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Top Shopify Statistics
Shopify's 2024 first-quarter report highlights the following updates:
➤ Gross Merchandise Volume (GMV) increased by 23% to $60.9 billion, representing a $11.3 billion increase compared to the first quarter of 2023.
➤ Total revenue grew by 23% to $1.9 billion compared to the previous year. After accounting for the sale of their logistics enterprises, the year-over-year growth stands at 29%.
➤ Merchant Solutions revenue experienced a 20% rise, totaling $1.4 billion compared to the preceding year. This increase was mainly propelled by the expansion of GMV and the sustained adoption of Shopify Payments.
➤ Gross Payments Volume (GPV) reached $36.2 billion, accounting for 60% of GMV processed in the quarter.
➤ This GPV contrasts with $27.5 billion, which accounted for 56% of the GMV in the first quarter of 2023.
➤ Subscription Solutions revenue rose by 34% to reach $511 million compared to the previous year. This growth was fueled by an increase in the number of merchants utilizing the service and adjustments in pricing on Shopify's standard subscription plans.
➤ As of March 31, 2024, Monthly Recurring Revenue (MRR) increased by 32% to $151 million compared to 2023, propelled by ongoing expansion across all of the subscription plans.
➤ Regarding contribution, Shopify Plus accounted for $48 million, representing 32% of MRR, slightly lower than the 33% contribution recorded as of March 31, 2023.
➤ Gross profit dollars grew by 33% to $957 million compared to the previous year.
➤ The gross margin for the quarter stood at 51.4%, contrasting with 47.5% in the first quarter of 2023.
It is said that this increase was primarily attributed to the absence of the dilutive effect from the logistics businesses and alterations in pricing from standard plans, although the ongoing expansion of Shopify Payments partially offset it.
➤ Free cash flow amounted to $232 million, a notable increase from $86 million in the prior year.
➤ The free cash flow margin for the quarter stood at 12%, a significant improvement compared to the 6% recorded in the first quarter of 2023.
➤ As of March 31, 2024, cash and marketable securities totaled $5.2 billion.
➤ After accounting for their outstanding convertible notes, Shopify maintained a net cash position of $4.3 billion.
➤ During the final quarter of 2023, Shopify achieved a remarkable milestone, with its Gross Merchandise Volume (GMV) surpassing $75 billion. (Source: Statista's report on GMV of Shopify.)
(Source: Statista's Shopify GMV report.)
According to Shopify's About Us page:
➤ Over 8,300 employees work for Shopify.
➤ Shopify merchants are in around 175 countries.
➤ The Shopify App Store contains over 13,000 apps.
🎯 See "20+ Best Shopify Apps to Increase Sales & Conversion" to explore the best apps on Shopify.
➤ There are 70 themes in Shopify's theme store.
➤ Total sales on Shopify are approximately $886 billion.
➤ There are more than 780 experts in Shopify's network.
Discover: 15 Best Conversion Ready Shopify Templates To Use In 2024
Shopify Facts
➤ Shopify was founded in 2006 by three Canadians, inspired by their poor online e-commerce experience to sell snowboard equipment.
➤ As TechCrunch stated, Shopify opened its first brick-and-mortar storefront in Los Angeles in 2018.
➤ Shopify offers a large affiliate program, where affiliates can earn an average of $58 for each user they bring as signup members for a paid plan.
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Shopify Usage Statistics
So, you know that Shopify is huge, but how many Shopify stores are there now?
➤ There are more than 4.4 million live stores on Shopify in 2024. (Source: Builtwith's Shopify usage data.)
(Source: Builtwith's Shopify usage data)
➤ As stated in Statista's study of the number of Shopify online stores, as of July 2023, the United States led by a considerable margin as the country with the highest number of Shopify online stores, boasting over one million in total.
➤ Following closely behind were the United Kingdom, Canada, and Australia, each with more than 100,000 stores.
➤ Italy and the Netherlands completed the top ten list of countries with Shopify online stores.
➤ Wokiee, Minion, and Icon are three popular Shopify themes. (Source: Ecommerce Platforms)
(Source: Builtwith's report on ecommerce technologies in the USA)
➤ According to BuiltWith, Shopify dominates the e-commerce landscape in the United States, with 2,535,125 websites utilizing its platform, accounting for 27% of the ecommerce usage distribution.
(Source: Builtwith's report on ecommerce technologies in the USA)
This demonstrates Shopify's immense popularity and influence in the American e-commerce industry.
➤ As mentioned in Statista's data of Shopify stores by category, by June 2023, fashion merchants emerged as the leading users of Shopify services, with over 500,000 apparel online stores established on Shopify's e-commerce platforms.
➤ Following closely behind, the home and garden sector secured the second position, boasting approximately 220,000 stores on Shopify.
➤ Shopify online shoppers are twice as likely to purchase a product with a 3D model over a flat image. (Source: SpeedBoostr's Shopify Unite article.)
