Shopify Revenue and Growth Statistics (2023)
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Amazing Facts About Shopify
- Shopify is the world's leading e-commerce platform.
- Over 4.36 million websites are currently using Shopify.
- Shopify ranks 5th among top public SaaS companies in the U.S.
- 16% of Amazon sellers are also using Shopify
- Shopify has a 10.3% share in the global e-commerce tech market
- Shopify Pay Installments has a 13.8% share in online payment processing technologies
Shopify Overview
| Key stat | Info |
|---|---|
| Founder(s) | Tobias Lütke, Scott Lake, and Daniel Weinand |
| Founded | 2006 |
| Headquarters | Ottawa, Canada |
| Industry | E-commerce |
| CEO (current) | Tobias Lütke |
| Service Area | Worldwide |
| Website | http://www.shopify.com/ |
Shopify Market Cap
In 2023, Shopify's market cap stands at $66.07 billion, marking a 49.65% increase from the previous year. This follows a significant drop in 2022, which saw a -74.26% change compared to 2021. Over the years, Shopify has experienced notable growth since 2015 when its market cap was $2.05 billion.
| Year | Shopify Market cap | Change (%) |
|---|---|---|
| 2023 | $66.07 billion | 49.65% |
| 2022 | $44.15 billion | -74.26% |
| 2021 | $171.57 billion | 24.86% |
| 2020 | $137.41 billion | 198.61% |
| 2019 | $46.01 billion | 200.74% |
| 2018 | $15.30 billion | 52.39% |
| 2017 | $10.04 billion | 163.81% |
| 2016 | $3.80 billion | 85.25% |
| 2015 | $2.05 billion |
Source: Global Ranking
Shopify Market Share
Shopify commands a 10.32% market share in the e-commerce platform industry, making it a significant player alongside leaders like WooCommerce.
| E-Commerce Platforms | Market share |
|---|---|
| WooCommerce | 38.74% |
| Woo Themes | 14.95% |
| Squarespace Online Stores | 14.67% |
| Shopify | 10.32% |
| WixStores | 8.09% |
| Others | 13.22% |
Source: Statista
Shopify Revenue
In 2022, Shopify's revenue totalled $5.6 billion, a substantial increase from $205.23 million in 2015, illustrating impressive growth over the years.
| Year | Shopify Revenue |
|---|---|
| 2022 | $5.6 billion |
| 2021 | $4.61 billion |
| 2020 | $2.92 billion |
| 2019 | $1.59 billion |
| 2018 | $1.07 billion |
| 2017 | $673.3 million |
| 2016 | $389.33 million |
| 2015 | $205.23 million |
Source: Statista
Shopify revenue by segment
In 2022, Shopify earned $1.4 billion from subscriptions and $3 billion from merchant solutions, showing significant growth in both segments.
| Year | Subscription Solutions | Merchant Solutions |
|---|---|---|
| 2022 | $1.49 billion | $4.11 billion |
| 2021 | $1.34 billion | $3.27 billion |
| 2020 | $908.8 million | $2.02 billion |
| 2019 | $642.2 million | $935.9 million |
| 2018 | $465 million | $608 million |
| 2017 | $310 million | $363.3 million |
| 2016 | $188 million | $200.7 million |
| 2015 | $112 million | $93.25 million |
Source: Statista
Shopify Gross Merchandise Value (GMV)
Shopify's Gross Merchandise Value (GMV) hit $49.6 billion in Q1 2023, with significant growth. In 2022, GMV was $197.3 billion, and in 2021, it reached $175.4 billion, demonstrating Shopify's popularity among online shoppers.
GMV, or Gross Merchandise Value, represents the total value of orders made on Shopify, including revenue-sharing arrangements, and covers all costs like shipping, taxes, and refunds.
| Year | Shopify GMV |
|---|---|
| Q1 2023 | $49.6 billion |
| 2022 | $197.3 billion |
| 2021 | $175.4 billion |
| 2020 | $119.5 billion |
Source: Statista
Shopify Gross Payments Volume (GPV)
Shopify's Q1 2023 GPV: $27.5 billion. GPV shows payments processed through Shopify Payments.
| Characteristic | Shopify GPV |
|---|---|
| Q1 2023 | $27.5 billion |
| 2022 | $106.1 billion |
| 2021 | $85.8 billion |
| 2020 | $53.8 billion |
Source: Statista
Is Shopify Profitable? (Profit/Loss)
In 2022, Shopify had a net loss of $3.46 billion, a shift from previous profits. In 2020, the company achieved its first net income, with profits increasing significantly since then.
| Year | Shopify Profit/Loss |
|---|---|
| 2022 | $-3.46 billion |
| 2021 | $2.91 billion |
| 2020 | $319.51 million |
| 2019 | -$124.84 million |
| 2018 | -$64.55 million |
| 2017 | -$40 million |
| 2016 | -$35.36 million |
| 2015 | -$18.79 million |
Source: Statista
What is Shopify’s share price?
