Shopify Revenue & Merchant Statistics
Shopify is practically considered the world’s leading e-commerce platforms, experiencing explosive growth in both revenue and merchant count over the past decade. In 2024, Shopify’s annual revenue reached $8.88 billion (up 26% year-over-year from 2023).
Gross merchandise volume (GMV) transacted through Shopify stores hit a record $292.3 billion in 2024.
The platform now hosts millions of merchants across 175+ countries, and over 875 million consumers worldwide made purchases from Shopify-powered stores in 2024.
Shopify Revenue Growth Over the Years
Shopify’s revenue has climbed dramatically in the last 5–10 years, reflecting the platform’s rapid expansion.
Table 1 below highlights Shopify’s yearly revenue since 2015, showing the company’s meteoric growth from a small startup to a multi-billion dollar business:
From Startup to Multi-Billion Dollar Enterprise
Shopify’s revenue trajectory over the last 10 years reflects its transformation from a modest startup to one of the world’s leading e-commerce platforms.
The platform’s revenue has grown more than 40-fold, from $205 million in 2015 to nearly $8.9 billion in 2024. Shopify current revenue for the quarter ending March 31, 2025 was $2.360B, a 26.81% increase year-over-year.
This substantial growth underscores Shopify’s ability to scale rapidly and capture significant market share in the global digital commerce space.
Annual Revenue Breakdown (2015–2024)
The following table illustrates Shopify’s annual revenue progression from 2015 to 2024, highlighting its year-over-year (YoY) growth:
Table 1 – Shopify Annual Revenue 2015–2024 (USD millions)
| Year | Annual Revenue (USD) | YoY Growth (%) |
|---|---|---|
| 2015 | $205.2 | (baseline) |
| 2016 | $389.3 | +89.7% |
| 2017 | $673.3 | +72.9% |
| 2018 | $1,073.2 | +59.4% |
| 2019 | $1,578.3 | +47.1% |
| 2020 | $2,929.5 | +85.6% |
| 2021 | $4,612.3 | +57.5% |
| 2022 | $5,600.3 | +21.4% |
| 2023 | $7,059.9 | +26.1% |
| 2024 | $8,888.7 | +25.8% |
Shopify Annual Revenue YoY Growth 2014 to 2025 (MacroTrends)
Pandemic-Driven Growth
The most notable spikes occurred during the COVID-19 pandemic, when global online shopping surged. In 2020 alone, Shopify’s revenue nearly doubled, growing by 85.6%.
The momentum continued into 2021 with a further 57.5% increase. These figures reflect the platform’s role as a critical enabler for businesses rapidly shifting to digital storefronts during lockdowns and global retail disruptions.
Recent Stabilization of Growth
Following this period of accelerated expansion, Shopify’s revenue growth has normalized. Between 2022 and 2024, YoY growth stabilized within the 20–26% range.
This moderation is typical as companies transition from hyper-growth to more mature scaling phases while still maintaining strong financial performance.
Revenue Model: Subscriptions and Merchant Services
Shopify’s revenue is derived from two primary streams:
- Subscription Solutions: Monthly fees for access to the platform’s tools and services.
- Merchant Solutions: Revenue from payment processing, transaction fees, shipping services, and more.
In 2023, Shopify reported $7.06 billion in total revenue, of which approximately $1.8 billion (26%) came from subscriptions. The remaining $5.26 billion came from merchant-related services.
Platform Economics with Merchants
A key strength of Shopify’s business model is its alignment with merchant success.
For every $1 in revenue that Shopify earns, merchants on the platform generate over $40 in sales.
This symbiotic growth model enables Shopify to scale its income in direct proportion to the commercial success of its user base, reinforcing its long-term sustainability.
Surging Gross Merchandise Volume (GMV)
The gross merchandise volume processed via Shopify stores has likewise expanded rapidly, highlighting Shopify’s growing share of online retail.
Rapid Expansion in Online Retail Activity
Shopify’s Gross Merchandise Volume (GMV), the total value of goods sold through its platform has grown substantially over the past several years, reinforcing its position as a leading force in global e-commerce.
In 2024 alone, Shopify merchants processed $292.28 billion in sales, representing a 24% increase over the $235.9 billion recorded in 2023.
This figure marks a more than two-fold increase from the $119.6 billion GMV recorded in 2020, reflecting Shopify’s ability to scale in parallel with global online shopping trends.
