Shopify Statistics By Revenue and Merchant and Facts

Saisuman Revankar
Written by
Saisuman Revankar

Updated · Jun 07, 2024

Rohan Jambhale
Edited by
Rohan Jambhale

Editor

Shopify Statistics By Revenue and Merchant and Facts

Introduction

Shopify Statistics: Every day, trillions of people use Shopify to achieve success in their businesses. Shopify caters to a wide range of businesses, from local stores to global retail giants and online ventures. The platform was launched in 2006 and surpassed $1 billion in gross merchandise volume in 2013. As of 2023, it is estimated to have generated $235.91 billion in e-commerce sales. Shopify merchants receive orders from nearly 675 million customers annually. This article will provide more detailed insights into Shopify’s statistics.

Editor’s Choice

  • Shopify maintained substantial cash reserves throughout the first half of 2023 despite the variations in operating losses.
  • The E-commerce Booster app is a valuable tool for Shopify store owners looking to enhance their store’s performance.
  • In the future, 25% of Shopify merchants will be in the Middle East, Africa, and Europe.
  • Steady Revenue Growth: Shopify demonstrated strong revenue growth each quarter, with YoY increases ranging from 25% to 31%.
  • Shopify Plus is expensive for many e-commerce businesses, costing $2500 or more monthly. However, it is also used by almost 49,000 or more online stores, including household names like Staples, Heinz, and Allbirds.
  • The maximum number of merchants on Shopify are minute operations, such as homemade candles and a single-person market selling drop-shipped T-shirts.
  • In 2022, 561 million unique shoppers visited Shopify-powered stores, with significant sales activity during events like Black Friday and Cyber Monday.
  • The highest sales every minute reached $4.2 million at 12:01 OM EST as of November 2023.
  • A 2022 study by LittleData reported that the AOV for Shopify stores was $85, with 60% of stores having an AOV between $50 and $192.
  • Roughly 79% of Shopify’s total traffic comes from smartphone devices.
  • As per the BuiltWith statistics, Shopify will power around 4.5 million stores worldwide in 2023.
  • Almost half of the Shopify Stores see repeated purchases, with a median shopper buying 3.8 times from a similar online shop.

What is Shopify?

Shopify is a collective commerce platform that allows anyone to grow, manage, and even start a new business. We can use Shoptify to accept payments in physical and digital locations, manage sales, advertise to consumers, and build a store online. The reputation of Shopify as a commerce leader stems from listening to the experiences of billions of business owners by giving a hand to solopreneurs and the brand’s enterprises. Shopify holds all the products and features that power current business and will give shape to the predicted commerce world.

How Does Shopify Work?

Shopify collects commerce-related activities in one platform, with one admin to examine the whole sales process, from getting an order to post-sales analysis. With Shopify, business owners can sell on various platforms, including their websites, on industry and social media, and in person from brick-and-mortar locations.

The consumer’s data and inventory can sync across channels for easy management. Shopify is a fixed, hosted, and cloud-based platform, which means we can safely see our data from any device with an internet connection. This gives us the flexibility to run our business from anywhere.

Features of Shopify

Building a thriving Shopify store involves making the most of the platform’s extensive features to ensure a smooth shopping experience and effective business management. Here’s a detailed look at Shopify’s distinctive features and their advantages:

Storefront Themes & Customization

  • Shopify offers a selection of over 70 professionally designed, mobile-responsive themes in the Shopify Theme Store.
  • These themes are easily customizable, allowing you to create an attractive online store that aligns with your brand identity.
  • Additionally, Shopify offers custom domain names and the option to purchase one directly from them.

Shipping & Security

  • Each Shopify store comes with a free SSL certificate, which ensures that all data, page content and transaction details are secure.
  • Merchants can obtain automatic shipping rates from major carriers like FedEx, USPS, and UPS.
  • Shopify also automatically handles country and state tax rates based on location.
  • The platform supports translation into more than 50 languages, and merchants can boost average order sizes by offering free shipping to customers under certain conditions.

