stores. Despite its scale, Shopify remains a vital resource for small businesses, with 66% of store owners generating less than $50 million in annual revenue. The platform’s user engagement is equally robust, with an average of 2.1 million active users per day and 25 million new leads registering for a Shopify free trial in 2023. Shopify’s workforce has grown to include 8,300 employees and contractors, further supporting its global presence. 

Shopify Store Stats  

With over a million businesses relying on Shopify for their e-commerce needs, the platform’s geographic reach is expansive. The United States leads with 3.01 million stores, followed by the United Kingdom with 212,903 stores, Australia with 154,625 stores, and Canada with around 112,507 stores. Shopify Plus, tailored for enterprise-level businesses, has over 50,000 live websites, reflecting its growing appeal to larger organizations.  

Some of the biggest global brands, including Tesla, Sephora, and Nestlé, have established their online presence through Shopify. Moreover, fashion merchants dominate the platform, with over 500,000 apparel stores, making fashion the most common category. Home and garden products follow closely, with 229,263 stores in this sector. It’s also important to note that 81% of Shopify companies have plans to increase product prices due to inflation.  

Shopify’s popularity extends to country-specific domains, with around 85,000 .co websites using the platform. In Canada, Shopify claims a remarkable 31% market share, cementing its position as the country’s leading e-commerce solution.  

Shopify Plus Statistics  

Shopify Plus has emerged as a preferred choice for enterprise-level merchants. Around 50,000 websites currently use Shopify Plus, with the United States leading the way with 25,413 stores. The United Kingdom and Australia follow with 3,285 and 3,056 stores, respectively. Canada ranks close behind with 2,835 Shopify Plus sites. 

This enterprise-focused solution has experienced a consistent growth rate, with Shopify Plus stores increasing by 2.6% quarter-over-quarter in Q4 of 2023. This growth demonstrates the platform’s appeal to larger businesses seeking robust, scalable e-commerce solutions.  

Shopify Revenue Statistics  

Shopify’s revenue has shown consistent growth, reaching $6.068 billion by the third quarter of 2024, a 2.57% year-over-year increase. In Q3 alone, Shopify generated $2.161 billion in revenue. The company’s growth rate significantly outpaces the global e-commerce growth rate, further solidifying its leadership position.  

Monthly recurring revenue in 2023 stood at $141 million, and the average Shopify store generates $67,000 annually. Shopify’s stock has also experienced remarkable growth, surging from $10.10 in December 2017 to $64.6 in July 2023, reflecting investor confidence in the company’s ongoing success. 

Additionally, Shopify has over 8,000 employees, supporting its expansive operations and growth strategy. Notably, 69% of online sales during Black Friday and Cyber Monday occurred through Shopify merchants, emphasizing the platform’s role in seasonal shopping surges. Shopify also maintains strong customer retention, with an average returning customer rate of 27%.  

Regional revenue distribution highlights North America as Shopify’s largest market, contributing 71% of total revenue. Within North America, the U.S. alone accounted for 66% of revenues, with the remaining 5% derived from Canada. Other regions, including Europe, the Middle East, Africa, Asia Pacific, and Latin America, collectively accounted for 29% of Shopify’s revenue in 2023.  

Shopify Financial Statistics 

Shopify’s financial growth has remained steady across 2024. In the first quarter, revenue reached $1.9 billion, reflecting a 23% year-over-year increase. Merchant solutions revenue accounted for $1.4 billion, while subscription solutions grew by 34% to $511 million. GMV reached $60.9 billion, with Gross Payments Volume hitting $36.2 billion, making up 60% of GMV.  

In the second quarter, Shopify saw a 21% year-over-year increase in revenue, totaling $2 billion. Merchant solutions revenue reached $1.5 billion, and subscription solutions climbed to $563 million, a 27% increase. GMV grew to $67.2 billion, while monthly recurring revenue hit $169 million, with Shopify Plus contributing $52 million to this figure.  

The third quarter saw further growth, with revenue at $2.16 billion, marking a 26% increase. Merchant solutions revenue reached $1.5 billion, and subscription solutions totaled $610 million. GMV rose to $69.72 billion, while monthly recurring revenue reached $175 million.  

By the fourth quarter, Shopify generated $2.81 billion in revenue, achieving consistent year-over-year growth across all financial metrics. Merchant solutions revenue totaled $2.1 billion, while subscription solutions revenue reached $1.62 billion. The platform handled $94.46 billion in gross merchandise volume, while monthly recurring revenue stood at $178 million. This steady expansion highlights Shopify’s resilience and continued appeal among businesses of all sizes.  

Shopify Market Share  

Shopify has established itself as a dominant force in the e-commerce industry, holding a significant market share. Currently, Shopify’s market share is 10.32%, meaning one out of every ten e-commerce stores is built on the platform. This substantial presence highlights Shopify’s popularity among online retailers.  

While WordPress remains the leader with a 43.1% market share, Shopify holds a notable second position with 4.1% of the market. Additionally, Shopify ranks as the fourth-largest e-commerce software worldwide, solidifying its influence in the industry. In the U.S., Shopify’s dominance is even more apparent, powering 30% of online stores, making it the most widely used e-commerce platform in the country. This strong market presence underscores the trust and reliability that businesses place in Shopify for their online operations. 

Shopify Usage Statistics  

The versatility of Shopify makes it suitable for a wide range of businesses, from small startups to large enterprises. With over 4.4 million live websites running on Shopify, including more than 25,000 using Shopify Plus, the platform continues to grow in popularity. Businesses across various industries leverage Shopify to create user-friendly online stores and manage their e-commerce operations efficiently. 

Top Business Verticals Using Shopify 

 In the United States, USPS, UPS, and FedEx are among the top shipping carriers used by Shopify stores. The convenience and reliability of these shipping providers make them a preferred choice for businesses to ensure timely deliveries. Shopify’s partnerships with these major carriers offer merchants flexible shipping options and competitive rates.  

Shopify App Statistics 

Enhancing functionality and streamlining store management are made easy with the extensive selection of apps available on the Shopify App Store. With over 13,000 apps available, merchants have a wealth of tools at their fingertips to optimize their e-commerce operations. From product reviews to search engine optimization (SEO) and popups, the top app categories cover essential business needs.  

The average cost of a Shopify app plan is approximately $64.78 per month, providing affordable solutions for businesses of all sizes. Among the 6,270 unique app developers contributing to the Shopify ecosystem, Hextom, Privy Operations, and Judge.me are among the most successful, boasting the highest number of aggregate reviews. Notably, 87% of Shopify merchants use at least one Shopify app to enhance their store’s functionality and performance, further illustrating the value these apps provide.  

Market Your Shopify Store  

Successfully operating an e-commerce store requires more than just a great platform—it also involves strategic marketing. Optimizing your store for search engines and creating a seamless shopping experience can help you stand out from the competition. If you’re looking to improve your Shopify store’s visibility and performance, consider exploring Shopify SEO and Shopify e-commerce development services.  

By leveraging these services, you can ensure your Shopify store is not only functional but also optimized for maximum growth and success in the competitive e-commerce landscape.