Looking for the latest stats about Shopify? We’ve curated a list of Shopify Statistics for 2024 to deepen your knowledge about the world’s most popular ecommerce platform, Shopify.
Whether you’re simply looking for the latest Shopify stats 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 statistics about Shopify 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 make you understand the platform better by knowing how it performs:
- General Shopify app statistics
- Geographical statistics about Shopify users
- Shopify Financial Reports
- Shopify app store statistics
- Shopify Plus statistics
So without further ado, here are the latest statistics for Shopify that you can use for fact gathering this 2024.
Key Facts About Shopify
Like some of the biggest companies, Shopify 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.
- 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.
- 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.
- Additionally, you can find hundreds more from third-party websites such as Theme Forest, Creative Market, HulkApps, and Envato Elements.
- Businesses from over 175 countries use Shopify as their go-to ecommerce platform.
- In 2018, Shopify had its billionth order.
- 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.
While examining these impressive Shopify statistics for 2024, 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 2024
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.
Because of its robustness and reliability, Shopify has cemented itself as a hallmark in the ecommerce industry.
Here are some of the top Shopify statistics for 2024 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’s gross merchandise volume (GMV) in the Q1 of 2024 was $60.9 billion. (Statista)
- Shopify’s gross profit in Q2 of 2024 was up 25%. (Shopify)
- Shopify’s revenue for fiscal year 2023 was $7.06 billion. Up by 26% from FY 2022. (Yahoo! Finance)
- Over 50% of Shopify stores benefit from repeat purchases. (Deco Pay)
- The average bounce rate on ecommerce websites is typically 20% to 40%. (Shopify)
- The average cart abandonment rate across ecommerce platforms, including Shopify, fluctuates but typically falls between 60% to 80%. (OptiMonk)
- According to BuiltWith, Shopify holds the largest ecommerce platform market share in the following countries as of September 2024:
- United States - 30% market share
- Australia - 30% market share
- Germany - 27%
- Brazil - 21%
- Canada - 31%
- Shopify possesses 10% of the world’s ecommerce software platforms. (Statista)
- More than 900,000 Shopify stores offer installments using Shop Pay. (BuilWith)
- More than 500,000 Shopify stores offer local pickup (BuitWith)
- As of September 2024, Shopify is the most used ecommerce platform in the United States, accounting for 30% of the entire ecommerce usage distribution in the country. (BuiltWith)
- As of Q3 of 2024, there are 2,400,000+ active Shopify stores in the world. (Store Leads)
- As of this writing, there are 215 themes in the Shopify theme store. 13 of those themes are free.
- Shopify served a total of 700 million customers in 2023. (Demand Sage)
- Shopify has generated more than $1 trillion dollars in merchant sales since its inception. (Shopify)
- Shopify has 8,300+ employees as of December 2023. (Shopify)
- Shopify stats acquired by Semrush on August 2024 shows interesting information about Shopify’s traffic sources:
- The shopify.com domain got a total of 190 million visits in August 2024. A huge increase from July 2024’s 183 million visits and a much bigger climb from June 2024’s 174 million. These Shopify app statistics show that interest in the platform is growing.
- Out of the 190 million visits, 69.69% of those were direct sources, meaning that they typed shopify.com directly from their browsers.
- The top traffic source for Shopify is the United States, contributing 53.98 million visits from all types of devices. The second place is India which contributed 16.98 million, and the United Kingdom contributed 11.92 million visits.
- Most visits to shopify.com came from websites, amounting to a traffic share of 67.53%. The remaining 38.42% came from mobile devices.
Shopify Revenue Statistics
Here are some of the key highlights of Shopify's financials according to their Q2 2024 Press Release. Increase or decrease in performance are compared to Q2 of 2023.:
- Shopify Gross Merchandise Volume or GMV increased 22% to $67.2 billion.
- Revenue increased 21% to $2 billion, which translates into YoY growth of 25%.
- Merchant Solutions Revenue increased $19% to $1.5 billion driven by continued penetration of Shopify Payments.
- Subscription Solutions Revenue increased 27% to $563 million, driven by the growth in the number of new merchants and price adjustments on subscription plans.
- As of June 30, 2024, Shopify’s Monthly Recurring Revenue or MRR increased 25% to $169 million compared to Q2 of 2023.
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 13,000 apps 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.
Here are some interesting Shopify app store statistics:
- According to Shopify, an average merchant uses 6 apps.
- There are currently more than 13,000 apps in the Shopify app store. (Source: Shopify)
- There are more than 7000 vendors (partner developers) in the Shopify app store. (Store Leads)
- 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)
- September 2024 Shopify app store statistics shows that the most-used Shopify apps amongst all merchants, according to Store Leads, are:
- Shopify Inbox - 384,000+ users
- Geolocation - 374,000+ users
- Judge.me - 359,000+ users
- Klaviyo - 319,000+ users
- Instafeed - 210,000+ users
- The most popular dropshipping app for Shopify is DSers-AliExpress Dropshipping with 131,000+ users. (Store Leads)
- 85% of Shopify merchants rely on Shopify apps to run their businesses. (Hevo Data)
Shopify Product Category Statistics
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 across all Shopify store merchants as ofQ3 of 2024, according to Store Leads are:
- Apparel - 525,000+ merchants
- Home & Garden - 226,000+ merchants
- Beauty & Fitness - 195,000+ merchants
- Food & Drink - 123,000+ merchants
- People & Society - 74,000+ merchants
- 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)
- 47% of consumers are willing to spend the minimum amount to get free shipping. (The State of Shipping 2023)
- 62% of consumers won’t spend with a retailer without free shipping. (The State of Shipping 2023)
- 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)
- 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.
