Shopify is an all-in-one, specialized global eCommerce platform that has been powering businesses of all sizes to start, grow, and market their online stores. Shopify has seen tremendous growth in the past few years and in 2018 saw growth 3 times more than that of its competitors. With eCommerce adoption growing rigorously and more retailers moving to eCommerce platforms amidst the pandemic, Shopify Inc.’s revenue nearly doubled in the latest quarter.
As Shopify is moving into the big leagues and gearing for its race against Amazon, here are 20 interesting facts about Shopify that will surprise you:
The Shopify Success Story: Growth, Reach, and Revenue
- Shopify is growing rapidly with merchants spread across 175 countries. It surpassed one million merchants worldwide on its platform in October 2019.
- Well over 1 billion orders have been processed on Shopify so far, with more than $135+ billion in total sales for merchants on the platform as of October 2019.
- Shopify’s revenues for the 2020 second quarter rose 97% to $714.3 million, compared to the same period a year ago.
- Shopify’s shares more than tripled in value in the past 12 months to become the second largest ecommerce platform after Amazon in the US.
- Shopify’s valuation is now triple that of eBay, as its stock initially opened 11 per cent higher at a new all-time intraday high of $1,107, giving it a market capitalisation of $130bn.
- The revenue for subscription-solutions grew 28% YoY to $196.4 million, and merchant-solutions revenue more than doubled to $517.9 million for the second quarter of 2020.
New E-commerce Trends Emerge on Shopify Amidst COVID-19
- In June 2020, with COVID moving retailers to explore online options, spending on Shopify overtook EBay for the first time.
- In quarter two, Shopify saw a particular increase in food, beverages and tobacco, as well as a recovery in apparel and cosmetics.
- 26% of brick-and-mortar stores in English-speaking regions have implemented some form of delivery service or curbside pick-up, facilitated by the Shopify platform.
- Shopify reported that the number of new stores created on its platform increased 71% in the second quarter of 2020 compared to the first, driven by eCommerce shifts amidst the pandemic along with a promotional offering for a 90-day free-trial period.
- During the lockdown period, Shopify saw a 45% increase in people buying from stores they’d never before bought from.
The Growing Popularity of Shopify
- Shopify merchants have seen an increase in brand loyalty as over half of the shops have repeat customers.
- Shopify announced a record $5.1+ billion in sales this 2020 Black Friday/Cyber Monday weekend.
- There is a 126% year-over-year average growth for Shopify Plus merchants.
- Shopify merchants include big brand names like Nestle, Pepsi, Unilever, Budweiser, The Economist, WaterAid, Penguin Books, Tesla Motors, and Red Bull.
- More than 80% of Shopify merchants use a third-party app to facilitate their businesses.
- Shopify has paid over $850,000 to more than 300 ethical hackers for help in resolving security issues.
- Well over 1 billion orders have been processed on Shopify so far, with total sales for merchants of more than $55 billion.
- In June 2020, Shopify announced that in 2019, businesses on Shopify supported over 2 million full-time jobs all over the world.
- In the last year, 218 million people have bought something from a store built on Shopify.
These statistics show the incredible growth trajectory of Shopify and the bright future it is heading towards. With the rapid shift to eCommerce and multiplying eCommerce adoption in the months following the pandemic, eCommerce platforms are only going to see an upward trend. Platforms like Shopify have been and will continue to facilitate the set up and growth of online stores and help brands and retailers pivot their businesses to cater to the new and the growing online customer base. And to help Shopify retailers grow further and compete with retail giants like Amazon and Walmart, Intelligence Node has launched a dynamic pricing app ‘PriceIntelligence AI’ for Shopify, powered by its proprietary, AI-driven pricing insights battle-tested by global Fortune 500 retailers.