60+ Most Updated Shopify Statistics For 2024

Whether you’re simply looking for the latest Shopify statistics to learn more about the platform or you are looking for reliable data to use on your blog or other content, this article is for you. In this blog, we’ve gathered the latest Shopify stats on the internet and combined them in a single comprehensive list so you don’t have to look elsewhere.

Shopify’s features are not just meant for large-scale businesses with a huge inventory but also for small businesses, making it an extremely adaptable platform for brands to grow. As a business owner, if you’re looking to expand your operations online, then these Shopify stats can make this transition easier than ever.

So without further ado, here are the latest statistics for Shopify that you can use for 2024.

Outline

• Some Key Facts About Shopify
• Top Shopify Statistics
• Global Shopify Statistics
• Shopify App Revenue Statistics
• Shopify App Store Statistics
• What To Sell On Shopify
• Shopify Statistics For Your Business
• Biggest Shopify Brands
• How Much Is Shopify Stock Worth?
• Conclusion

Some Key Facts About Shopify

Image credits: Cueblocks

Like some of the biggest companies, Shopify also had a very humble beginning in 2006. From a bunch of tools merchants can use to build their own online stores to becoming an eCommerce giant, Shopify has witnessed the digital transformation of shopping and the development of eCommerce technology globally.

To understand the difference Shopify has made in the global ecommerce market, we are going to look into some of the key facts and figures on how Shopify has climbed up as the most popular eCommerce platform and where it is headed to.

• Shopify is an Ottawa-based Canadian multinational eCommerce platform that was founded in 2004 and launched in 2006 by Tobias Lütke and Scott Lake.
• It was initially meant as a platform to sell snowboards by Tobias Lütke, Scott Lake and Daniel Weinand, and the platform was called Snowdevil.
• As of December 2023, Shopify is the most used ecommerce platform in the USA, accounting for 29% (Builtwith) of the entire ecommerce usage distribution in the country.
• It is an end-to-end cloud-based eCommerce solution for businesses across the world.
• Shopify hosts brands that span across industries such as fitness, culinary, fashion, etc.
• There are more than 2.9 million Shopify stores in the USA as of December 2023 and there are more than 6.4 live Shopify stores globally. (Builtwith)
• It offers an easy-to-use interface with zero learning curve for beginners.
• With Shopify, you can sell online through the website, in-person through the Shopify POS system, as well as through social media seamlessly.
• There are more than 170 free and paid themes in the Shopify theme store and you can find hundreds more from third-party websites such as Theme Forest, Creative Market, HulkApps, and Envato Elements.
• 457 million buyers placed an order with Shopify Merchants in the year 2020 (Backlinko), and experts predicted that Shopify will cater 700 million customers in 2023. (Demand Sage)
• Businesses from over 175 countries use Shopify as their go-to eCommerce platform.
• In 2018, Shopify had its billionth order.
• Shopify has generated more than $800 billion in total global ecommerce sales since its inception. (Shopify)
• Shopify has 11,600+ employees, as of December 2022, with over 780+ experts in their network for various marketing tasks such as SEO services. (Shopify)
• There are currently more than 10,000 apps in the Shopify App Store. (Shopify)
• Shopify launched its first-ever offline store in downtown Los Angeles. It provides support services such as workshops, 1:1 appointments with on-staff consultants, mentor sessions, etc. In 2021, Shopify also launched an entrepreneurial space in New York City with workshops and other events for entrepreneurs.
• Shopify is available in 20+ languages.
• A survey of more than 2200 Shopify customers by Little Data in 2022 showed that the average revenue per customer for Shopify merchants was $92.
• Shopify Plus is a cost-effective eCommerce platform with over 10,000+ brands using it.

While examining Shopify's impressive growth statistics, it's crucial to remember that website performance plays a pivotal role in e-commerce success. A key component of this is ensuring optimal page load times. Utilizing a page size checker can be instrumental in maintaining swift and efficient website performance, directly impacting customer satisfaction and conversion rates.

Top Shopify Statistics

The platform provides ecommerce solutions that offer their users the support and power they need to start their online store, find customers, drive traffic and ultimately convert them into successful customers. Furthermore, the platform’s comprehensive analytics tool offers Shopify merchants actionable insights into their website data to drive better marketing efforts.