- Shopify app statistics from Shopify Plus Commerce Trends 2023 shows interesting insights about the inflation:
- 83% of businesses surveyed are concerned about the risk inflation poses to company growth
- 82% say high inflation is forcing them to reduce company costs.
- 81% have plans to increase product prices.
- 71% say they are preparing for a recession in 2024.
- Shopify app statistics from Shopify Plus Commerce Trends 2023 shows the top 5 customer acquisition and retention strategies to drive growth. These are:
- 28% of companies use social media channels for marketing and promotions
- 28% offer more premium products and services
- 27% use ecommerce marketplaces more
- 26% offer more payment methods (like Apple Pay)
- 26% use customer data for better targeting, customer segmentation, and personalization
- Also according to Shopify Plus Commerce Trends 2023, shipping has a huge impact in customer decision making. The following Shopify app statistics shows the impact of shipping to customers and businesses:
- People order about 2.5 items with free shipping, compared to less than 2 items with paid shipping.
- People spend over $3 more on the median average item with free shipping than with paid shipping.
- People buy over $22 more on the median order with free shipping than with paid shipping.
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.
More Shopify App Statistics
Craving for more Shopify stats? We got more for you. Let's talk about how many Shopify Plus merchants are there and the average Shopify store revenue per month.
How Many Shopify Plus Merchants Are There?
Here are some of the latest statistics about how many Shopify Plus merchants are there, plus more insightful information. These Shopify statistics for 2024 were obtained from Store Leads.
- As of September 2024, there are 46,000+ domains running Shopify Plus.
- The top five categories for Shopify Plus are:
- Apparel - 9,100+ stores
- Beauty & Fitness - 4,900+ stores
- Home & Garden - 4,100+ stores
- Food & Drink - 2,700+ stores
- Health - 2,500+ stores
- The top five countries using the most Shopify Plus stores are:
- United States - 18,400+ stores
- United Kingdom - 4,200+ stores
- France - 2,900+ stores
- Germany - 2,600+ stores
- Australia - 2,600+ stores
- The top five Shopify apps used by Shopify Plus merchants are:
- Klaviyo - 25,500+ users
- Geolocation - 12,300+ users
- Judg.me - 10,600+ users
- Product Reviews - 8,600+ users
- Klarna - 7,500+ users
Average Shopify Store Revenue Per Month
Latest information about the average Shopify store revenue per month dates back to 2020. This research was officially conducted by Shopify.
In their research about the average Shopify store revenue per month, the results were:
- Shopify stores generated a monthly revenue of $1,579 on average
- The top 10% of Shopify stores achieved an average monthly income of $10,866.
- Enterprise-scale dropshippers on Shopify make as much as $800,000 per month.
Source: Chargeflow
How Does Shopify Make Money?
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.
However, it’s main source of recurring revenues is its subscription plan. That’s why in the past years, Shopify plans have moved upwards in prices, albeit for a very small amount. We’ve also seen the $1 for 3 months offer become $1 for 1 month.
These are some of the means Shopify employs to keep up with growing expenses and to ensure company stability.
If you’re reading these Shopify stats for research but you’re not yet using the platform, you’ll be glad to know that Shopify still remains a very affordable ecommerce platform.
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.
Here’s its pricing structure if you plan to subscribe on a monthly basis:
- Basic - $39 per month
- Shopify - $105 per month
- Advanced - $399 per month
- Shopify Plus - starts at $2300 per month (available only in 1 or 3-year terms)
But if you want a discounted price, you can opt for an annual billing which would let you save up to 25% from the original price. Here’s the annual pricing of Shopify:
- Basic - equivalent to $29 per month (paid yearly)
- Shopify - equivalent to $79 per month (paid yearly)
- Advanced - equivalent to $299 per month (paid yearly)
- Shopify Plus - starts at $2300 per month (available only in 1 or 3-year terms)
It is worth noting that if you’re new to the platform, you can start for only $1 for your first month if you choose the Basic, Shopify, or Advanced Plan.
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.
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:
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.
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.
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.
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?
Source: YCharts
Shopify was first listed in the stock market in May 2015. Back then a share of Shopify could be had for only $17. As its popularity grew, so did its stock price.
According to YCharts, Shopify’s market capitalization in 2024 peaked on February 9, 2024, reaching a total market value of $116.77 billion. As of September 26, 2024, Shopify’s market capitalization is valued at $104.20 billion at $80.75 per share.
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.
