Shopify Statistics 2024: Growth, Revenue & Market Trends
From the impressive number of active stores to the innovative technologies completely innovating and improving ecommerce for upcoming years, Shopify continues to redefine how businesses operate in this digital market.
The platform not only supports small and medium-sized enterprises but also attracts large enterprises seeking scalable solutions.
With an extensive partner ecosystem and a diverse range of apps and themes, Shopify is well-positioned to adapt to upcoming and current trends in consumer behavior and technology.
As we go through the data surrounding Shopify’s global market share, merchant statistics, SEO performance, and future predictions, it becomes clear that this platform is not just a tool for online selling; it is a catalyst for entrepreneurship and economic growth worldwide for all ecommerce sellers.
Global Market Share & Usage
Total Number of Shopify Stores Worldwide
- As of February 2024, there are approximately 5,321,386 live Shopify stores globally.
- The total number of Shopify stores ever created is estimated at 8,653,531, including those that are no longer active.
Growth Rate of Shopify Stores Over the Years
- Shopify has seen substantial growth, with over 2.8 million stores located in North America alone.
- The platform has consistently increased its user base, reflecting a trend of growing adoption in e-commerce.
Geographical Distribution
- North America: Over 2.8 million stores (approximately 62% of all Shopify stores).
- Europe: About 664,810 stores, with Western Europe accounting for the majority.
- Asia-Pacific: Includes regions like South Asia (71,744) and East Asia (53,423).
- Africa: Approximately 25,866 stores.
Country-Specific Statistics
- United States: Over 2.7 million Shopify stores, representing about 10% of total U.S. e-commerce revenue.
- Canada and the UK: Significant presence but specific numbers are less frequently reported.
- Australia: Part of the top three English-speaking countries with a combined total exceeding 3 million stores alongside the U.S. and UK.
Market Share in E-commerce Platforms
- Shopify holds a 10.32% market share globally, ranking it as the 4th most preferred e-commerce platform.
- In the U.S., it commands a substantial 29% market share, significantly outpacing competitors like WooCommerce (18%) and Wix Stores (15%) as of 2024.
Revenue & Financial Performance
Shopify’s Annual Revenue
- In 2023, Shopify generated approximately $7.06 billion, reflecting a year-over-year increase of 26.07%.
- For the first half of 2024, revenue reached about $3.9 billion, with a growth rate of around 21% YoY in Q2 alone.
Breakdown of Revenue by Products and Services
- Revenue from merchant solutions was about $5.22 billion, accounting for approximately 73.94% of total revenue in 2023.
- Subscription solutions generated around $1.84 billion, making up about 26.06% of total revenue.
| Year | Merchant Solutions Revenue | Subscription Solutions Revenue |
|---|---|---|
| 2023 | $5.22 billion | $1.84 billion |
| 2024 (H1) | $2.85 billion | $1.07 billion |
Gross Merchandise Volume (GMV)
Source: MarketPlacePulse
- Shopify’s GMV reached approximately $235.91 billion in 2023, marking a year-over-year increase of about 20% from $197.22 billion in 2022.
- For Q2 2024 alone, GMV was reported at around $67.25 billion, up by 22% YoY from Q2 2023.
Major Industries Driving the Highest GMV on Shopify
- The apparel industry is noted as one of the most significant sectors on Shopify, with over half a million stores dedicated to clothing and accessories.
Transaction and Payment Statistics
- Shopify Payments processes millions of transactions annually; however, specific numbers for transactions processed via Shopify Payments were not detailed in the sources.
Overall, these statistics show Shopify’s strengthened position in the global e-commerce landscape, highlighting its growth trajectory and financial performance amidst increasing competition in the market.
Merchant Statistics
Total Number of Merchants Using Shopify
- As of 2024, Shopify has approximately 2 million merchants using the platform across 175 countries.
Breakdown of Merchant Sizes
- About 90% of Shopify stores are classified as small businesses, while enterprise clients (Shopify Plus) account for around 47,075 stores.
Merchants’ Success Stories
- Case studies highlight successful brands like Allbirds and Gymshark, showcasing how Shopify has facilitated their growth.
Average Revenue per Shopify Merchant
- The average revenue per merchant is reported to be around $72,000 annually.