Shopify's share price has varied over the years. In 2023 (Jan - July), it was $49.27 - $64.6. While in 2022 (Jan - Dec) its was $96.42 - $34.71.
| Year | Shopify Share Price |
|---|---|
| 2023 (Jan - July) | $49.27 - $64.6 |
| 2022 (Jan - Dec) | $96.42 - $34.71 |
| 2021 (Jan - Dec) | $109.86 - $137.74 |
| 2020 (Jan - Dec) | $46.57 - $113.2 |
| 2019 (Jan - Dec) | $16.85 - $39.76 |
| 2018 (Jan - Dec) | $12.79 - $13.85 |
| 2017 (Dec) | $10.1 |
Source: Statista
What’s Shopify’s Earnings Per Share (EPS)?
Shopify's earnings per share (EPS) for 2022 were -$2.73, a significant change from the previous year's $2.29. In 2020, it was $0.26; in 2019, it stood at -$0.11.
| Year | Shopify Annual EPS |
|---|---|
| 2022 | $-2.73 |
| 2021 | $2.29 |
| 2020 | $0.26 |
| 2019 | $-0.11 |
| 2018 | $-0.06 |
| 2017 | $-0.04 |
| 2016 | $-0.04 |
| 2015 | $-0.03 |
Source: Macrotrend
Shopify's Research and Development Worldwide Expense
In 2022, Shopify's R&D spending was $1.5 billion, a notable increase from previous years.
| Year | Shopify R&D Expense |
|---|---|
| 2022 | $1.5 billion |
| 2021 | $854.38 million |
| 2020 | $552.13 million |
| 2019 | $355.02 million |
| 2018 | $230.67 million |
| 2017 | $136 million |
| 2016 | $74.34 million |
| 2015 | $39.72 million |
Source: Statista
What country has the most Shopify stores?
In July 2023, the United States had over one million Shopify online stores, far ahead of other countries. The United Kingdom, Canada, and Australia each had more than 100,000 stores. Italy and the Netherlands also made the top ten list.
| Country | Number of Shopify stores |
|---|---|
| United States | 1,002,520 Shopify stores |
| United Kingdom | 162,935 Shopify stores |
| Canada | 122,246 Shopify stores |
| Australia | 108,573 Shopify stores |
| Brazil | 81,514 Shopify stores |
| Germany | 71,264 Shopify stores |
| France | 62,592 Shopify stores |
| India | 45,781 Shopify stores |
| Italy | 37,576 Shopify stores |
| Netherlands | 31,847 Shopify stores |
Source: Statista
Most Visited Shopify Stores
The most visited Shopify store, colourpop.com, had an Alexa traffic rank of 3,311. jeffreestarcosmetics.com and Fashion Nova's online store followed closely in second and third place, respectively, as of November 2022.
| Website | Most Visited Shopify Store (Alexa Score) |
|---|---|
| colourpop.com | 3,311 |
| jeffreestarcosmetics.com | 4,262 |
| fashionnova.com | 5,015 |
| reddressboutique.com | 8,014 |
| gymshark.com | 9,848 |
| cupshe.com | 15,785 |
| omaze.com | 16,579 |
| mnml.la | 17,065 |
| yeezysupply.com | 18,729 |
| kith.com | 18,733 |
| fangamer.com | 19,971 |
| allbirds.com | 20,500 |
| bulletproof.com | 20,676 |
| gfuel.com | 20,869 |
| decathlon.com | 21,640 |
Source: Statista
What industry/niche has the most Shopify stores?