Here are some of the top Shopify statistics proving that the platform is a key player in the global ecommerce market:

• In a survey conducted by Statista in July 2023, they found out that Shopify has captured nearly 11% of the total eCommerce market share.
• Shopify revenue for the quarter ending September 30, 2023 was $1.714B, a 25.48% increase year-over-year. (Macro Trends)
• Shopify revenue for the twelve months ending September 30, 2023 was $6.651B, a 26.8% increase year-over-year. (Macro Trends)
• Shopify’s biggest spending country is Japan, with an average of $142 per transaction.
• The top countries that use Shopify Plus as of the end of 2023 are US (48%), UK (9.9%), Australia (6%), and Canada (5.9%). (Store Leads)
• At present, there are 28,555 Shopify domains running Shopify Plus. (Store Leads)
• Over 50% of Shopify stores benefit from repeat purchases.
• An individual consumer, on average, purchases 3.8 times from the same Shopify store.
• In this digital era, most businesses are not completely ready to function only online. Most merchants prefer a combination of both online and offline, and thus 31% of Shopify brands are looking to expand their offline or physical presence.
• The average bounce rate of Shopify is 55.73%.
• Web agencies have conducted hundreds of studies in the last ten years, most of which place the average cart abandonment rate at 60-80%. (Nudgify)
• 90% of the traffic to the Shopify platform comes from organic traffic. Some of Shopify's most commonly used keywords include "Shopify login" and "Business name generator."
• Shopify is enabling store owners to use 3D product images that can increase conversion rates by 250%.

Read more: Shopify Analytics: The Secret Sauce To Growing Your Online Business

Global Shopify Statistics

• So far, Shopify has contributed a total of $800 billion to Global Economic Activity, which is expected to increase in the coming years.
• As of December 2022, Shopify holds a market share of 20% in the UK, second to WooCommerce at 25%.
• In 2022, Shopify received 56.2 million visits in March 2022, 53.5 million in April, and 55.8 million in May, globally.
• Shopify has a market share of 3.9% and 2.7% in Germany and Spain, respectively.
• Shopify is used by 8% of online stores in the Netherlands, Norway, and Luxembourg, 15% of online stores in Denmark, 5% of online stores in Sweden, and 4% in the United Arab Emirates.
• The number of business owners who used Shopify to begin online ventures in the UK surged by 106% in the previous year.
• France has the least Shopify store transactions globally.
• Shopify was the biggest name in the US eCommerce software market in 2022, with roughly 29 percent of websites utilizing eCommerce technologies.
• In the rapidly expanding global eCommerce environment, Shopify aspires to be "the world's first global retail operating system."

Shopify App Revenue Statistics

Shopify was able to adapt to the rapidly changing ecommerce environment and has enabled merchants to achieve more growth possibilities through Shopify features, apps and tools that are continuously evolving.

Being a pioneer in the eCommerce industry, Shopify has managed to empower millions of businesses. With its flexible pricing plans, solo entrepreneurs and homegrown brands can easily take a step forward in their digital journey.

If you are not yet on the platform, you’ll be glad to know that Shopify offers reasonable pricing plans.

To begin with, you can sign up for a 3-day free trial if you want to have a feel of the Shopify experience. And if you are satisfied with it, you can upgrade your Shopify store free trial to a paid plan.

Another good thing here is that if you choose to upgrade to a paid plan, you only need to pay $1 per month ON ANY PLAN that you choose for the first three months.

Yup, $1/month for the first three months.

Only after three months will you have to pay full price. And as regards full price, here’s their US pricing:

• Basic - $39 per month
• Shopify - $105 per month
• Advanced - $399 per month

To those Shopify stores who want an even more discounted price, they can opt for an annual billing which would let them save up to 25% from the original price:

• Basic - $29 per month (paid yearly)
• Shopify - $79 per month (paid yearly)
• Advanced - $299 per month (paid yearly)

These plans are designed to meet the current and growing needs of the consumer world. Shopify’s revenue is acquired through these subscriptions, as well as through the sale of subscriptions to Shopify POS, paid themes from the Shopify theme store, Shopify apps and through the registration of custom domains.

