About Shopify
The platform that was established to sell snowboard gear has grown so big until now. Maybe you had heard before that Shopify's founders decided to build this platform since they were not satisfied with other platforms to buy snowboard gear they wanted.
➤ More than 2 million retailers sell their products on the Shopify platform and over 4 million live websites are using this platform. 🚀 (Source: Builtwith)
➤ The platform's total revenue in the the fourth quarter of 2022 experienced a 26% increase, reaching $1.7 billion, which translates to a 28% increase on a constant currency basis, compared to the previous year. (Source: Shopify Q4 Announcement)
➤ In terms of its total revenue, Shopify's subscription revenue accounts for 27%. Only in the fourth quarter of 2022, the revenue from subscriptions reached $330.9 million. (Source: Shopify Q4 Announcement) Shopify has grown quickly regarding its annual revenues since 2013.
Now it includes many famous brands such as Whole Foods Market, Kylie Cosmetics, The New York Times, Budweiser, and Pepsi are Shopify-based. It makes us think about this big platform's conversion rates for sure.
About their benefits to merchants and current tendency to start a new business, Shopify's Chief Operating Officer Harley Finkelstein tweeted this:
Finkelstein states that they are powering the Great Reinvention after the Covid-19 related The Great Resignation. As Finkelstein said, people who are planning to start a business use Shopify and commercialize their passions.
Considering that, it can be said that Shopify gives great opportunities to those who want to start a business and commercialize it with their website. Let’s learn more about Shopify’s conversion with numbers and interesting facts.
Shopify Conversion Rate Statistics
- Shopify has produced $79.5 billion in gross merchandise volume. Shopify's GMV has expanded by $12.1 billion (40%) throughout recent years. (Source: Backlinko's research about Shopify stores in 2022)
- In 2018's second quarter, Shopify received its billionth order. (Source: Shopify & You's statistics blog post)
Shopify Conversion Usage Statistics over years.
(Source: Builtwith)
- To date, Shopify's total platform sales are estimated to be over $200 billion worldwide.
- Shop Pay increased conversion rates with its sped-up checkout process. During the Black Friday period, more than 400,000 people spent $30 million with Shop Pay.
- Shopify had a 19% increase in sales from the $6.3 billion during Shopify’s Black Friday Cyber Monday weekend in 2021.
- In 2023 Shopify announced a record-setting Black Friday Cyber Monday weekend, with sales of $9.3 billion from independent businesses worldwide. (Shopify Black Friday Report
- During this period, more than 55,000 merchants had their highest-selling day ever on Shopify, according to their report.
- With 4.29 percent, email has the highest conversion rate for Shopify stores. The search conversion rate is 3.04 percent, 2.93 percent direct, and 1.81 percent social after emails. (Source: Shopify Blog's post about email marketing)
- 81% of traffic and %71 of orders on Shopify stores were through mobile devices in 2019. Meaning that it increased from 77% and 67% according to 2018. (Source: Shopify & You's statistics post)
- More than 25% of Shopify’s recurring revenue is from Shopify Plus. Shopify Plus is used by famous brands such as Nestle, Kylie, Rebecca Minkoff.
- Shopify Plus contributed $41 million, or 29%, of MRR compared with 31% of MRR as of June 30, 2022. (Source: Shopify Second-Quarter 2023 Financial Results)
- In 2019, Shopify Plus users saw an average year-over-year growth of 126% alongside $1 million to $500 million annual revenues.
- Shopify received over 58 million visits during 2020.🤩 (Statista)
- On average, a US-based Shopify merchant earns a profit of $72 per customer, with high-earning merchants making $149 and low-earning ones making $44 per customer. (Synder)
- In 2022, Shopify generated increased 14% to $400.3 US dollars in subscription solutions and around $1.3 billion US dollars in merchant solutions. Both segments experienced rapid sales growth during the time period under consideration. (Source: Statista's research about total revenue segment of Shopify)
- It is stated that using 3D product images have a big impact on increasing conversion rates. As much as 250 percent conversion can be increased by using 3D images that show different sides of products.
Average Conversion Rate on Shopify
To have a better and more comprehensive understanding of these Shopify statistics, you may wonder about average numbers of conversion rates. But what is the average conversion rate on Shopify?