Abandoned Cart Recovery

  • To address the issue of cart abandonment, Shopify features an Abandoned Cart Recovery system that automatically tracks abandoned carts and sends reminder emails to customers, encouraging them to complete their purchases.
  • This feature is instrumental in recovering potentially lost sales.

Payment Gateway

  • Shopify integrates with over 70 payment gateways and offers its payment solution powered by Stripe.
  • Choosing Shopify’s payment gateway eliminates transaction fees and offers lower credit card fees without the need for a separate merchant account.

Store Management

  • Shopify provides tools to understand customer behavior and promote repeat purchases through guest checkout or account creation options.
  • Admins can categorize and export customer lists based on purchase history, location, and other criteria.
  • Shopify also supports dropshipping through integrations with apps like Ordoro, eCommHub, and Inventory Source, allowing merchants to run their businesses without holding inventory.
  • The platform simplifies the refund process, automatically updating store inventory when refunds are issued.

Marketing & SEO

  • Shopify excels in SEO, helping customers find your store through search engines.
  • Offering gift cards, discount codes, and promotions can engage customers with SEO-friendly product reviews and increase sales and loyalty.
  • The platform also includes social media integration and supports various sales channels, including Facebook Shops, Instagram Shops, and Pinterest.

Product & Inventory Management

  • Shopify allows you to add unlimited products and offers variations in SKU, size, weight, price, and more.
  • Admins can manage inventory and track stock counts from the back-end panel. They also have the option to import/export products using CSV files.

Analytics

  • Shopify’s actionable dashboard provides key analytics, including order details, sales reports, and visitor data.
  • Admins can view financial information, including sales overviews, pending sales data, and payment details, through finance reports. Product reports help analyze demand and performance.

24/7 Customer Support

  • Shopify offers round-the-clock customer support via email, phone, or live chat.
  • They also have community forums, user guides, extensive documentation, tutorials in the Shopify Help Centre, eBooks and webinars in Shopify Compass, and advanced guides in Shopify University.

Shopify Timeline

  • 2006: Shopify is established.
  • 2007: The introduction of the secure shopping cart system leads to over $100 million in net sales for merchants within three years.
  • 2009: The initial version of the Shopify App Store launches with a small selection of apps, gradually expanding to 100 within four years. Currently, the App Store offers over 13,000 applications.
  • 2013: Shopify introduces Shopify Payments, simplifying credit card processing for merchants in the US and Canada. By 2019, it will expand to multiple countries and handle over $16 billion in transactions annually.
  • 2017: A partnership with Amazon allows Shopify merchants to integrate the Amazon sales channel, connecting them with millions of Amazon shoppers.
  • 2020: Shopify shifts to a remote-first workforce due to the COVID-19 pandemic, maintaining this approach with a workforce of over 8,300 employees.
  • 2023: The launch of the revamped Partner Directory grants merchants access to a curated list of platform experts. Currently, users can seek assistance from more than 780 approved third-party agencies and freelancers known as “Shopify experts.”

General Shopify Statistics

  • Shopify supports 20 different languages, making it easier to cater to a global audience.
  • In 2021, Shopify’s total number of workers was 10,000, a 42.86% increase from 2020. According to Macrotrends, Shopify staff work from home worldwide.
  • Whether customers are shopping from the UK, Europe, Germany, China, Latin America, or New Zealand, Shopify stores can adapt by displaying the appropriate language.
  • According to the Shopify Theme Library, Shopify permits merchants to select a front theme to control the look of the store; we can even choose from 11 free themes and 107 paid themes that depend on our creative needs and personal tastes.
  • Deko Pay states that the average expenditure for e-commerce orders is $81, or almost 60 Euros.
  • Almost half of the Shopify Stores see repeated purchases, with a median shopper buying 3.8 times from a similar online shop.
  • The companies that are built on Shopify witnessed almost 50% growth in sales in 2020.

