Launched in 2006 and founded by Tobias Lütke, Scott Lake and Daniel Weinand in Canada, Shopify is the largest e-commerce platform in existence.
As of the second quarter of 2024, Shopify boasts 4,790,000 live online stores worldwide. In 2023, there were 2,127,583 live stores, meaning the number of Shopify stores has more than doubled, increasing by approximately 125% in the past year.
Just how many Shopify stores are there? In 2023, Shopify had 2,127,583 live stores. By the second quarter of 2024, this number had more than doubled to 4,790,000, marking an impressive increase of approximately 125% worldwide.
Growth Timeline of Shopify Stores Since Launch
Here is a timeline showcasing the growth of Shopify's online stores since their launch in 2006:
What is Shopify?
Shopify is a leading e-commerce platform founded in 2006 by Tobi Lütke, Daniel Weinand, and Scott Lake in Ottawa, Canada. Originally created to sell snowboarding equipment, Shopify has grown to support 4,790,000 stores across 175 countries as of 2024.
"We want to make commerce better for everyone, so businesses can focus on what they do best: building and selling their products." - Tobias Lütke, CEO and founder, Shopify
The platform offers a user-friendly interface and comprehensive tools for creating, managing, and growing online stores. With features like customizable storefronts, integrated payment processing, and robust inventory management, Shopify caters to businesses of all sizes, from startups to large enterprises. Headquartered in Ottawa, Shopify continues to innovate and support its global network of merchants.
Who Drives Shopify's Success?
Meet the key influencers behind Shopify's remarkable journey:
Tobi Lütke - CEO and Founder
Tobi Lütke, the visionary behind Shopify, founded the company in 2006. Under his leadership, Shopify has grown from a small startup to a global e-commerce powerhouse. Tobi's innovative approach and dedication to empowering entrepreneurs have been pivotal to the company's success.
Harley Finkelstein - President
Harley Finkelstein joined Shopify in 2010 and has played a crucial role in scaling the business. As President, he oversees the company's commercial teams and has been instrumental in forging strategic partnerships and expanding Shopify's global footprint.
Craig Miller - Chief Product Officer
Craig Miller, who joined Shopify in 2011, has been a driving force behind the development and enhancement of Shopify's product offerings. His focus on user experience and product innovation has helped Shopify maintain its competitive edge.
Brittany Forsyth - Chief Talent Officer
Brittany Forsyth, a part of Shopify since 2010, has been essential in building and nurturing the company's unique culture. As Chief Talent Officer, she ensures that Shopify attracts and retains top talent, fostering an environment of creativity and collaboration.
Jean-Michel Lemieux - Chief Technology Officer
Jean-Michel Lemieux joined Shopify in 2015 and has been pivotal in scaling the company's technology infrastructure. As CTO, he leads the engineering teams and drives technological innovation to support Shopify's rapid growth.
Amy Shapero - Chief Financial Officer
Amy Shapero, who became Shopify's CFO in 2018, has been key in managing the company's financial strategy. Her expertise in financial planning and analysis has helped Shopify navigate its public market presence and sustain its growth trajectory.
Satish Kanwar - Vice President of Product
Satish Kanwar joined Shopify in 2013 and has been instrumental in shaping the company's product strategy. As VP of Product, he focuses on developing new features and tools that enhance the merchant experience and drive business growth.
Loren Padelford - Vice President and General Manager of Shopify Plus
Loren Padelford, who joined Shopify in 2014, leads Shopify Plus, the company's enterprise solution. His efforts have been crucial in attracting large-scale businesses to the platform and expanding Shopify's market reach.
Kaz Nejatian - Vice President of Product, Merchant Services
Kaz Nejatian joined Shopify in 2019 and has been focused on improving merchant services. As VP of Product, he works on developing solutions that help merchants manage their businesses more efficiently and effectively.
Toby Shannan - Chief Support Officer
Toby Shannan, a member of Shopify since 2010, oversees the company's support operations. As Chief Support Officer, he ensures that merchants receive top-notch assistance, contributing to Shopify's reputation for excellent customer service.