In June 2023, Shopify hosted over 500,000 apparel stores, making it the top category. Home and Garden came next with around 220,000 stores, highlighting Shopify's diverse industry reach.
| Shopify Store Niche | Number of Shopify Stores |
|---|---|
| Apparel | 520,321 Shopify stores |
| Home & Garden | 221,381 Shopify stores |
| Beauty & Fitness | 186,706 Shopify stores |
| Food & Drink | 116,008 Shopify stores |
| People & Society | 68,801 Shopify stores |
| Sports | 62,669 Shopify stores |
| Health | 61,983 Shopify stores |
| Arts & Entertainment | 61,283 Shopify stores |
| Toys & Hobbies | 53,082 Shopify stores |
| Pets & Animals | 40,609 Shopify stores |
| Autos & Vehicles | 36,090 Shopify stores |
| Gifts & Special Events | 35,526 Shopify stores |
| Consumer Electronics | 34,804 Shopify stores |
| Business & Industrial | 31,767 Shopify stores |
| Computers | 28,878 Shopify stores |
| Games | 14,449 Shopify stores |
| Books & Literature | 12,154 Shopify stores |
| Jobs & Education | 10,642 Shopify stores |
| Travel | 8,878 Shopify stores |
Source: Statista
Number of Shopify stores by product sold
As of July 2023, a substantial 621,899 Shopify stores offered 1 to 9 products, while 376,418 stores had between 10 and 24 products available.
| Number of products | Number of Shopify Stores |
|---|---|
| 1 - 9 products | 621,899 Shopify stores |
| 10 - 24 products | 376,418 Shopify stores |
| 25 - 49 products | 290,320 Shopify stores |
| 50 - 99 products | 257,076 Shopify stores |
| 100 - 249 products | 247,903 Shopify stores |
| 250 - 999 products | 197,157 Shopify stores |
| 1000 - 4999 products | 71,052 Shopify stores |
| 5000 - 9999 products | 10,673 Shopify stores |
| 10000 - 24999 products | 6,149 Shopify stores |
| 25000 - 99999 products | 3,564 Shopify stores |
Source: Statista
Leading shipping carriers used by Shopify stores
In July 2023, Shopify stores worldwide preferred USPS, with 149,709 stores using it. UPS and FedEx followed with 94,237 and 63,560 stores, respectively, as their top shipping carriers. These carriers are primarily based in the United States.
| Characteristic | Number of Shopify stores |
|---|---|
| USPS | 149,709 Shopify stores |
| UPS | 94,237 Shopify stores |
| FedEx | 63,560 Shopify stores |
| Royal Mail | 33,346 Shopify stores |
| Correios | 31,345 Shopify stores |
| Australia Post | 27,578 Shopify stores |
| Canada Post | 17,899 Shopify stores |
| DHL | 8,429 Shopify stores |
| Correos | 5,107 Shopify stores |
| PostNord | 3,479 Shopify stores |
Source: Statista
Shopify.com Audience Demographics
Shopify.com audience by gender
On Shopify.com, the audience is fairly balanced in terms of gender, with 49.67% male and 50.33% female users.
| Gender | Distribution |
|---|---|
| Male | 49.67% |
| Female | 50.33% |
Source: Similarweb
Shopify.com audience by age group
| Age Group | Distribution |
|---|---|
| 18 - 24 | 14.72% |
| 25 - 34 | 34.48% |
| 35 - 44 | 21.52% |
| 45 - 64 | 14.81% |
| 55 - 64 | 9.09% |
| 65+ | 5.38% |
Source: Similarweb
Who Founded Shopify?
Shopify was founded by Tobias Lütke, Daniel Weinand, and Scott Lake in 2006. Tobias Lütke is the current CEO of the company. Shopify has since grown to become one of the leading e-commerce platforms in the world, providing tools and services for businesses to create and manage their online stores.
Tobias Lütke Net-Worth
| Year | Tobias Lütke Net-Worth |
|---|---|
| 2023 | $4 billion |
| 2022 | $5 billion |
| 2021 | $9.8 billion |
| 2020 | $3 billion |
| 2019 | $1.6 billion |
| 2018 | $1.2 billion |
Source: Forbes
Shopify Ownership (Shareholders)
| Name | Equities | % | Valuation |
|---|---|---|---|
| Capital Research & Management Co. (World Investors) | 51,091,968 | 4.245 % | 3 397 M $ |
| Klister Credit Corp. | 37,500,000 | 3.116 % | 2 493 M $ |
| The Vanguard Group, Inc. | 35,991,828 | 2.991 % | 2 393 M $ |
| Morgan Stanley Investment Management, Inc. | 34,573,681 | 2.873 % | 2 299 M $ |
| Capital Research & Management Co. (Global Investors) | 24,840,277 | 2.064 % | 1 652 M $ |
| Baillie Gifford & Co. | 22,159,595 | 1.841 % | 1 473 M $ |
| Fidelity Management & Research Co. LLC | 20,057,788 | 1.667 % | 1 334 M $ |
| T. Rowe Price Associates, Inc. (Investment Management) | 20,016,203 | 1.663 % | 1 331 M $ |
| Fidelity Investments Canada ULC | 16,043,892 | 1.333 % | 1 067 M $ |
| JPMorgan Investment Management, Inc. | 15,332,625 | 1.274 % | 1 019 M $ |
Source: MarketScreener
Who are the Key people at Shopify?