Here are some of the key highlights of Shopify's financials according to their Third-Quarter 2023 Financial Results

• As of September 30, 2023, their Monthly Recurring Revenue or MRR increased 32% to $141 million compared to the prior year, driven by continued growth across all of their subscription plans.
• Shopify Plus contributed $44 million, or 31%, of MRR compared with 33% of MRR as of September 30, 2022.
• Subscription Solutions revenue increased 29% to $486 million compared to the prior year, driven primarily by more merchants joining the platform and the pricing changes that went into effect for existing merchants on their Standard subscription plans.
• Shopify’s Gross Merchandise Volume increased 22% to $56.2 billion, an increase of $10 billion over the third quarter of 2022.
• Shopify generated $2.15 billion from sellers in North America. Outside of North America, Shopify generated $780 million in regional revenue. (Demand Sage).

Quick read: Shopify Markets: The Secret Weapon To Bring Your Business To International Market

Shopify App Store Statistics

The app store comes with thousands of apps that power millions of Shopify stores to function smoothly. As per Shopify, they have over 10,000 in the Shopify App Store developed by both Shopify and third-party companies.

Indeed, you can find apps that are helping millions of Shopify stores in every aspect of their businesses such as inventory management, reporting, logistics, SEO, customization, conversion rates, marketing, dropshipping and a lot more.

• According to Shopify, an average merchant uses 6 apps.
• There are more than 7000 vendors (partner developers) in the Shopify app store. (Store Leads)
• Shopify’s app developer partners earned $233 million in 2020.
• 92.3% of Shopify stores have installed the Shopify Fulfillment Network Shopify app. (Store Leads)
• 23.8% of Shopify stores have installed the Product Reviews Shopify app. (Store Leads)
• 21.8% of Shopify stores have installed the Geolocation Shopify app. (Store Leads)
• 80.39% of partners have only one app in the Shopify app store. Furthermore, 16.74% have 2 to 5 apps, and 2.87% of the partners have 6 to 46 apps in the Shopify app store. (Pandectes)
• Some of the most popular apps used by Shopify merchants are Facebook channel, Google channel, Shopify Email, Point of Sale, PageFly Landing Page Builder, Buy Button channel, and many others.
• 85% of Shopify merchants rely on Shopify apps to run their businesses. (Hevo Data)

What To Sell On Shopify

With its proven track record in ecommerce, Shopify is a truly robust platform that can handle even the most demanding online businesses.

However, using the right platform isn’t enough to succeed on ecommerce. It’s also important to know what types of products you should sell in order to increase your probability of success.

• The most common Shopify store categories as of December 2023 are Apparel (538,692 stores), Home & Garden (235,790 stores), Beauty & Fitness (196,070 stores), and Food & Drinks (121,597 stores). (Store Leads)
• Home products are a major expenditure for US adults, with the average purchase totalling $2,600 per person. (UpScribe)
• Aside from physical products, you can also sell digital products and services on Shopify.
• If you plan to sell digital products, learning materials such as online courses and masterclasses are worth considering. The e-learning industry is expected to be worth $840 billion by 2030 (Global News Wire). However, you are in competition with free content.
• Smartphones have become a crucial part of our daily lives. That’s why the global cell phone accessories market is forecasted to $413 billion in 2030, according to Statista.
• The kidswear industry is growing in popularity. According to Google, online search for baby and toddler clothing has risen by 250% over the last two years.

Shopify Statistics For Your Business

Opening a store with one of the biggest eCommerce platforms comes bearing some benefits to stand out in the competitive world.