Number of Merchants Earning Over $1 Million in Sales
- There are over 100,000 merchants earning more than $1 million in sales annually.
Customer Statistics
| Metric | Value |
|---|---|
| Number of Customers (2023) | 700 million |
| Age Range | Predominantly 18–34 years |
| Daily Active Users (2024) | 4.47 million |
| Mobile vs. Desktop Usage | 69% via mobile during peak events |
Customer Demographics
- In 2023, Shopify reached approximately 700 million customers, with a demographic trend favoring younger consumers (18–34 years).
- Shopify has over 4.47 million daily active users as of 2024
Behavioral Trends
- High shopping frequency among repeat customers indicates a strong preference for online shopping over traditional retail.
Mobile vs. Desktop Usage
- Approximately 69% of online sales during peak events were made through mobile devices, reflecting the growth of mobile commerce on Shopify.
Average Customer Retention Rate
- The average retention rate for Shopify merchants is around 28.2%, indicating a solid base of repeat customers
Shopify App & Theme Store Statistics
Number of Apps in the Shopify App Store
- As of 2024, there are over 8,000 applications available in the Shopify App Store, providing a wide range of functionalities for merchants to enhance their stores.
Growth of Apps Available for Shopify Users
- The number of apps has seen significant growth from just a few hundred at Shopify’s inception, reflecting increasing demand for customized solutions in e-commerce.
Top-Performing Apps (Based on Downloads and Reviews)
| App Name | Usage Percentage |
|---|---|
| Klaviyo | 54% of Shopify Plus stores |
| Judge.me | 22.9% of Shopify Plus stores |
| Oberlo | Popular choice among merchants |
- Some of the top-performing apps include:
- Klaviyo (Email Marketing & SMS): Installed in over 54% of Shopify Plus stores.
- Judge.me (Product Reviews): Installed in approximately 22.9% of Shopify Plus stores.
- Oberlo (Dropshipping): A popular choice among merchants for sourcing products.
Shopify Theme Store
- The Shopify Theme Store features over 100 themes, catering to various business needs and aesthetics.
Top-Selling Themes and Types of Businesses Using Them
- Popular themes include:
- Dawn: Used by about 13% of Shopify Plus stores, favored for its flexibility and modern design.
- Impulse: Used by around 4.2%, often chosen by fashion and lifestyle brands.
App Usage by Merchants
- Approximately 60% of merchants utilize apps to enhance their store functionality, indicating a strong reliance on third-party integrations to optimize operations.
Types of Apps Most Commonly Used
- The most commonly used app categories include:
- Marketing Apps: For email marketing and social media integration.
- Shipping Apps: To streamline logistics and fulfillment processes.
- Analytics Apps: For tracking performance metrics and customer behavior.
Shopify Plus Statistics
Adoption Rate of Shopify Plus
- As of early 2024, there were approximately 46,036 Shopify Plus stores, indicating robust adoption among larger enterprises.
Industries Utilizing Shopify Plus for Scalability
- Industries leveraging Shopify Plus include:
- Fashion
- Electronics
- Health & Beauty
These sectors benefit from the platform’s advanced features designed for high-volume sales.
Revenue from Shopify Plus
- Shopify Plus contributes significantly to Shopify’s overall revenue, with annual sales revenues ranging from $1 million to $500 million per store.
High-Profile Brands Using Shopify Plus
- Notable brands using Shopify Plus include:
- Tesla
- Heinz
- Red Bull
These companies leverage the platform’s capabilities for large-scale operations.
Growth of Shopify Plus vs. Regular Shopify Plans
The growth rate for Shopify Plus is impressive, averaging around 126% year-on-year, indicating strong demand compared to regular plans.
Percentage Increase in Shopify Plus Merchants
- The number of merchants on Shopify Plus has increased significantly, showcasing its growing popularity among larger businesses seeking advanced e-commerce solutions.
Shopify Partner Ecosystem
Number of Shopify Partners
- As of 2024, there are approximately 100,000 partners in the Shopify ecosystem, which includes agencies, developers, and experts across 50 countries.
Growth in Shopify Partner Agencies, Developers, and Experts
- The number of Shopify partners has seen substantial growth, with reports indicating a 72% increase in partner agencies and developers over recent years..
