With a 10.32% eCommerce market share, Shopify is the fourth most popular eCommerce platform worldwide. Its popularity is evident from its increasing revenue worldwide.
The platform recorded revenue of $6.02 billion in the first three quarters of 2024. Besides, its annual revenue peaked in 2023, displaying an increase of 26.07% compared to 2022.
Let’s explore further facts and figures about Shopify’s quarterly and annual revenue, its breakdown by solutions and region, and more in this article.
Shopify Revenue (Latest Data)
- Shopify registered a revenue of $6.02 billion in the first three quarters of 2024.
- In 2023, Shopify generated a revenue of $7.06 billion.
- Shopify’s merchant solution revenue was $4.4 billion, while the subscription solution generated a revenue of $1.68 billion up to Q3 2024.
- Shopify registered a monthly recurring revenue (MRR) of $175 million in Q3 2024.
- At the same time, Shopify generated a gross profit of $1.19 billion.
- The Gross Merchandise Volume of Shopify was $69.72 billion in Q3 2024.
- In 2023, Shopify generated the highest revenue of $5.04 billion in the North American region.
Shopify Quarterly Revenue
In Q3 2024, Shopify registered a revenue of $2.16 billion.
Comparatively, the platform generated $2 billion in Q2 2024 and $1.86 billion in Q1 2024 in revenue.
Here is a table displaying Shopify’s quarterly revenue recorded over the past quarters.
| Quarter- Year | Quarterly Revenue of Shopify |
|---|---|
| Q3 2024 | $2.16 billion |
| Q2 2024 | $2 billion |
| Q1 2024 | $1.86 billion |
| Q4 2023 | $2.14 billion |
| Q3 2023 | $1.71 billion |
| Q2 2023 | $1.69 billion |
| Q1 2023 | $1.51 billion |
| Q4 2022 | $1.74 billion |
| Q3 2022 | $1.37 billion |
| Q2 2022 | $1.3 billion |
| Q1 2022 | $1.20 billion |
| Q4 2021 | $1.38 billion |
| Q3 2021 | $1.12 billion |
| Q2 2021 | $1.12 billion |
| Q1 2021 | $989 million |
Source: Shopify, MacroTrends
Shopify Annual Revenue
In 2023, Shopify generated a revenue of $7.06 billion.
That was an increase of 26.07% compared to the previous year. In 2022, Shopify’s revenue was recorded to be $5.6 billion.
Further, Shopify’s revenue increased by 140.96% between 2020 and 2023, reaching $7.06 billion in 2023 from $2.93 billion recorded in 2020.
The following table displays the revenue generated by Shopify over the years:
| Year | Shopify Revenue |
|---|---|
| 2023 | $7.06 billion |
| 2022 | $5.60 billion |
| 2021 | $4.61 billion |
| 2020 | $2.93 billion |
| 2019 | $1.58 billion |
| 2018 | $1.07 billion |
| 2017 | $673 million |
| 2016 | $389 million |
| 2015 | $205 million |
| 2014 | $105 million |
Source: Macro trends, Shopify
Bonus: Check out Shopify Statistics for further facts and figures about the platform.
Shopify Revenue By Solution
Shopify’s merchant solution revenue was $4.4 billion, while the subscription solution generated $1.68 billion in the first three quarters of 2024.
Breaking down, Merchnats Solutions accounted for a revenue of $1.55 billion in Q3 2024, $1.5 billion in Q2 and $1.35 billion in Q1.
On the other hand, Subscription solutions accounted for $610 million in revenue in Q3 2024, $563 million in Q2, and $511 million in Q1.
Merchant solution revenue includes revenue generated through membership costs, sales of apps, themes, and domains, and point-of-sale pro fees. Meanwhile, subscription solutions include revenue from payment processing fees, advertising-generated income, point-of-sale hardware sales, and referral fees.
Source: Shopify
The merchant’s solution generated a total of $5.22 billion in 2023.
Meanwhile, the subscription solution generated a total revenue of $1.84 billion in 2023.
In 2023, Merchant solutions accounted for 73.24% of Shopify’s total revenue, while Subscription solutions accounted for 25.35%.
At the same time, merchant solutions revenue increased 27% compared to $4.11 billion recorded in 2022, while subscription solution revenue grew by 23% compared to $1.49 billion recorded in the previous year.
The following table displays the revenue generated by merchants and subscription solutions over the past years.
| Year | Merchant Solutions Revenue | Subscription Solutions Revenue |
|---|---|---|
| 2023 | $5.22 billion | $1.84 billion |
| 2022 | $4.11 billion | $1.49 billion |
| 2021 | $3.27 billion | $1.34 billion |
| 2020 | $2.02 billion | $908.76 million |
| 2019 | $935.93 million | $642.24 million |
| 2018 | $608.23 million | $465 million |
| 2017 | $363.27 million | $310.03 million |
| 2016 | $200.72 million | $188.61 million |
| 2015 | $93.25 million | $111.98 million |
Shopify Revenue By Region
In 2023, Shopify generated the highest revenue of $5.04 billion in the North American region.