• USPS is the leading shipping carrier used by Shopify stores as of July 2023. It is followed by UPS, FedEx, Royal Mail, and Correios. (Statista)
• According to the State of Shipping Report 2022, 62% of shoppers expect their orders to arrive in less than 3 business days when choosing free shipping. (Supply Chain Quarterly)
• However, more than four-fifths of leading fashion and apparel retailers are still using 5-8 day delivery options to service free shipping orders. (Supply Chain Quarterly)
• According to Statista, in 2019, Shopify stores experienced a 50% increase in sales, whereas the global eCommerce market only witnessed a 21% increase.
• Over 50% of Shopify stores get repeat purchases, with a single buyer purchasing more than 2 times.
• Over 62 million buyers have purchased from the same store twice.
• The top 10% of Shopify stores, in 2023, generate an average revenue of $343 per customer. (Gorgias)
• Earning an average of $343 per customer in 2023 (Gorgias) would put your business in the same league as the 10% of best-performing Shopify stores.
• Shopify stores that used email marketing received a higher conversion of 4.29% compared to other modes such as social media, direct, and search.
• For 90% of American customers, reviews are the most crucial part of the purchase decision. (Fera)
• 30% of consumers (Fera) agree that user-generated content or UGC on brand websites increase their purchasing confidence.

Despite the economic challenges faced by businesses all across the globe during the pandemic, the eCommerce market has flourished like no other. With physical stores closed then, people turned to eCommerce for their shopping needs, which is still a sustaining trend. Back then, brands that did not exist online began searching for a suitable way to enter the digital world.

With thousands of new stores opening every day online, Shopify is expected to show improved results in the coming years.

Biggest Shopify Brands

Shopify is home for some of the biggest names in the world of ecommerce. As you may now know, the platform can support both small to medium businesses (SMBs) and large enterprises like the ones that we will enumerate below.

Here are the biggest Shopify brands, according to Wisepops, as of December 2023 in terms of online sales:

01. Gymshark

Industry: Fitness apparel Revenue: $550 million

Source: Gymshark

Gymshark is a globally renowned fitness apparel brand that was founded in 2012. It offers stylish and functional activer for men and women. The brand has gained massive online presence due to its collaboration with influencers. Nowadays, it continues to gain popularity for its quality products tailored for both intense workouts and casual sporty outfits.

02. Paramount Shop

Industry: Entertainment Revenue: $300 million

Source: Paramount

Paramount Shop is the merch store of Paramount Pictures – an entertainment giant in the US. Paramount Pictures produced some of the most popular children shows such as Blues Clues and CatDog, and timeless movies such as Star Trek and Top Gun.

Because of their wide range of projects, they are able to create a massive fan base of their different shows. Luckily, their fans can buy merch of their favorite shows from Paramount Shop.

03. Allbirds

Industry: Footwear Revenue: $298 million

Source: Allbirds

Allbirds is a footwear brand that is renowned for its comfortable shoes that are made from sustainable materials such as merino wool and eucalyptus fiber. Allbirds are committed to minimizing their carbon footprint. Thus, they keep on innovating their designs and materials.

But more than that, they also innovate their business process. They have an Allbirds Rerun where their previous customers can sell trade-in their slightly used  pre-loved shoes.

04. Kylie Cosmetics

Industry: Cosmetics Revenue: $200 million

Source: Kylie

Kylie's Cosmetics is founded by the sensational Hollywood celebrity, Kylie Jenner. The brand offers a wide range of beauty products such as lip kits, eyeshadows, and skincare items. Known for its trendy and high-quality makeup, Kylie Cosmetics garnered a huge customer base because of its mid-range pricing for premium products.

How Much Is Shopify Stock Worth?

Image credits: Demand Sage

Shopify was first listed in the stock market in May 2015. Back then a share of Shopify can be had for only $17. As its popularity grew, so did its stock price.

From a $3.8 billion dollar market cap in 2016, Shopify witnessed its highest market capitalization in 2021, amounting to $171.57 billion. This did not come as a surprise because 2021 was the height of the recent global health crisis wherein the ecommerce industry has proved to be a great alternative for in-store shopping.

As of 2023, the market cap of Shopify sits at $75.42 billion, more than 200% smaller compared to its 2021 valuation. However, as savvy investors would know, the stock market fluctuates and this should not be the sole basis of a company’s capabilities.

Conclusion

With many eCommerce solutions and millions of trusted merchants, Shopify is one of the most flexible store builders that help scale businesses by automating most tedious tasks that come with setting up an online store. If you want to find a suitable online storefront for your brand, use these statistics to make the right decisions.

Explore more, check out: Shopify Conversion Rate Optimization: [2024] Beginner’s Guide