(Source: AUQ.io)

  • In the above chart, we can see the year-on-year revenue growth in the consecutive years.
  • In 2023, the United States had around 3 million stores, according to Shopify statistics.
  • In 2020, 457 million people bought goods from Shopify stores.
  • Around the world, Shopify powers almost 4.4 million e-commerce stores and increases consistently year-on-year.
  • Klaviyo is the leading provider of email marketing for Shopify, experiencing rapid growth and outpacing its competitor, Mailchimp.
  • According to AppMySite, almost 57.6% of the United Kingdom-based Shopify stores use Instagram advertisements, post content, and even more to increase their stores.
  • According to Fashion United, Shopify hit an almost $7.5 billion record on Black Friday and Cyber Monday in 2023.
  • As per BuiltWith, there are almost 180 thousand live Shopify stores in the United Kingdom as of 2023.
  • Shopify is a very famous name in the United States e-commerce software industry, as per Statista.
  • Shopify has held 20% of the industrial shares in the United Kingdom, according to PageFly.
  • As per Shopify, the total number of Shopify stores will grow by around 55% in 2021.
  • According to the survey of Folio3 and BuiltWith, almost 2/3rd of the online stores using Shopify are made by merchants based in the United States. Almost 2/3rd of the Shopify stores are related to this.
  • The Shopify retailers make almost $72 for each consumer, as per Folio3.
  • According to MarketSplash, email marketing has the biggest conversion rate on Shopify stores.
  • Shopify conversion rates are highest among email users, at 4.29%. Product search follows at 3.04%, and direct search is close behind at 2.93%. Social media conversion rates are lower, at 1.81%.
  • The Yearly Shopify plus sales value ranges between $1 to $500 million, as per Acquire Convert.
  • Almost 25.5 million consumers bought something on Shopify on Black Friday and Cyber Monday.
  • As per the BuiltWith statistics, Shopify will power around 4.5 million stores worldwide in 2023.
  • The median conversion rate for Shopify was 1.4% as of September 2022.
  • Web Tribunal states that Shopify Plus increases by a median of 126% Y-o-Y.
  • As per Demand Sage, around 649 million purchasers are from Shopify stores.
  • The Shopify Partners survey states that almost 87% of Shopify merchants use a Shopify application.
  • Fundera states that Shopify’s growth rate is around three times the rate of worldwide e-commerce increase.
  • In 2023, Shopify’s Q1 revenue was around 1.2 billion.
  • The top famous sections sold involve Shoes, Mobile Phones, Books, Vitamins, Apparel, and T-shirts.
  • Fundera states that Shopify has almost 2.1 million active everyday users.
  • According to Statista, almost 75,000 stores have sold the apparel on Shopify.
  • In 2023, almost 13,000 live Shopify Plus stores, with around 1,000 of those based in the United Kingdom, took advantage of Spotify’s company-level platform.
  • More than 13,000 merchants use Shopify Plus, as per BuiltWith.
  • Shopify merchants have created almost $319 billion in worldwide economic impact.
  • Macrotrends states that Shopify’s revenue in 2022 was almost $5.24 billion, and it grew 24.59% year over year.

Number of Shopify Stores Across the Globe

  • As of January 2024, Shopify is used by almost 4.80 million live online stores.
  • Almost 7.34 million websites have used Shopify to date, according to Shopify statistics.
  • Nearly 60.41% of the domains are registered under Shopify in the United States only.
  • The UK and Australia rank at second and third place.

shopify-store-statistics

(Reference: demandsage.com)

The table below shows the users by nation as of 2024:

