Shopify is undoubtedly one of the most popular eCommerce platforms out there. Shopify stands out for its extremely easy-to-use interface with a single streamlined dashboard from which you can manage your entire store hassle-free.
Its 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 statistics can make this transition easier than ever.
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 eCommerce industry, 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.
- Some Key Facts About Shopify
- Shopify’s Top Statistics
- Global Shopify Statistics
- What Is Shopify's Revenue?
- Shopify App Statistics
- Shopify Statistics For Your Business
- Biggest Shopify Stores
- How Much Is Shopify Stock Worth?
Some Key Facts About Shopify
- 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.
- Shopify has the largest eCommerce platform market share in the USA alone, accounting for a whopping 25% share by December 2022.
- 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.
- Shopify currently has 2.7+ million stores in the USA, with the majority of the stores located in California.
- Shopify has 2,002,945 live stores on its platform as of Dec 28, 2022.
- 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.
- Shopify has 100+ themes (free and paid) available on Shopify Theme store..
- Businesses from over 175 countries use Shopify as their go-to eCommerce platform.
- In 2018, Shopify had its billionth order.
- Shopify has crossed $543 billion in total sales and is predicted to see half a trillion dollars in total sales in 2022.
- Shopify has 10,000+ employees with over 780+ experts in their network for various marketing tasks such as SEO services.
- Shopify has over 8000+ applications on their Shopify App Store.
- 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.
- Shopify's average revenue per customer is $72 as of December 2022.
- Shopify Plus is a cost-effective eCommerce platform with over 10,000+ brands using it.
Shopify’s Top Statistics
Shopify features include digital tools that offer merchants the support and power they need to start their online store, find customers, drive traffic and ultimately convert them into successful customers. Furthermore, Shopify analytics offers merchants actionable insights into their website data to drive better marketing efforts. Based on our research, here are some of the top statistics that show that Shopify is a key player in the eCommerce world:
- As of July 2022, Shopify has captured nearly 11% of the total eCommerce market share.
- Shopify revenue for the quarter ending September 30, 2022 was $1.366B, a 21.58% increase from 2021.
- The most common category of Shopify stores is Clothing at 27.7%, followed by Jewelry & Watches and Home & Garden at 12.5% and 12.4%.
- Shopify’s biggest spending country is Japan, with an average of $142 per transaction.
- The top three countries that use Shopify Plus are the US (62%), followed by the UK (10%) and Canada (9%).
Mobile vs desktop users on Black Friday and Cyber Monday (2019)
- The top industries that use Shopify are retail with 18%, apparel & fashion with 11%, and computer software with 6%.
- 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%.
- Most merchants take advantage of the digital tools and the overall experience Shopify features have to offer, making the total abandonment rate between 2% and 5%.
- 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%.
Global Shopify Statistics
- So far, Shopify has contributed a total of $319 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."
What Is Shopify's Revenue?
While there was a substantial increase in the demand for Commerce through offline channels in Q2 of 2022, Shopify was able to adapt to this rapidly changing environment and enable merchants 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.
For anyone who has not used Shopify and wants to try it out, you can sign up and create your store for free for up to 14 days. This gives you ample time to try out all the essential features of Shopify and make a decision. Shopify offers both monthly and yearly plans, yearly being the more economical choice.
- Basic - $29/month or $173/annum
- Shopify - $79/month or $473/annum
- Advanced - $299/month or $1,773/annum
These plans are designed to meet the current and growing needs of the consumer world. Shopify makes money 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. Furthermore, the overall revenue from Subscription Solutions has increased by 10% from the last year, making it $366.4 million this year.
Here are some of the key highlights of Shopify's financials:
- In comparison to the monthly revenue income of $82.61 million in 2020, the revenue increased to $98.8 million by the end of 2021.
- Shopify generated $2.15 billion from sellers in North America, accounting for 73.3% of regional revenue in 2020. Outside of North America, Shopify generated $780 million in regional revenue.
- In 2021, Shopify increased its revenue by 57% compared to 2020.
- Each year, Shopify has seen a growth in its revenue, with Q2 of 2022 growing by 16%, reaching $1.3 billion, representing a compound annual growth rate of 53%. Moreover, the subscription solutions contributed to the revenue of $366.4 million, a 10% increase yearly, owing primarily to more merchants joining the platform.
Shopify App Statistics
The Shopify app store comes with thousands of apps that power millions of stores to function smoothly. As per Shopify, they have over 8,000 apps in the Shopify App Store developed by both Shopify and third-party companies. You can find both paid and free apps in the store that are helping millions of stores with their inventory management, dropshipping, SEO marketing, customization of the store etc.
- More than 87% of merchants use Shopify apps for various purposes.
- According to Shopify, an average merchant uses 6 apps.
- Shopify’s app developer partners earned $233 million in 2020.
- 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.
Shopify Statistics For Your Business
Opening a store with one of the biggest eCommerce platforms comes bearing some benefits to standing out in the competitive world.
Did you know?
- 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.
- Average revenue of $88 per customer in 2022 would put a store in the top 10% of the best-performing stores. In 2020, the average revenue per customer was $72.
- Shopify stores that used email marketing received a higher conversion of 4.29% compared to other modes such as social media, direct, and search.
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.
Even before the dawn of the pandemic, Shopify was recognized for its features and ease of use for merchants and customers. Thus, the pandemic was just a nudge for brands and businesses to push their business online, and Shopify was the best available choice then and now. With thousands of new stores opening every day online, Shopify is expected to show improved results in the coming years.
Biggest Shopify Stores
You must have seen some of your favorite brands on Shopify as both customers and merchants. Shopify is the storefront for several popular brands such as Sephora, RedBull, Netflix, Fitbit, and thousands of others.
Shopify Plus customers get access to additional features to deal with high sales volume, themes and other advanced features. Its unique and customized shopping experience for its customers is another reason for Shopify being the first choice for many top brands.
Here are some of the biggest and most popular companies that have chosen Shopify as their online storefront.
Tesla is the world’s largest electric car producer and also one of the biggest companies on Shopify. The website features an intuitive design and sells car accessories, apparel and other lifestyle products.
Whole Foods Market
Whole Foods Market is Amazon’s retail supermarket chain, famous for its natural and organic food products. It operates through 350+ grocery stores, and customers can easily place orders with them on their Shopify website, which is delivered by Amazon.
Lindt & Sprüngli
Lindt is one of the most popular Swiss chocolatier brands out there. During the pandemic, Lindt & Sprüngli, home of the Lindt, Whitman’s, Russell Stover, and Ghirardelli brands, opened their online stores, and their largest eCommerce store in Canada uses Shopify.
How Much Is Shopify Stock Worth?
We have all been loyal customers to at least one brand at some point in our life and still shops from online stores. The demand for an online presence shot up during the pandemic, and shoppers like us, have helped platforms such as Shopify thrive. While most businesses took a hit then, Shopify used it to its advantage and fueled its merchants to perform better. This has impacted the overall growth of the platform, subsequently improving Shopify’s stock price.
On November 19, 2021, the share price of Shopify reached a high of $169.06. As of Dec 28 2022, Shopify has market cap or net worth of $42.09 billion.
With many eCommerce solutions and millions of trusted merchants, Shopify is one of the most flexible store builders that help scale businesses by automating some or most of the tedious efforts 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 decision.