Annual GMV Breakdown (2017–2024)
The table below summarizes Shopify’s annual GMV from 2017 to 2024 and the corresponding year-over-year growth:
Table 2 – Shopify Gross Merchandise Volume by Year (USD)
| Year | Annual GMV (USD) | YoY Growth (%) |
|---|---|---|
| 2017 | $26.3 billion | (baseline) |
| 2018 | $41.1 billion | +56.3% |
| 2019 | $61.1 billion | +48.7% |
| 2020 | $119.6 billion | +95.7% |
| 2021 | $175.4 billion | +46.6% |
| 2022 | $197.3 billion | +12.5% |
| 2023 | $235.9 billion | +19.6% |
| 2024 | $292.3 billion | +23.9% |
Pandemic-Fueled Surge in GMV
The onset of the COVID-19 pandemic in 2020 was a pivotal moment for Shopify. As physical retail outlets shut down globally, online shopping soared.
That year, Shopify’s GMV nearly doubled, rising from $61.1 billion in 2019 to $119.6 billion in 2020, a 95.7% YoY increase.
This dramatic acceleration was a clear signal of the platform’s growing importance in the digital retail ecosystem.
Post-Pandemic Stabilization and Continued Growth
Following the explosive pandemic-era growth, Shopify’s GMV increases have since moderated, stabilizing between 12% and 24% annually from 2022 to 2024.
Despite the normalization, these numbers still represent billions in incremental merchant sales, affirming Shopify’s sustained relevance and strength in e-commerce.
Milestones and Peak Performance Events
In 2023, Shopify surpassed a major milestone: $1 trillion in cumulative GMV since its founding. This achievement underscores the vast volume of commercial activity facilitated by the platform.
Shopify’s infrastructure also demonstrates exceptional scalability during peak shopping events.
Over the 2023 Black Friday/Cyber Monday weekend, merchants sold $9.3 billion in just four days, up 24% from the previous year. At its peak, the platform processed $4.2 million in sales per minute on Black Friday alone (Red Stag Fulfillment).
Infrastructure and Ecosystem Impact
These staggering volumes not only highlight the platform’s market traction but also the strength of Shopify’s backend infrastructure.
The company has proven its ability to support millions of transactions per day while offering reliable uptime, secure processing, and seamless merchant-user experiences, key factors that attract and retain high-performing merchants globally.
Merchant Base and Store Count Growth
The number of merchants using Shopify has expanded from only tens of thousands a decade ago to millions today.
From Startup to Millions of Merchants
Over the past decade, Shopify has experienced a remarkable expansion in its merchant base. From just 41,000 merchants in 2012, the platform grew to support over 2.06 million merchants by 2021.
This represents nearly a 50x increase in under ten years, driven by global demand for easy-to-use e-commerce infrastructure.
Since 2021, Shopify has stopped publicly reporting its total merchant count, instead referring generally to “millions of merchants.”
However, earlier disclosures and third-party sources provide clear insights into the platform’s merchant growth trajectory.
Historical Merchant Count (2012–2021)
The following table presents Shopify’s merchant growth data through 2025, in-between official reporting was ceased by the platform:
Number of Merchants on Shopify (2012–2025)
| Year | Number of Merchants |
|---|---|
| 2012 | 41,000 |
| 2013 | 84,000 |
| 2014 | 145,000 |
| 2015 | 243,000 |
| 2016 | 375,000 |
| 2017 | 609,000 |
| 2018 | 820,000 |
| 2019 | 1,069,000 |
| 2020 | 1,749,000 |
| 2021 | 1,750,000+ |
| 2022 | (no official update; some estimates say ~2.06 M) |
| 2023 | ~2.06 M – 2.4 M live stores |
| 2024 | Millions (Shopify stopped reporting exact figures) |
| 2025 | Millions (only broad “millions of merchants” disclosed) |
Post-2021 Growth Estimates
Despite Shopify discontinuing merchant-specific disclosures, independent analysis suggests continued platform expansion. As of early 2025:
- There are an estimated 5.6 million live Shopify stores worldwide.
- Including subdomains and multi-store setups, the total number of active storefronts exceeds 9.6 million.
While the rate of growth has moderated compared to the exponential surges of the mid-2010s, Shopify still added significantly to its store count in recent years, +15% in 2023 and +6% in 2024
A Diverse and Expanding Merchant Ecosystem
Each Shopify merchant represents an independent business, ranging from solo entrepreneurs and small businesses to globally recognized brands.
This diversity is part of what makes Shopify’s platform so resilient and dynamic.
A noteworthy trend in recent years is the quick growth of Shopify Plus, the company’s enterprise-grade solution for high-volume merchants. As of 2024:
- Shopify Plus powers over 50,000 active stores globally.
- It accounts for a substantial share of Shopify’s revenue, contributing 31% of the company’s $169 million in monthly recurring revenue as of mid-2024).