Nations Number of Live Shopify Stores
Netherlands 48,942
India 58,771
France 65,540
Canada 109,494
Germany 121,365
Brazil 147,466
Australia 151,151
United Kingdom 204,754
United Stores 2,907,545
  • Shopify launched almost 6.95 million stores.
  • Around 531,409 and more Shopify stores are operatives that sell apparel and make it the best-selling platform.
  • During the COVID-19 pandemic, Shopify stores increased their sales by almost 201.53%.
  • The success rate of the Shopify eCommerce store is between 5% and 10%, respectively.
  • There are 2,802,399 stores in the North American region. The table below shows the top regions with the most Shopify stores.
Region Shopify Stores
Africa 24,308
Asia 18,109
Oceania 25,729
Europe 607,917
North America 2,802,399
  • Shopify stores make almost $5,583 every month, which is almost $67,000 yearly.
  • There are almost 5.6 million online stores available that are using Shopify in the year 2023.
  • Shopify is hugely popular as an e-commerce platform, proof of its fast adoption. Many of the online stores that use Shopify are in the US.
  • Shopify added almost 2.594 million new stores in only two years post-COVID-19 pandemic.
  • The United States of America has almost 2,978,547 Shopify stores.
  • Around 70% of the domains in the United States are already registered under Shopify.
Product Category Number of Shopify Stores
Car and Truck Parts 6,231
Electronics 6,888
Sporting Goods 7,737
Art 11,645
Food and Beverages 16,291
Fashion Accessories 22,874
Jewellery and Watches 27,617
Health and Beauty 192,874
Home and Garden 230,435
Clothing 531,409
Others 65,956
  • In 2012, Shopify had just 41,000 and more stores. Eventually, the number increased to almost 4,889,380 in 2023.
  • These examples illustrate the versatility and capability of Shopify as an e-commerce platform, showcasing how it caters to a diverse range of industries, from electric vehicles to beauty products to food and beverages. Here’s a quick overview of three top brands using Shopify:

#1. Tesla

  • Products: Car chargers, vehicle accessories, apparel.
  • Why Shopify? Tesla employs Shopify to create a seamless online shopping experience for its non-automotive products. The platform’s scalability and robust features effectively meet Tesla’s e-commerce needs.

#2. Sephora

  • Products: Beauty products, cosmetics, skincare.
  • Why Shopify?: Shopify enables Sephora to offer a cohesive shopping experience across its online and offline channels. The platform’s ability to manage extensive product catalogs and provide personalized customer recommendations aligns well with Sephora’s retail strategy.

#3.Nestlé

  • Products: Coffee makers, instant coffee, and food products.
  • Why Shopify? For a B2C powerhouse like Nestlé, Shopify’s user-friendly interface and reliable infrastructure are essential for handling high transaction volumes. This ensures that customers can effortlessly purchase Nestlé products online.
  • These brands leverage Shopify’s powerful e-commerce tools, extensive integrations, and strong support to boost their online presence and sales performance.
  • Their reliance on Shopify underscores the platform’s suitability for a variety of businesses, making it a compelling option for your brand as well.

Shopify Sales and Traffic Statistics

  • Almost 17,500 businessmen have made their first sale on Shopify at the time of BFCM.
  • As per Shopify Statistics, the sales through Shop Pay witnessed around 60% YoY growth.

gross-merchandise-volume-gmv-of-shopify-worldwide-from-1st-quarter-2020-to-4th-quarter-2023

(Reference: popupsmart.com)