| Managers | Title |
|---|---|
| Tobias Lütke | Chief Executive Officer |
| Harley Finkelstein | President |
| Jeff Hoffmeister | Director of Finance/CFO |
| Kasra Nejatian | Chief Operating Officer |
| Allan Leinwand | Chief Tech/Sci/R&D Officer |
| Amy Shih-Hua Feng | Investor Relations Contact |
| Jessica Hertz | General Counsel |
| John Asante | Corporate Officer/Principal |
| Tia Silas | Human Resources Officer |
Source: MarketScreener
Where are Shopify's headquarters and offices located?
| Country | City | Address |
|---|---|---|
| Canada | Ottawa | 151 O’Connor Street, Ground Floor (HQ) |
| United States | Los Angeles | ROW DTLA, 777 S Alameda St Bldg. 1 |
| India | Bengaluru | Cinnabar Hills, Embassy Golf Links Business Park, Challaghatta |
| Ireland | Dublin 4 | 4, Victoria Building, Haddington Rd, Ballsbridge |
| Singapore | Singapore | 77 Robinson Rd, #13 00 Robinson 77 |
| Sweden | Stockholm | Birger Jarlsgatan 58 |
Source: Craft.co
How many employees does Shopify have?
| Year | Shopify Employee |
|---|---|
| 2022 | 11,600 employees |
| 2021 | 10,000 employees |
| 2020 | 7,000 employees |
| 2019 | 5,000 employees |
| 2018 | 4,000 employees |
| 2017 | 3,000 employees |
| 2016 | 1,900 employees |
| 2015 | 1,048 employees |
| 2014 | 632 employees |
Source: Macrotrends
Frequently Asked Questions About Shopify
What exactly is Shopify used for?
Shopify is an e-commerce platform that allows businesses of all sizes to create and manage their own online stores. It offers a wide range of features, including:
- A customizable storefront
- A product catalog
- A payment processing system
- A shipping integration
- Inventory management
- Reporting and analytics
Shopify is a popular choice for businesses of all sizes because it is easy to use and offers a wide range of features. It is also a relatively affordable platform, with plans starting at $29 per month.
How to earn money on Shopify?
How to make money on Shopify:
- Sell products online, including physical products, digital products, and services.
- Dropship products without carrying any inventory.
- Start a membership site where people pay to access exclusive content or services.
- Sell digital products that can be downloaded or streamed online.
- Provide services, such as consulting, coaching, and design.
Where is Shopify used most?
Shopify is used in over 175 countries around the world, but it is most popular in the United States. In 2022, over 60% of Shopify stores were based in the US.
Shopify is also popular in other countries, such as Canada, the United Kingdom, Australia, and Germany. However, the US is by far the largest market for Shopify.
Is Shopify good for beginners?
Yes, Shopify is a good platform for beginners. It is easy to use, offers a wide range of features and integrations, and has a strong community of users and developers.
Here are some tips for beginners using Shopify:
- Start with a free trial.
- Choose a theme.
- Add your products.
- Set up your payment processing and shipping.
- Market your store.
- Provide excellent customer service.
How much does Shopify take per sale?
Shopify's transaction fees depend on your plan and payment method:
- Shopify Payments: No extra transaction fees.
- External Payment Gateways: Varies by plan (e.g., 2% for Basic Shopify). Check Shopify's site for current rates.
How much does Shopify cost per month?
Shopify offers three main pricing plans: Basic Shopify, Shopify, and Advanced Shopify. The cost of each plan per month is as follows:
| Plan | Monthly Cost |
|---|---|
| Basic Shopify | $29 |
| Shopify | $79 |
| Advanced Shopify | $299 |
