As they come in, I'll be updating this post to reflect statistics and figures for Shopify. Should be of use to future me, and maybe you too :-)
August: Shopify Announces Second-Quarter Financial Results
- Total revenue in the second quarter was $151.7 million, a 75% increase from the comparable quarter in 2016.
- Subscription Solutions revenue grew 64% to $71.6 million. Merchant Solutions revenue grew 86% to $80.1 million, driven primarily by the growth of Gross Merchandise Volume.
- Monthly Recurring Revenue (MRR) as of June 30, 2017 was $23.7 million, up 64% compared with $14.4 million as of June 30, 2016.
- Shopify Plus contributed $4.3 million, or 18%, of MRR compared with 13% of MRR as of June 30, 2016.
- GMV for the second quarter was $5.8 billion, an increase of $2.5 billion, or 74% over the second quarter of 2016.
- Gross Payments Volume (GPV), as in payments processed through Shopify Payments grew to $2.2 billion, which accounted for 38% of GMV processed in the quarter, versus $1.3 billion, or 38%, for the second quarter of 2016.
- Shopify Payments went live in New Zealand so it is now available in six countries including U.S., Canada, U.K, Australia and Ireland.
- Gross profit dollars grew 83% to $86.8 million as compared with the $47.5 million recorded for the second quarter of 2016. Refer to the official release for more detail on the net loss.
- At June 30, 2017, Shopify had $932.4 million in cash, cash equivalents and marketable securities, compared with $392.4 million on December 31, 2016.
- The POS channel is the second largest channel for GMV.
- Mobile traffic to merchants’ stores continued to grow, reaching 72% of traffic and 60% of orders for the three months ended June 30, versus 69% and 59%, respectively, exiting the first quarter of this year.
- In the second quarter, Shopify Capital issued $37.2 million in merchant cash advances, nearly twice the amount issued in the first quarter. Since its launch in April 2016, Shopify Capital has grown to $86 million in cumulative cash advanced by June 30, 2017. This figure climbed to more than $95 million by July 31, 2017.
August: Shopify now powers over 500,000 businesses
A few new statistics released on August 1st:
- Shopify is now powering more than 500,000 businesses in 175 countries.
- More than 1.2 million people are actively using the Shopify backend platform.
- Since 2012, the number of merchants on the Shopify platform has grown annually at an average rate of 74%, and these merchants have achieved over $40 billion dollars in sales.
- Merchant growth in Q2 year over year was global, with a 56% increase in North America, 82% increase in Asia, 168% increase in South America, and 70% increase in Africa. No mention of Europe.
- Today, more women entrepreneurs than men have built their businesses on Shopify, at 52% and 47% respectively, with 1% other.
- Average age of Shopify merchants: 18 - 24 (7.3%); 25 - 34 (37.5%); 35 - 44 (30.0%); 45+ (24.9%).
- 131 million people have bought from Shopify stores in the last 12 months.
- Shopify merchants generated sales of over $100,000 per minute during Black Friday and Cyber Monday of last year.
- 1800 apps in the App Store with 7 million installs to date.
July: A generation of Elgin Street millionaires
There's a nice article in the Ottawa Citizen, which has a few interesting stats:
- If Shopify stays on track then it will continue with plans to triple the size of its downtown Ottawa headquarters to 500,000 square feet by year-end 2021, and boost staff locally from 750 plus to roughly 3,000 over the same period.
- The company is now sitting on a cash mountain of nearly $1 billion U.S., which it intends to use to further invest in the business, perhaps acquire other firms, and provide rock solid stability for the balance sheet.
July: Top 4 shop industries on Shopify & some stats for apps
The largest industry on Shopify is fashion and apparel. It looks like it's about 3 to 4 times bigger than any other industry based on the graph.
- The top industries on Shopify are 1) fashion & apparel, 2) health & beauty, 3) home & furniture, and 4) food & drink.
- The three other fastest growing industries on Shopify are 1) pet products, 2) music and 3) adult products.
- By the end of their first year on the platform, the average Shopify store has 4 apps installed. This is up from previously.
- In 2016, half of the top 25 apps were published within the year. “The app store is ripe for disruption.”
July: eBay to be added as a sales channel
The new channel will be rolled out in Autumn for U.S. based merchants. Inventory, orders and buyer messages will be sychronized between the two platforms. Shopify says that already more than 60% of the merchants on its platform sell in at least two different channels. eBay represents a potential new audience of up to 169 million active shoppers for merchants.
May: Shopify announces first-quarter 2017 financial results
On the 2nd May 2017, Shopify announced their latest results:
- Total revenue in the first quarter was $127.4 million, a 75% increase from the comparable quarter in 2016.
- Subscription Solutions revenue grew 60% to $62.1 million.
- Merchant Solutions revenue grew 92% to $65.3 million, driven primarily by the growth of Gross Merchandise Volume (GMV).
- Monthly recurring revenue (MRR) as of March 31, 2017 was $20.7 million, up 62% compared with $12.8 million as of March 31, 2016. Shopify Plus contributed $3.5 million, or 17%, of MRR compared with 11% of MRR as of March 31, 2016.