  • In the above chart, we can see Shopify’s rise in revenue as demand for the service has increased.
  • The very famous product sections involve apparel and accessories, home and garden, and also health and beauty.
  • The median cart value was almost $108.12 and almost $107.53 on a constant currency basis.
  • As per the survey, more than 55,000 merchants had their highest-selling day ever on Shopify.
  • The top famed cities were London, New York, and Los Angeles.
  • Cross-border orders account for almost 15% of all worldwide orders.
  • Germany, Australia, Canada, the United Kingdom, and the United States are the top-selling nations on Shopify.
  • Worldwide, 61 million customers have purchased from Shopify-related brands.
  • The highest sales every minute reached $4.2 million at 12:01 OM EST as of November 2023.
  • As per the Shopify Plus Enterprise page, almost $650 billion into entire sales have been made almost millions of businesses through Shopify.
  • Around 376,418 stores were sold between 10 to 24 goods.
  • Statista states that the number of Shopify stores by the number of products sold in 2023 was around 621,899, and Shopify stores sold less than ten goods.
Year Shopify Buyers
2023 675 million
2022 561 million
2020 457 million
2019 300 million
2018 216 million
2017 163 million
2016 100 million
2015 57 million
2014 28 million
  • According to Backlinko’s article on Shopify stores, around 675 million people will buy from Shopify stores in 2023.
  • As per the survey, Shopify had almost 58 million visits in 2020.
  • In the United States, almost 35.01% of the traffic is generated.
  • The visitors browsed almost 14.44 pages on every visit, according to Shopify Statistics.
  • The visitors have spent almost 14 minutes and 23 seconds on Shopify.
  • Nearly 69% of all the orders in the traffic are placed through mobile devices.
  • Roughly 79% of Shopify’s total traffic comes from smartphone devices.
  • The sales of Shopify were predicted to be almost $200 billion worldwide as of 2023
  • With a rate of almost 4.29%, email has the highest conversion rate for the Shopify stores.
Medium Conversion rate
Social 1.81%
Direct 2.93%
Search 3.04%
Email 4.29%

Shopify Customer Statistics

  • Consumers who are shopping on websites powered by Shopify often need to realize they are using the Shopify platform. Their focus tends to be on the specific website’s brand.
  • Shopify provides these brands with tools to enhance the customer experience.

shopify-customer-statistics

(Reference: demandsage.com)

  • In the above chart, we can see the Shopify customer statistics for the year 2014 to 2023.
Year Buyers
2023 700 million
2022 649 million
2021 572 million
2020 457 million
2019 300 million
2018 216 million
2017 163 million
2016 100 million
2015 57 million
2014 28 million
  • Annual Shoppers: In 2022, 561 million unique shoppers made purchases from Shopify-powered websites.
  • Black Friday- Cyber Monday (BFCM) 2023: Shopify sites hosted 61 million shoppers, with an average spend of $108.12 per transaction, which is above the typical average order value for Shopify stores.
  • Order Value and Customer Revenue
  • Average Order Value (AOV): A 2022 study by LittleData reported that the AOV for Shopify stores was $85, with 60% of stores having an AOV between $50 and $192.
  • Average Revenue Per Customer: The same study found that the average revenue per customer for Shopify stores was $92, with 60% of stores falling within the $53 to $209 range.
  • Mobile Sales: During the Black Friday-Cyber Monday weekend in 2022, 69% of all online sales on Shopify stores were made via mobile devices, highlighting the growing trend of mobile-first shopping.
  • Shopify supports numerous online stores, offering tools that improve customer experience and boost sales.
  • In 2022, 561 million unique shoppers visited Shopify-powered stores, with significant sales activity during events like Black Friday and Cyber Monday.
  • The average order value and revenue per customer shed light on spending patterns, and the high proportion of mobile sales emphasizes the importance of mobile optimization for Shopify merchants.