➤ In 2024, Shopify users include famous brands like Gymshark, Crate and Barrel, Kylie Cosmetics, Allbirds, and Skims. (Source: SiteBuilderReport's article on companies that use Shopify.)
Shopify Sales Statistics
➤ In 2023, approximately 675 million people made purchases from Shopify stores. (Source: Backlinko's Shopify stores article.)
The count of customers completing transactions with Shopify merchants has risen by 47.7% since 2020.
➤ According to Statista's report of the number of Shopify stores by the number of products sold in 2023, there were 621,899 Shopify stores that sold fewer than ten products.
➤ Also, 376,418 stores sold between ten and 24 products.
➤ As stated on the Shopify Plus Enterprise page, $650B in total sales have been made so far from millions of Shopify businesses.
💸 Explore: "How to Make Money on Shopify: 10 Proven Ways"
According to Shopify's data on BFCM statistics in 2023:
➤ The peak sales per minute reached $4.2 million at 12:01 PM EST on November 24.
➤ Globally, 61 million consumers made purchases from Shopify-powered brands.
➤ The top-selling countries were the US, UK, Australia, Canada, and Germany.
➤ Cross-border orders accounted for 15% of all global orders.
➤ The top-selling cities were Los Angeles, New York, and London.
➤ More than 55,000 merchants had their highest-selling day ever on Shopify.
➤ The average cart price was $108.12 ($107.53 on a constant currency basis).
➤ The most popular product categories included apparel and accessories, health and beauty, and home and garden.
➤ Sales made via Shop Pay experienced a 60% year-over-year increase.
➤ Over 17,500 entrepreneurs made their first sale on Shopify during BFCM.
🎯 Check out more Shopify conversion rate statistics.
Shopify Market Share Statistics
➤ According to Yaguara's Shopify Market Share article, Shopify secured the 4th position among the top 5 eCommerce platforms globally, holding a market share of 10.32% in 2024.
➤ Domestically, Shopify dominates the e-commerce platform scene in the United States, commanding 29% of the market share.
➤ Notably, a significant portion of Shopify's user base, 62%, comprised US-based stores.
➤ The market capitalization of Shopify stood at $104.63 billion during the 1st quarter of 2024.
➤ According to CMS usage data, Shopify captured 6.20% of the CMS market share as of April 2024.
➤ With its robust platform, Shopify powered a staggering 4,628,418 active websites worldwide.
➤ Additionally, it secured a notable 23% share in the top 1 million websites and outpaced WooCommerce with a 19% market share among the top 100,000 websites as of 2024.
Additional Interesting Shopify Statistics
➤ According to Statista's data on shipping carriers used by Shopify stores, as of February 2024, USPS held the top spot as the most utilized shipping carrier by Shopify online stores globally, with nearly 149,000 stores leveraging their services.
➤ Following USPS, UPS and FedEx occupied the subsequent positions on the list, with 101,628 and 67,894 stores, respectively. All of these shipping carriers are headquartered in the United States.
➤ Shopify, with other Frontier buyers, signed a groundbreaking agreement with Lithos Carbon, committing a combined total of $57.1 million to remove 154,000 tons of CO₂ between 2024 and 2028 through enhanced weathering, marking a significant milestone in carbon removal technology and innovation. (Source: Shopify's article on what they did for carbon removal.)
➤ Shopify also funded over 56,000 tonnes of carbon removal during Black Friday and Cyber Monday in 2023.
➤ Shopify experienced a substantial reduction, with 2,300 employees laid off in May 2023, marking one of the largest layoffs in the industry. (Source: Statista's data on USA e-commerce layoffs in 2023.)
Conclusion
That's the end of the 60 impressive Shopify statistics you need to know in 2024.
The global e-commerce platform is growing, and although not the biggest in market share, Shopify has experienced record growth over the past few years.
Additionally, since many reputable brands power their websites with Shopify, it can be at the top of the list when choosing who to partner with or build an online store.
Frequently Asked Questions
How Many Shopify Users and Stores Are There in 2024?
Over 7.4 million live websites are using Shopify.
Most domains are currently registered in the United States, with over 2.5 million domains. The United Kingdom and Australia follow the US, completing the top three.
That being said, It's important to note that the current number of active Shopify stores is constantly changing.
How Much Money Can Be Made on Shopify?
Depending on the type of product and the traffic you get on your Shopify website, you can make anywhere from $1,000 to $100,000 a month.
Mind that there are many variables that can affect the revenue you generate, such as business types, amount of traffic, marketing, and so on.
What Companies Use Shopify?
Here are some of the biggest companies that use Shopify:
- Kylie Cosmetics
- Gymshark
- Allbirds
- Crate and Barrel
- Skims
- FashionNova
How Many People Work at Shopify?
There are over 8,300 employees working for Shopify and over 780 experts in its network.
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