Key Regions Contributing to Shopify’s Partner Ecosystem
- Major regions contributing to the partner ecosystem include:
- North America: Dominates with about 54% of all Shopify merchants.
- Europe: Accounts for approximately 27% of merchants.
- Asia-Pacific and Latin America also show increasing contributions.
Partner Revenue and Contributions
- Shopify partners generate more than $12.5 billion in revenue collectively, significantly impacting the platform’s growth and functionality.
Key Services Offered by Shopify Partners
- Common services provided by partners include:
- Custom store development
- Digital marketing strategies
- Store design and branding solutions.
Shopify Affiliate Program
- The Shopify Affiliate Program has seen substantial growth, with affiliates driving significant traffic to the platform, contributing to its rapid expansion.
Shopify’s Role in Global Economy
Jobs Created by Shopify Merchants Worldwide
- In 2022, Shopify merchants supported approximately 5.2 million jobs globally, marking an increase from previous years.
Shopify’s Contribution to GDP in Different Regions
- Shopify’s economic activity contributes around $490.5 billion USD in total economic activity across various countries.
How Shopify Empowers Small and Medium-Sized Businesses
- The platform provides tools and resources that enable small businesses to launch online stores easily, empowering entrepreneurship across diverse demographics.
Number of New Entrepreneurs Launching Stores Through Shopify
- Over recent years, more than 1 million new entrepreneurs have launched stores through Shopify, reflecting its role as a catalyst for small business growth.
Shopify Revenue & Growth Predictions
| Metric | Value |
|---|---|
| CAGR (2023-2026) | 29% |
| Projected Revenue (2026) | Exceed $12 billion |
Shopify’s Expected Growth
- Projected Market Share and Revenue Growth: Shopify is expected to achieve a 29% compound annual growth rate (CAGR) from 2023 to 2026, with revenue projected to exceed $12 billion by 2026.
Trends in New Technologies Impacting Shopify’s Future
- Artificial Intelligence (AI): AI is anticipated to enhance customer experience through personalized recommendations and chatbots
- Augmented Reality (AR): AR will likely be integrated into product displays, allowing customers to visualize products in their environment.
- Voice Commerce: The rise of voice-activated shopping through devices like Alexa and Google Home is expected to influence purchasing behaviors.
Growing Markets for Shopify
- Regions Where Shopify is Expected to Grow the Fastest:
- Asia-Pacific: This region is projected to see significant growth due to increasing internet penetration and mobile commerce adoption.
- Latin America: Countries like Brazil and Mexico are emerging as key markets for Shopify expansion.
- Sectors Showing the Most Potential for Shopify Adoption:
- Fashion and Apparel: Continues to lead in e-commerce sales.
- Health and Wellness: A growing sector as consumers increasingly seek online health products.
Shopify SEO and Traffic Statistics
Traffic Growth
- Shopify stores have experienced a consistent increase in traffic, with over 135 million visits recorded in September 2024.
- Channels Driving the Most Traffic:
- Organic Search: Approximately 13.81% of traffic comes from organic search.
- Paid Ads: Paid advertising contributes significantly, with costs rising by about 15% per click over recent years.
- Social Media: Drives around 1.81% of referral conversions, indicating a growing but limited impact compared to other channels.
Search Engine Optimization (SEO)
- About 60% of Shopify stores are reported to be optimized for search engines, which is crucial for visibility.
- Stores that effectively utilize SEO strategies can see conversion rates increase by up to 250%, especially with enhanced 3D product images and descriptions
Conversion Rate Statistics
- The average conversion rate for Shopify stores is approximately 2.5% to 3%, with top-performing stores achieving rates as high as 8%.
- Factors Influencing Higher Conversion Rates:
- Page Speed: Faster loading times can significantly improve user experience and conversions.
- Mobile Optimization: Mobile-friendly designs lead to higher engagement, with mobile conversion rates averaging around 1.82%.
With over 4.6 million active stores and a projected revenue exceeding $12 billion by 2026, Shopify continues to support entrepreneurs while driving significant economic impact globally.
The platform’s commitment to innovation, coupled with its extensive partner ecosystem and focus on adopting any emerging technologies, positions it for sustained success in the years to come. As businesses increasingly turn to Shopify for their online ecommerce needs, its role as a leader in the e-commerce landscape is set to grow even stronger!