Shopify Revenue Statistics

  • Merchant Earnings: Shopify merchants have collectively earned over $886 billion since the platform’s inception in 2006.
  • Annual Revenue: Shopify’s revenue for 2023 reached $7.06 billion, a 26% increase from 2022.
  • Gross Profit and Net Income: In 2023, Shopify reported a gross profit of $3.515 billion but experienced a net loss of $132 million.
  • Subscription Revenue: Subscription revenue grew to $1.8 billion in 2023, up 23% from the previous year, making up 26% of the total revenue.
  • Developer Charges: Shopify charges theme and app developers over 15% of their revenue after they surpass $1 million in sales on the Shopify app store.
  • Merchant Services Revenue: Transaction fees, payment processing fees, and other merchant services accounted for 74% of Shopify’s revenue, totaling $5.2 billion in 2023.
  • Gross Merchandise Volume (GMV): Shopify facilitated $236 billion in GMV in 2023, which represents approximately 4.07% of the $5.8 trillion global retail e-commerce market.
  • Shopify has significantly boosted merchant earnings, generating over $886 billion for them.
  • The platform saw strong financial growth in 2023, with notable increases in revenue and subscription services.
  • Despite a net loss, Shopify maintained a solid gross profit. The majority of its revenue came from merchant services, emphasizing its key role in e-commerce.
  • Additionally, Shopify’s facilitation of $236 billion in GMV highlights its substantial impact on the global retail e-commerce sector.

Shopify Merchant Statistics

  • Almost 28% of the people in the United States use Shopify, which makes it the nation’s biggest e-commerce platform.
  • There are presently 2 million or more merchants, and 4.6 million live websites use Shopify.

e-commerce-platform-distribution-in-the-usa

(Reference: burstcommerce.com)

  • The above pie chart shows that the E-commerce platform is distributed in the United States: 28% Shopify, 19% Wix Stores, 16% WooCommerce Checkout, 15% Squarespace Add to Cart, 4% Ecwid, and 18% Others.
  • Shopify statistics state that Tobi Lütke and Scott Lake were right to pivot from snowboard sales to e-commerce software.
  • Around 10.32% of the worldwide e-commerce stores use Shopify, which makes it a very popular e-commerce platform in the fourth rank globally.

e-commerce-platform-distribution-globally

(Reference: burstcommerce.com)

  • The pie chart above shows the distribution of e-commerce platforms worldwide: 38.7% WooCommerce, 15% WooThemes, 14.7% Squarespace Online Stores, 10.3% Shopify, 10.3% WixStores, and 13.2% Others.
  • The three nations with the most Shopify stores are the United States, with 2.8 million, the United Kingdom, with 203,835, and Australia, with 149,342. Shopify is comfortably the biggest e-commerce platform in every country.
  • Shopify is even at the top in the Brazilian and German markets. On the other hand, Shopify permits merchants to make online stores in 20 languages.
  • Shopify accounts for almost 25% of the top worldwide e-commerce brands.
  • The maximum number of merchants on Shopify are minute operations, such as homemade candles and a single-person market selling drop-shipped T-shirts.
  • Out of the top 1 million websites worldwide, almost 1 out of 4 use Shopify, whereas nearly 1 in 7 favor WooCommerce Checkout, and 1 in 12 are related by Magento.
  • Around 6% of the huge online retailers are Shopify Plus and the platform’s enterprise-grade giving.

shopify-merchants

(Reference: backlinko.com)

  • In the above chart, we can see the Shopify merchant statistics from 2012 to 2021.
Year Shopify Merchants
2021 2,063,000
2020 1,749,000
2019 1,069,000
2018 820,000
2017 609,000
2016 375,000
2015 243,000
2014 145,000
2013 84,000
2012 41,000
  • Shopify Plus is expensive for many e-commerce businesses, costing $2500 or more per month. However, it is also used by almost 49,000 or more online stores, including household names like Staples, Heinz, and Allbirds.
  • Almost 27,930 of Shopify Plus’s merchants are from the United States, whereas the next highest industry is the United Kingdom at 3,411, Australia at 3,113, Canada at 2,916, and Germany at 1,360.
  • Shopify has almost 175 nations around the world merchants located.
  • Shopify’s gross merchandise value has increased to $100 million in almost 65 nations, up from $29 million in 29 nations.
  • As of Dec 2023, almost 54% of all the merchants were related to North America.
  • In the future, 25% of Shopify merchants will be in the Middle East, Africa, and Europe.
  • Here is a region breakdown of the merchants of Shopify in 2023:
Region Share
Latin America (Mexico and South America) 5%
Asia Pacific, Australia, and China 14%
Europe, the Middle East and Africa 27%
North America 54%

