Shopify Statistics Report 2024
Shopify is rapidly strengthening its position as a leading global platform for commerce and entrepreneurship. Their international presence is expanding,
with 30% more global merchants joining Shopify in the first half of 2024.
As a premiere 3PL for Shopify sellers, our Shopify Statistics 2024 report is designed to provide a comprehensive snapshot of Shopify’s impact on the eCommerce world. By showcasing into the latest data and projections, this report offers valuable insights into Shopify’s performance metrics and emerging trends.
Key findings
- In the second quarter of 2024, Shopify saw a 21% increase in revenue, reaching $2 billion.
- Shopify powers approximately 5.23 million live websites globally.million per minute.
- In 2023, Shopify processed an average of 199 million orders per month.
- In the last six months, the Shopify platform received over 1 billion visits, during which customers spent an average of 19 minutes on the site.
- Shopify stores have made approximately $1 trillion in global sales.
- During Black Friday, collective sales of bands powered by Shopify reached $4.2 million per minute.
- Around 1.85 million merchants use Shopify Payments for a simpler payment process.
- In 2024, 90% of Shopify merchants have connected their stores to two or more channels, to diversify their sales channel.
Table of contents
General Shopify statistics
*The company no longer provides the specific number of Shopify merchants and instead states that the platform is utilized by “millions of merchants.”
Shopify market cap as of September, 2024 is $92.17B billion.
The platform has facilitated approximately $1 trillion in total sales and holds 10% of the global e-commerce platform market.
By the end of 2023, Shopify’s Gross Merchandise Volume (GMV) reached $56.2 billion.
In the second quarter of 2024, the GMV rose by 20%
to $67.2 billion.
In Q2 2024, the company’s revenue increased by 21%, reaching $2 billion.
After adjusting for the divestment of its logistics businesses, Shopify’s revenue growth year over year stands at 25%.
By the end of 2024, Shopify anticipates revenue growth to continue at a low-to-mid-twenties percentage rate annually.
Shopify’s global record-breaking milestone
$9.3B
in sales were collectively generated by Shopify merchants.
$4.2M
in collective sales were reached per minute on Black Friday.
61M
consumers globally purchased from brands powered by Shopify.
This peak in shopping activity saw collective sales powered by Shopify reach $4.2 million per minute at 12:01 p.m. EST on Black Friday alone.
Shopify merchants collectively generated $9.3 billion in sales,
a 24% increase from the previous year (2022).
During the BFCM weekend, it was reported that more than
61 million consumers globally purchased from brands powered by Shopify, proving further the company’s global reach.
Shopify’s global record-breaking milestone
Merchants
Shopify has millions of merchants using the Shopify platform and more than 25 million leads (anyone who signs up for a free trial) in 2023.
More than half (54%) of merchant distribution is based in North America, which makes this region a major epicenter for business operations.
In 2024, 90% of Shopify merchants have connected their stores to two or more channels, to diversify their sales channel.
This enables them to reach customers across various platforms and create a more integrated shopping experience.
Because merchants are a highly important part of Shopify, according to the latest data available, for every $1 of revenue Shopify makes, their merchants earn nearly $41.
As per the Shopify workforce, at the end of 2023, it included more than 8.300 employees and over 700,000 app developers, and designers, known as Shopify partners.
Shopify plus
For enterprise-level customers, Shopify offers a specialized plan known as Shopify Plus, subscription starting at $2,500 per month.
At the time of writing, 47,240 live websites are using Shopify Plus. Most of these enterprise customers, 55%, are in the United States.
Shopify shop app
Just as Shopify’s tools enable brands to sell directly to their buyers, the Shop app provides them that same direct sales power through a mobile experience.
In 2023, the Shop app achieved nearly $100 million in Gross Merchandise Value (GMV) in just one month.
Shopify’s most notable marketing push for the Shop app was the campaign with YouTuber MrBeast in December 2023.
The campaign made it the #1 most downloaded app in the U.S. The Shop app has an estimated 19,418 daily downloads of Shopify’s mobile apps, and it is now also accessible on the web.
Shopify orders and payments
To enhance the shopping experience, the Shopify platform made significant improvements to its infrastructure.
Over the years, the company managed to increase the infrastructure speed by 35%, leading to faster and more efficient service.
199M
orders are processed monthly.
35%
increase in the infrastructure speed.
300
more global points of presence.
4sec
faster purchase time.
Shopify has expanded its global points of presence to nearly 300, meaning you are now within 50 milliseconds of everyone on the planet.