This upmarket shift illustrates how Shopify is effectively expanding its appeal beyond small businesses, positioning itself as a viable platform for large-scale retailers and global brands.
International Expansion and Regional Breakdown
A Worldwide Merchant Base
Shopify has grown into a truly global e-commerce platform, now supporting merchants across over 175 countries.
While the company originated in North America, international expansion has become a major growth driver in recent years.
In the first half of 2024 alone, the platform saw 30% more new international merchants join compared to the same period in 2023 (Red Stag Fulfillment), indicating strong global demand for its services.
Regional Distribution of Merchants
Although North America remains Shopify’s largest market, nearly 46% of the platform’s merchants are now based outside of the continent.
The following table outlines merchant distribution by major global regions as of 2023:
Table 4 – Shopify Merchant Distribution by Region (2023)
| Region | Share of Shopify Merchants |
|---|---|
| North America (USA & Canada) | 54% |
| Europe, Middle East & Africa (EMEA) | 27% |
| Asia-Pacific (incl. Australia, China) | 14% |
| Latin America (Mexico, South America) | 5% |
The EMEA region alone contributes 27% of all merchants and generates more than $1.2 billion in annual revenue for Shopify as of 2023. Meanwhile, Asia-Pacific and Latin America continue to show strong momentum in new merchant acquisition.
Growth of Cross-Border Commerce
International expansion is also evident in the rise of cross-border e-commerce activity. As of late 2023, about 14% of total GMV on Shopify was attributed to international transactions, merchants selling to customers beyond their home countries).
This reflects the platform’s increasing global accessibility and growing adoption by borderless businesses.
Top Countries by Shopify Store Count
At the country level, the United States remains the dominant market, hosting over 2.67 million live Shopify stores as of 2025, roughly 39% of all active stores globally.
However, other countries have also seen substantial adoption:
Table 5 – Top Countries by Number of Shopify Stores (2025)
| Country | Approx. Live Shopify Stores |
|---|---|
| United States | 2,674,000+ |
| United Kingdom | 191,500+ |
| Australia | 138,000+ |
| Germany | 132,800+ |
| Canada | 107,500+ |
| Brazil | 91,800+ |
The UK and Australia are Shopify’s next largest markets, followed closely by Germany and Brazil, showcasing Shopify’s successful penetration into both English-speaking countries and non-English global regions.
Ecosystem Support for International Merchants
Shopify’s international expansion is supported by its growing suite of localized services, including multi-language and multi-currency support, regional payment gateways, and globally available customer service. Moreover, the platform’s ecosystem continues to evolve to meet merchant needs:
The Shopify App Store now features over 12,000 apps, helping merchants across the globe tailor their store functionality to local markets and customer behaviors.
Shopify: Future Growth Projections
Shopify’s growth trajectory is expected to continue, albeit at a more modest rate than the hyper-growth of 2020–2021.
Slower but Sustained Growth Ahead
Shopify’s rapid expansion during the pandemic-era boom (2020–2021) has naturally moderated, but its overall growth trajectory remains strong. The company has provided guidance for “mid-20s” percentage revenue growth into 2025.
Analysts forecast a compound annual growth rate (CAGR) of approximately 29% in revenue between 2023 and 2026.
If Shopify maintains this pace, its annual revenue is projected to exceed $12 billion by 2026. With reported revenue of $8.9 billion in 2024, the platform is well on track to reach this milestone.
Expanding Market Share in E-commerce
Shopify’s influence within the global e-commerce ecosystem continues to increase.
As of 2024, the platform accounted for 10.5% of global e-commerce platform sales and approximately 30% of the U.S. e-commerce market by platform share.
This suggests strong potential for further international expansion, particularly in underpenetrated markets such as Asia-Pacific and Latin America.
These regions have shown accelerated e-commerce adoption, and Shopify’s internal data identifies them as key areas for future merchant growth.
Strategic Positioning for Long-term Success
Shopify’s consistent performance across key metrics reinforces its status as a dominant player in the e-commerce sector. Over the past decade, both revenue and gross merchandise volume (GMV) have scaled exponentially, supporting a global network of millions of merchants.
Looking forward, the company is strategically expanding its presence through Shopify Plus to serve enterprise clients while continuing to support small businesses at scale.
If the platform sustains its projected annual growth rate of 25–30%, it will not only surpass the $12 billion revenue mark by 2026, but also solidify its role as a central infrastructure provider for global online commerce.
Shopify’s expanding merchant base, growing ecosystem, and international market penetration all position the company for continued leadership in the digital economy.