Shopify Gross Merchandise Volume

  • Shopify will facilitate the transaction worth $235.91 billion in 2023. The gross merchandise volume has grown by 19.65% over the past years.

shopify-gross-merchandise-volume

(Reference: backlinko.com)

Following is the chart form of the gross merchandise volume from 2012:

Year Shopify Gross Merchandise Volume
2022 $235.91 billion
2022 $197.17 billion
2021 $175.36 billion
2020 $119.58 billion
2019 $61.14 billion
2018 $41.1 billion
2017 $26.32 billion
2016 $15.37 billion
2015 $7.7 billion
2014 $3.76 billion
2013 $1.62 billion
2012 $707.4 million

Shopify Financial Statistics for the 1st, 2nd and 3rd Quarter of 2023

Here’s a rewritten summary of Shopify’s financial statistics for the first three quarters of 2023:

First Quarter 2023

  • Revenue: Increased by 25% year-over-year (YoY) to $1.5 billion.
  • Monthly Recurring Revenue (MRR) Rose to $116 million, marking a 10% YoY increase.
  • Subscription Solutions Revenue: Grew by 11% YoY, reaching $382 million.
  • Merchant Solutions Revenue: Jumped by 31% YoY to $1.1 billion.
  • Gross Profit: Increased by 12% YoY to $717 million.
  • Operating Loss: Stood at $193 million.
  • Cash, Cash Equivalents, and Marketable Securities: $4.9 billion as of March 31, 2023.

Second Quarter 2023

  • Revenue: Rose by 31% YoY to $1.7 billion.
  • Monthly Recurring Revenue (MRR): Increased to $139 million.
  • Subscription Solutions Revenue: Up by 21% YoY to $444 million.
  • Merchant Solutions Revenue: Climbed by 35% YoY to $1.3 billion.
  • Gross Profit: Grew by 27% YoY to $835 million.
  • Operating Loss: Reported at $1.6 billion.
  • Cash, Cash Equivalents, and Marketable Securities: $4.8 billion as of June 30, 2023.

Third Quarter 2023

  • Revenue: Grew by 25% YoY to $1.7 billion.
  • Monthly Recurring Revenue (MRR): Increased to $141 million.
  • Subscription Solutions Revenue: Rose by 21% YoY to $486 million.
  • Merchant Solutions Revenue: Went up by 24% YoY to $1.2 billion.
  • Gross Profit: Increased by 36% YoY to $901 million.
  • Operating Loss: Reduced to $122 million.
  • Steady Revenue Growth: Shopify demonstrated strong revenue growth in each quarter, with YoY increases ranging from 25% to 31%.
  • Rising Monthly Recurring Revenue: MRR showed consistent growth each quarter, reflecting an increase in recurring income.
  • Strong Performance in Merchant Solutions: Merchant Solutions revenue exhibited notable growth, particularly in the second quarter.
  • Fluctuating Operating Losses: Although the operating loss was substantial in the second quarter, it significantly improved by the third quarter.
  • Stable Cash Reserves: Shopify maintained substantial cash reserves throughout the first half of 2023 despite the variations in operating losses.
  • This summary encapsulates Shopify’s robust revenue growth performance while highlighting areas of financial strength and some challenges over the first three quarters of 2023.