The region accounts for 71% of the total Shopify revenue. Of this, 5% of the revenue comes from Canada, and the rest, 66% comes from the United States.
Conversely, the lowest Shopify revenue was generated in Latin America, which was $69 million, accounting for just 1% of the total Shopify revenue in 2023.
The following table displays the revenue generated by Shopify in different regions worldwide over the years.
| Region | 2023 | 2022 | 2021 |
|---|---|---|---|
| North America | $5.04 billion | $4.07 billion | $3.29 billion |
| EMEA | $1.26 billion | $917 million | $799 million |
| APAC | $699 million | $553 million | $467 million |
| Latin America | $69 million | $64 million | $55 million |
Source: Shopify
Monthly Recurring Revenue
Shopify registered a monthly recurring revenue (MRR) of $175 million in Q3 2024.
That’s a YOY increase of 27.74% in the monthly recurring revenue compared to $137 million recorded last year in Q3.
Comparatively, the MRR was $169 million in Q2 and $151 million in Q1.
Besides, in the last quarter of 2023, the Monthly Recurring Revenue was recorded to be $149 million, an increase of 35% compared to the previous year. In this quarter, Shopify Plus contributed $46 million in MRR, accounting for 31%
The following table displays the monthly recurring revenues recorded in the last quarter over the years.
| Year | Monthly Recurring Revenue In The Last Quarters |
|---|---|
| Q3 2024 | $175 million |
| Q2 2024 | $169 million |
| Q1 2024 | $151 million |
| 2023 | $149 million |
| 2022 | $109.51 million |
| 2021 | $102.02 million |
| 2020 | $82.61 million |
| 2019 | $53.9 million |
| 2018 | $40.93 million |
| 2017 | $29.88 million |
| 2016 | $18.46 million |
| 2015 | $11.33 million |
| 2014 | $6.57 million |
| 2013 | $3.82 million |
| 2012 | $2.02 million |
Source: Shopify.
Shopify’s Gross Profit
In the third quarter of 2024, Shopify generated a gross profit of $1.12 billion.
This was a QoQ increase of 12% in gross profit compared to the $1.0 billion recorded in Q2 2024.
Comparatively, Shopify’s gross profit was recorded to be $3.5 billion in 2023, which accounted for 50% of its revenue.
The following table displays the gross profit that Shopify has recorded over the years.
| Year | Gross Profit of Shopify |
|---|---|
| Q3 2024 | $1.12 billion |
| Q2 2024 | $1.0 billion |
| Q1 2024 | $957 million |
| 2023 | $3,515 million |
| 2022 | $2,754 million |
| 2021 | $2,482 million |
| 2020 | $1,542 million |
| 2019 | $865.64 million |
| 2018 | $596.27 million |
| 2017 | $380.26 million |
| 2016 | $209.5 million |
| 2015 | $113.26 million |
Source: Shopify.
Shopify’s Gross Merchandise Volume (GMV)
The Gross Merchandise Volume of Shopify was $69.72 billion in Q3 2024.
Meanwhile, in Q2 2024, the GMV was recorded to be $67.2 billion, and that in Q1 was $60.9 billion.
Shopify’s GMV in Q1 2024 declined by 18.91% compared to the GMV of $75.1 billion recorded in the last quarter of 2023.
The following table displays the global merchandise volume of Shopify recorded over the past quarters.
| Quarter | Shopify’s Gross Merchandise Volume |
|---|---|
| Q3 ‘ 24 | $69.72 billion |
| Q2 ‘ 24 | $67.2 billion |
| Q1 ‘ 24 | $60.9 billion |
| Q4 ’23 | $75.1 billion |
| Q3 ’23 | $56.2 billion |
| Q2 ’23 | $55 billion |
| Q1 ’23 | $49.6 billion |
| Q4 ’22 | $61 billion |
| Q3 ’22 | $46.2 billion |
| Q2 ’22 | $46.9 billion |
| Q1 ’22 | $43.2 billion |
| Q4 ’21 | $54.1 billion |
| Q3 ’21 | $41.8 billion |
| Q2 ’21 | $42.2 billion |
| Q1 ’21 | $37.3 billion |
| Q4 ’20 | $41.1 billion |
Conclusion: Shopify Registered A Revenue Of $6.02 Billion In The First Three Quarters Of 2024
Shopify’s revenue has grown rapidly over the past few years. It reached an all-time high annual revenue in 2023 and an all-time high quarterly revenue in Q1 2024.
Hence, based on previous trends, the platform is predicted to generate higher revenue in the coming years.
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