To further streamline the user experience, the Shopify platform has redesigned its checkout process. By combining the three checkout pages into one, they cut the purchase time by 4 seconds on average.
Shopify payments
In 2024, around 1.89 million merchants are using Shopify Payments for a simpler payment process.
Unfortunately, not all global merchants have access to this feature. Shopify Payment is available in only 23 countries.
$41.1B
⬆ 30% YoY
GPV* in Q2 2024 – 61% of GMV*
*GPV – Gross Payment Volume.
*GMV – Gross Merchandise Volume.
The second quarter of 2024 marked a 30% YoY increase in the gross payment volume (GPV), reaching $41.1 billion.
To start selling in the international market, Shopify merchants are using Managed Markets.
These markets allow them to manage cross-border sales directly from their Shopify admin, expanding their capabilities for selling in international markets.
Because of this, merchants are experiencing great international sales growth. For example, companies like Caden Lane saw a 691% increase in international sales growth YoY, whereas Glasvin had a 71% increase.
Shop pay
Shop Pay is the top checkout method, and when it is used, conversion rates increase by as much as 50%.
150 million buyers have opted in to Shop Pay, which has generated a cumulative GMV of $127 billion since its launch in 2017.
In the second quarter of 2024, Shop Pay reached $16 billion in GMV, representing a 45% year-over-year increase.
Shopify traffic statistics
According to third-party apps, in the last six months, Shopify.com received over 1 billion visits. During this time, customers spent an average of 19 minutes on the site.
71% of the platform’s traffic is direct, 25.6% from referrals and organic search, and the rest from paid search, organic social, paid social, email, and ad display.
These third-party apps show that in July 2024, 49.2 million visits came from the United States, followed by India with 20.8 million.
Traffic share by device
In 2024, the majority (69.6%) of visitors are using their desktops when exploring Shopify.com, while 30.4% of them come from mobile devices.
This trend is seen in selected countries as well. Out of the countries listed, the majority of Shopify traffic originates from desktop devices.
Shopify financial statistics
In the second quarter of 2024, Shopify’s Merchant Solutions revenue surged by 19% (from Q2 2023), reaching almost $1.5 billion.
This increase was driven by the growth in Gross Payment Volume (GPV), which now accounts for 61% of the Gross Merchandise Volume (GMV).
In 2024, subscription solutions also saw significant progress, with revenue increasing by 27% (from the same time last year) to $562 million.
This growth reflects the increasing popularity and adoption of Shopify’s subscription-based offerings, which provide merchants with tools for managing recurring payments and subscriptions.
Shopify stock
The stock price of Canada’s e-commerce giant, Shopify, has shown significant growth in the past few years.
It rose from $10.10 in December 2017 to $64.60 in July 2023. The all-time high Shopify stock closing price was $169.06 in November 2021.
In 2024, the average stock price of Shopify has been in the range of $70 to $76.
More specifically, as of September 2024, the 50-day moving average is approximately $67, while the 200-day moving average is around $71 to $97.
The stock price has experienced an overall increase of 5.79% in 2024.
Shopify capital
based on their store data. This eliminates the need for traditional
applications and credit checks.
Since 2016, Shopify Capital has provided over $5 million in funding to merchants, ranging from a few hundred to millions of dollars.
Such an investment demonstrates Shopify’s commitment to supporting the growth and stability of its entrepreneurs.
5 Million
in funding provided to Shopify
merchants since 2016.
The Shopify app store
The review process for new apps has become even more efficient, with 30% faster processing time due to clearer prerequisites for approvals, personalized guidance, and transparent progress updates.
The highest-rated app on Shopify, at the time of the writing, is ZA Dropshipping, rated with 5 stars, followed closely by eBay Integration ‑ QuickSync, ReConvert Post Purchase Upsell, and TrueProfit: Profit Analytics.
Shopify’s environmental impact
significant contribution to the fight against climate change. They did
so through a series of substantial agreements aimed at carbon removal
and sequestration.
Through the Charm Industrial Partnership, a company specializing in carbon removal through bio-oil technology, Shopify made a
$53 million investment to remove 112,000 tons of CO2 by 2030.
Shopify has committed $46.6 million to Heirloom and CArbon Capture Inc., two companies pioneering the Direct Air Capture technology, equipped to extract CO2 directly from the ambient air.
Shopify and its co-investors have pre-purchased $7 million worth of carbon removal services from 12 early-stage companies in the carbon removal space.
Shopify and its partners have entered into offtake agreements for enhanced weathering with Lithos Carbon worth a combined total of $57.1 million to remove 154,000 tons of CO₂ between 2024 and 2028.