- If a Shopify store’s conversion rate is more than 3.7%, it means that this business is one of the best %20 Shopify stores. Having a business with more than a 5.2% conversion rate indicates that this company is in the best 10%.
- On the other hand, if the conversion rate of a Shopify store is below 0,5%, it is the worst 20% in the marketplace. Also, less than a 0.1% conversion rate states that this business is one of the worst-performing stores.
- According to Littledata’s February 2022 data, 1.8% is the average conversion rate for Shopify.
- Shopify’s average conversion rate that comes from organic traffic is 3.6%. (Source: Shopify Blog's post about email marketing)
Shopify Conversion Rate Statistics by Industry
There are so many different businesses from different industries in Shopify. It allows various industries to sell and commercialize their products.
Check out these number of Shopify conversion rate statistics by industry we have researched and compiled for you!
Shopify Fashion Industry Conversion Rate Statistics
- Apparel and fashion brands make up 13% of Shopify Plus. (Source: Enlyft's research about Shopify companies)
- Around the world, the most sold products on Shopify are t-shirts and tops, according to 2019’s data.👚🛍
- Though they hardly make the top-50 in other countries, dance dresses and costumes are the most sold products in Germany.💃🏻 (Source: Konstruct Digital's Shopify statistics research in 2020)
- As a Shopify designer handbag company, Rebecca Minkoff has a 9% conversion rate with a 14% average order value. (Source: Tangiblee's case study about Rebecca Minkoff)
Shopify Beauty & Cosmetics Industry Conversion Rate Statistics
- Colour Pop is a Shopify cosmetics brand that is ranked 14 in Beauty and Cosmetics category. It has 3.5M total visits with a 40.18% bounce rate. (Source: SimilarWeb's overview page of Colour Pop)
- One of the most famous Shopify brands, Kylie Jenner’s Kylie Cosmetics, sold out its first 15,000 lip kits in minutes in 2015.🤯 (Source: Forbes profile of Kylie Jenner)
- Kylie Jenner’s famous brand is a Shopify brand with 775.3K total visits with a 45% bounce rate. It also ranks in 219th place in the Beauty and Cosmetics category. (Source: SimilarWeb's overiew of Kylie Cosmetics)
- Elf Cosmetics is ranked at 32nd and has a 52.15% bounce rate. Also, this famous cosmetics brand has 2.9M total visits. (Source: SimilarWeb's overview of Elf Cosmetics)
Best Conversion Ready Shopify Themes
Usage of themes in your Shopify store also has a big effect on your conversion rate. Therefore, we have listed the highest converting Shopify themes that you can use on your website.
1. Empire
Empire is one of the best conversion-ready themes with its catalog option. This theme makes it possible to display high-quality images and large catalogs. It is best for electronics, home and garden, business equipment and supplies categories.
Pricing: Free trial available. Then you can use it for $300.
2. Warehouse
Warehouse is another highest converting theme that can be used to show large catalogs. It is mostly used for electronics, sports equipment and home and garden products.
Pricing: Free trial available. You can buy it for $300.
3. Impulse
With its customizable and flexible design, Impulse is best for the clothing and accessories category. However, it is used for health and beauty categories as well. It is great for visual storytelling and you can increase your conversion by promoting your products.
Pricing: Free trial available. It can be bought for $320.
FAQ
What is a Good Conversion Rate on Shopify?
If you want a good conversion rate on your Shopify store, your rate should be above 3.7%. Anything above 3.7 percent puts you in the top 20% of Shopify stores for conversion rate, and anything above 5.2 percent can put you in the top 10%.
What is the Highest Converting Shopify Theme?
Many marketers wonder which theme of Shopify has the highest conversion feature. It surely depends on your brand’s audience and other factors.
It can be said that the highest converting Shopify themes are Empire, Warehouse and Impulse. As we have explained their features before, these themes are the best conversion-ready themes that you can use.
Other than these, Retina, Minimal, Fashionopolism, Debutify are among the most popular and highest converting Shopify themes.
That is all for Shopify's conversion rate statistics!
Which stats surprised you the most? Comment down below and share what you think about these facts with us!
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