Timeline of Shopify Store Sales Since 2014
The growth in the amount of stores is amazing, but how many customers have actually bought something from a Shopify throughout the years? Here is a timeline:
What Country Has the Most Shopify Stores?
The United States leads the pack with a staggering 2,714,546 Shopify stores. In second place is the United Kingdom with 208,161 stores, followed by Australia in third place with 151,179 stores. The United States has approximately 1,204% more Shopify stores than the United Kingdom and about 1,695% more than Australia.
Significant Updates to Shopify's Platform Since Launch
It is no secret that the Shopify platform isnt the platform that launched in 2006, the platform has undergone many changes to support e-commerce businesses since then, here are the most notable updates:
2006: Launch of Shopify
Shopify was officially launched, providing a user-friendly platform for entrepreneurs to create online stores.
- Easy-to-use interface
- Customizable templates
- Integrated payment gateways
2009: Introduction of the Shopify App Store
The Shopify App Store was introduced, allowing third-party developers to create apps that enhance the functionality of Shopify stores.
- Access to a variety of apps for different functionalities
- Enhanced store customization
- Integration with third-party services
2013: Launch of Shopify Payments
Shopify Payments was launched, enabling merchants to accept credit card payments directly through Shopify without needing a third-party payment gateway.
- Simplified payment processing
- Lower transaction fees
- Integrated fraud analysis
2014: Introduction of Shopify Plus
Shopify Plus was introduced as an enterprise solution for high-volume merchants, offering advanced features and dedicated support.
- Customizable checkout
- Dedicated account management
- Enhanced API access
2015: Launch of Shopify POS
Shopify Point of Sale (POS) was launched, allowing merchants to sell in physical locations using Shopify's integrated system.
- Unified inventory management
- Seamless integration with online store
- Support for multiple payment methods
2017: Introduction of Shopify Capital
Shopify Capital was introduced, providing merchants with funding to help grow their businesses.
- Easy application process
- Flexible repayment options
- No credit checks required
2018: Launch of Shopify Ping
Shopify Ping was launched as a messaging app to help merchants manage customer conversations and marketing tasks.
- Centralized messaging platform
- Integration with Shopify apps
- Automated marketing workflows
2019: Introduction of Shopify Fulfillment Network
Shopify Fulfillment Network was introduced to help merchants manage inventory and fulfill orders more efficiently.
- Distributed fulfillment centers
- Inventory tracking and management
- Fast and reliable shipping options
2020: Launch of Shopify Email
Shopify Email was launched, providing merchants with an easy-to-use email marketing tool integrated directly into the Shopify platform.
- Pre-built templates
- Automated email campaigns
- Detailed performance analytics
2021: Introduction of Shopify Markets
Shopify Markets was introduced to help merchants manage international sales and expand their businesses globally.
- Multi-currency support
- Localized storefronts
- International shipping options
2022: Launch of Shopify Balance
Shopify Balance was launched, offering merchants a financial management tool to help them manage their business finances more effectively.
- Business debit card
- No monthly fees
- Integrated financial insights
2023: Introduction of Shopify Audiences
Shopify Audiences was introduced to help merchants target and reach new customers through data-driven insights and marketing strategies.
- Audience segmentation
- Personalized marketing campaigns
- Integration with advertising platforms
Top Shopify Merchants Statistics
Here are the statistics about Shopify merchants that gives you some insight on not only how many there are, but also the costs that come with running a shopify store:
How Many Merchants Are There on Shopify?
Shopify's merchant base spans millions across 175 countries, though the exact number remains undisclosed. The last official count was in 2020, with 1.75 million merchants. Here's a historical look at the growth of Shopify merchants:
This data highlights Shopify's rapid growth, particularly between 2019 and 2020, where the number of merchants increased by over 600,000.
Pro tip: If you are interested in standing out from all of the other e-commerce businesses, check out our article on Shopify SEO tips.