Shopify Applications Store Statistics

  • A significant factor contributing to Shopify’s appeal to e-commerce businesses is its extensive array of third-party apps, plugins, integrations, and service providers.
  • Shopify App Store: Serving as a central marketplace, the Shopify App Store boasts over 11,000 apps developed by more than 7,000 vendors, offering a wide range of solutions to address various business needs.

number-of-shopify-apps-from-2021-to-2024

(Reference: meetanshi.com)

  • Interestingly, the number of Shopify apps decreased unexpectedly by 8.15% from 2023 to 2024. This decline can be attributed to Shopify’s practice of regularly removing apps that no longer meet its rigorous quality standards and policies.
  • This proactive approach helps uphold the app store’s reliability and trustworthiness, ensuring it remains a reputable marketplace for developers and merchants.
  • The number of Shopify Apps from 2021 to 2024:
January 2024 9701 -8.15%
January 2023 10557 50.48%
January 2022 7014 24.17%
January 2021 5649
  • Merchant Adoption: A staggering 87% of Shopify merchants utilize apps from the App Store, demonstrating its crucial role in enhancing store functionalities and meeting business requirements.
  • The average price of a Shopify app is $19.14, ensuring affordability and accessibility for businesses of all sizes.
  • On average, merchants spend approximately $120 per month on Shopify apps, indicating a willingness to invest in optimizing their online stores.
  • Shopify app developers earn an average annual revenue of $93,000, with the top 25% of developers generating around $167,000 per year, showcasing the potential for lucrative opportunities within the ecosystem.
  • Cumulative Earnings: Since its inception, the Shopify App Store has facilitated collective earnings exceeding $1.5 billion for app partners and developers, highlighting its status as a thriving marketplace for B2B software solutions.

Following are the most popular Shopify applications in 2024:

Hextom: Ultimate Sales Boost Hextom 8563 4.8
BEST Currency Converter Grizzly Apps SRL 9018 4.7
PageFly Landing Page Builder PageFly 9045 4.9
TikTok TikTok 9924 4.8
Hextom: Free Shipping Bar Hextom 11268 4.9
Ali Reviews ‑ Product Reviews FireApps 13902 4.9
Loox Product Reviews & Photos Loox 15595 4.9
DSers‑AliExpress Dropshipping DSers 21215 5
Judge. me Product Reviews Judge. me 21277 5
Privy ‑ Pop-Ups, Email, & SMS Privy Operations 24818 4.6
  • The Shopify App Store has emerged as an indispensable resource for eCommerce businesses. It offers a wide selection of apps to enhance store performance and functionality.
  • With thousands of developers contributing to its ecosystem, the App Store has not only provided merchants with essential tools but also created significant income opportunities for developers, fostering a dynamic and mutually beneficial marketplace.

Conclusion

Shopify continues to grow swiftly as an e-commerce platform, with a consistent year-over-year increase in merchants, buyers, and gross merchandise volume. As more businesses embrace e-commerce, Shopify’s platform becomes an increasingly attractive option for online sales. For Shopify store owners looking to enhance their store’s performance, the E-commerce Booster app is a valuable tool. It evaluates essential areas of your site, such as visual and text content, user experience, page speed, and accessibility. The app provides an actionable plan and features AI tools to simplify the optimization process.

FAQ.

What is Shopify market share in 2024?

Based on the latest CMS usage data, Shopify commands 6.20% of the CMS market share. The platform powers 4,628,418 active websites worldwide. Among the top 1 million websites, Shopify holds a 23% share, surpassing WooCommerce, which has a 19% share among the top 100,000 websites.

What is the success rate of Shopify?

Shopify’s success rate can range between 5% and 10%, but some of the data may need to give a clearer picture of what the success rate is or can be.

Which country uses Shopify most?

The top nations that use the Shopify application are the US, Australia, Canada, and even the UK.

Saisuman Revankar
Saisuman Revankar

Saisuman is a professional content writer specializing in health, law, and space-related articles. Her experience includes designing featured articles for websites and newsletters, as well as conducting detailed research for medical professionals and researchers. Passionate about languages since childhood, Saisuman can read, write, and speak in five different languages. Her love for languages and reading inspired her to pursue a career in writing. Saisuman holds a Master's in Business Administration with a focus on Human Resources and has worked in a Human Resources firm for a year. She was previously associated with a French international company. In addition to writing, Saisuman enjoys traveling and singing classical songs in her leisure time.

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