Shopify Merchants by Region
In 2023, North America dominated the Shopify merchant landscape, accounting for 54% of all merchants. The EMEA region (Europe, the Middle East, and Africa) followed with 27%, while the Asia Pacific, Australia, and China regions contributed 14%. Latin America, including Mexico and South America, had the smallest share at 5%.
This distribution shows a strong concentration of Shopify merchants in North America, with significant representation in the EMEA region as well.
Cost of Running a Shopify Store
Shopify offers a range of plans to suit different business needs, from $29 to $399 per month. Each plan comes with its own set of transaction fees and additional costs for Shopify POS Pro.
These pricing options provide flexibility for merchants of all sizes, from small startups to large enterprises, ensuring that Shopify can cater to a wide range of business needs.
Shopify Competitors
While Shopify is a leading e-commerce platform, several other platforms also boast significant numbers of online stores. Here's a look at the top e-commerce platforms with the most stores, ranked from largest to smallest:
These platforms offer various features and pricing plans, catering to different types of businesses and their unique needs.
Shopify's Revenue Landscape
Shopify's financial state has evolved a lot over the years, here are the statistics that you should know about:
Revenue Growth and Trends
Shopify's financial performance has been nothing short of impressive. In Q1 of 2024, the company generated $1.9 billion in revenue, marking a 23% year-over-year (YoY) growth from the $1.51 billion recorded in Q1 of 2023. This consistent growth trajectory is a testament to Shopify's robust business model and its ability to adapt to market demands.
The revenue for the last quarter of 2023 was particularly noteworthy, reaching $2.14 billion—a 23.57% YoY increase and the highest quarterly revenue recorded. For the full year of 2023, Shopify generated $7.06 billion, a 26.07% increase from the $5.6 billion in 2022. Over the past five years, Shopify's revenue has skyrocketed from $1.58 billion in 2019 to $7.06 billion in 2023, reflecting an overall growth rate of 347.4%.
Revenue Streams
Shopify's revenue is primarily derived from two sources: subscription solutions and merchant solutions. In Q1 2024, the company generated $511 million from subscription solutions and $1.35 billion from merchant solutions. This represents a YoY increase of 33.77% and 19.89%, respectively.
In 2023, merchant solutions revenue reached $5.22 billion, a 27% increase from the previous year, while subscription solutions revenue grew by 23% to $1.83 billion. This diversification in revenue streams underscores Shopify's ability to generate income from both its core platform and additional services.
Regional Revenue Distribution
Shopify's revenue is heavily concentrated in North America, which accounted for 71% of the total revenue in 2023. The United States alone contributed 66%, generating $4.6 billion, while Canada added another $388 million. The rest of the world contributed 29% of the revenue, highlighting Shopify's growing international presence.
This regional breakdown reveals that while North America remains the dominant market, there is significant growth potential in other regions, particularly in Europe, the Middle East, and Africa, which saw substantial revenue increases over the past few years.
Shopify's App Ecosystem
Here are some of the most relevant statistics about Shopify's inclusion of apps:
The Expansive Shopify App Store
As of March 2024, the Shopify App Store boasts 10,309 active apps, providing a wide array of tools for merchants to enhance their online stores. To date, a total of 11,753 apps have been published by 7,485 different vendors, showcasing the platform's dynamic and ever-growing ecosystem. These apps play a crucial role in helping Shopify users optimize their store design, streamline operations, and boost marketing efforts.
Interestingly, over 50% of these apps are free to use, making it accessible for merchants of all sizes to leverage powerful tools without incurring additional costs.
Top 10 Most Popular Apps on Shopify
Among the plethora of apps available, some have emerged as favorites among Shopify merchants. Here are the top 10 most downloaded apps on Shopify, each offering unique functionalities to enhance the e-commerce experience:
- Product Reviews (519,022 downloads)
- This app allows merchants to collect and display customer reviews on their product pages, boosting credibility and encouraging more sales.
- Geolocation (485,917 downloads)
- Geolocation helps stores provide a personalized shopping experience by automatically displaying the correct currency and language based on the customer's location.
- Shopify Inbox (398,584 downloads)
- Shopify Inbox enables real-time communication with customers through chat, helping merchants provide instant support and improve customer satisfaction.
- Judge.me Product Reviews (302,844 downloads)
- Similar to Product Reviews, Judge.me allows for the collection and display of customer feedback, but with additional features like photo and video reviews.
- Klaviyo: Email Marketing & SMS (300,711 downloads)
- Klaviyo integrates email and SMS marketing, allowing merchants to create targeted campaigns and automate communication with their customers.
- Instafeed ‑ Instagram Feed (201,718 downloads)
- Instafeed displays Instagram posts directly on the store's website, helping merchants showcase their social media presence and engage with customers.
- DSers‑AliExpress Dropshipping (165,755 downloads)
- DSers simplifies the dropshipping process by allowing merchants to import products from AliExpress and manage orders efficiently.
- Loox ‑ Product Reviews App (164,118 downloads)
- Loox focuses on visual reviews, enabling customers to share photos of their purchases, which can significantly enhance the store's credibility.
- Mailchimp: Email Marketing (161,969 downloads)
- Mailchimp offers powerful email marketing tools, helping merchants create and send newsletters, promotional emails, and automated campaigns.
- Printful: Print on Demand (145,215 downloads)
- Printful allows merchants to sell custom-designed products without holding inventory, as it handles printing, packing, and shipping on demand.
Shopify Store Facts
Dominant Categories on Shopify
As of June 2023, Shopify's platform is bustling with a variety of store categories, with apparel leading the charge. A whopping 520,321 apparel stores dominate the platform, making fashion the most popular category among Shopify merchants. This trend underscores the platform's appeal to fashion entrepreneurs looking to capitalize on the booming online retail market.
Following apparel, the Home and Garden category boasts 221,381 stores, securing its position as the second most popular category. This indicates a significant interest in home improvement and gardening products among Shopify merchants.
Other notable categories include Beauty & Fitness and Food & Drink, which rank third and fourth, respectively. These categories reflect the growing consumer interest in personal wellness and gourmet experiences.
Here's a breakdown of the top categories on Shopify:
- Apparel: 520,321 stores
- Home & Garden: 221,381 stores
- Beauty & Fitness: 186,706 stores
- Food & Drink: 116,008 stores
- People & Society: 68,801 stores
- Sports: 62,669 stores
- Health: 61,983 stores
- Arts & Entertainment: 61,283 stores
- Toys & Hobbies: 53,082 stores
- Pets & Animals: 40,609 stores
Product Range in Shopify Stores
The diversity in the number of products sold per store on Shopify is quite striking. A significant number of stores, 621,899 to be exact, offer less than 10 products. This suggests that many Shopify merchants prefer to focus on a niche market or a limited product range.
Conversely, only a small fraction of stores, 3,564, offer between 25,000 to 99,999 products. This inverse relationship between the number of stores and the range of products they offer highlights the varied business models on Shopify, from specialized boutiques to large-scale retailers.
Preferred Shipping Carriers
Shipping is a critical component of e-commerce, and Shopify merchants have clear preferences when it comes to carriers. USPS tops the list, with 148,673 stores opting for its services. This preference indicates the reliability and widespread availability of USPS for domestic shipping needs.
UPS and FedEx follow as the second and third most preferred carriers, used by 101,628 and 67,894 stores, respectively. These choices reflect the merchants' need for efficient and reliable shipping solutions to ensure timely delivery of products.
Other popular shipping carriers among Shopify stores include Royal Mail, Correios, Australia Post, and Canada Post, each catering to specific regional needs.
These statistics provide a comprehensive overview of the diverse and dynamic nature of Shopify's ecosystem, highlighting the platform's ability to cater to a wide range of business needs and preferences.
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