- GMV for the first quarter was $4.8 billion, an increase of 81% over the first quarter of 2016.
- Shopify Capital reached $49 million in aggregate cash advances to U.S. merchants using Shopify Payments by the end of the first quarter. By April 30, 2017, aggregate cash advances had reached more than $60 million.
- For the full year 2017, Shopify expects revenues in the range of $615 million to $630 million.
April: Shopify Unites its partners
The second Shopify Unite conference took place in April. Attendance was up from 400 last year to more than 1000 partners this year. Some interesting statistics shared:
- 400,000 merchants.
- 1,000,000 active users (includes all store staff members).
- The Partner Economy, revenues earned by partners through themes, apps and services, was estimated at $430m for 2016 compared to Shopify's turnover of $389m for the year. There was $15.4 billion in merchant GMV for 2016.
- 100,000+ merchants were referred by a partner.
- 5,200,000+ third party apps installed.
- 635,000+ third party themes downloaded.
- 65,000+ merchants used Shopify POS in 2016. 50% of merchants will sell in-person in 2017.
- Over 40,000,000,000 calls to the API in 2017.
- 2,500+ merchants on Shopify Plus. 300+ employees working on Plus.
February: Shopify boasts over 100,000 partners
"Shopify now boasts over 100,000 partners living in a diverse and thriving ecosystem across social media, private Slack channels, forum posts, coworking spaces, in-person events, on their couch wearing pyjamas, and behind computer screens all the way from Bangalore to Boston."
"Experts refer more business to Shopify than Partners do — which is significant to note, given that there are under 1,000 total Experts but 80,000+ Partners."
"The same compounded importance applies to the Plus (or enterprise) level. Less than 100 total Plus Experts and Plus Partners together refer and work with the lion’s share of Shopify Plus merchants, despite their modest numbers."
February: 80K Shopify stores have at least one app installed
Not sure when this page from the Shopify Partners section of the website was last updated but it has some interesting statistics on the App Store. 80K Shopify stores have at least one app installed. 33K Shopify Apps are downloaded each month. 230K people visit the Shopify App Store each month.
January: New R&D office points to huge expansion ambitions
Techcrunch report on Shopify's second office opening in Toronto. The article reports that there are now 1,750 employees worldwide, with plans to scale up by another 700 employees in Toronto alone by 2019.
January: Amazon sales channel for U.S. merchants
For those merchants selling in USD, the Amazon sales channel is now available. Shopify estimates that 40% of merchants are already selling in online marketplaces. Sam Kemp, an analyst with Piper Jaffray said in an article on CNBC that the average Shopify user does $46,000 a year in volume through the Shopify platform.
2016 Year in review
The annual report with the latest statistics for 2016:
- 377,500 merchants up 134,032 (+55%) from 2015.
- Shopify stores in 175 countries.
- Merchant growth on each continent: Africa +35%; Asia +65%; Europe +53%; North America +55%; Oceania +52%; South America +88%.
- Merchants added more than 290 million products this year.
- In 2016, more than 100 million online shoppers made purchases in Shopify stores. Up from 57 million in 2015.
- More people made their purchases on mobile (54%) than on desktop (46%).
- The overall total of purchases across the platform (GMV) doubled from $7.7 billion in 2015 to $15.3 billion in 2016.
- 1400+ apps. 100+ themes. 11,000+ active partners.
- 1900+ employees. 6 offices. Remote employees in 5+ countries.
Shopify announce 4th quarter and full year 2016 results
On the 15th February 2017, Shopify announced their latest results:
- “That eight of our ten top sellers over the Black Friday Cyber Monday weekend were merchants that had upgraded from lower-priced plans reminds us that today’s startups become tomorrow’s superstars, at a velocity that appears to be increasing all the time." according to Tobi Lütke, founder and CEO.
- Total revenue for the full year grew 90% to $389.3 million, compared with $205.2 million in 2015. Within this, Subscription Solutions revenue grew 68% to $188.6 million and Merchant Solutions revenue grew 115% to $200.7 million.
- More than 133,000 net new merchants began selling on Shopify, which ended the year with approximately 377,500 merchants on the platform.
- Merchants on average became more successful on Shopify, as Gross Merchant Volume per merchant grew by 25% over last year.
- The number of partners referring at least one new merchant to Shopify in 2016 grew to more than 11,000, compared with more than 8,500 in 2015.
- Shopify Capital successfully launched, providing merchants with more than $30 million in aggregate in cash advances to help fuel their businesses by providing working capital for growth, such as securing inventory, hiring employees or marketing activities.
- Shopify launched Apple Pay for the web, and by year end, more than 150,000 of Shopify’s merchants had elected to offer Apple Pay as a means for checkout. These merchants saw conversion rates approximately double by shoppers who have enabled Apple Pay.
Black Friday and Cyber Monday 2016
At its peak, over $555,716 in transactions occurred in a single minute. The peaks in orders on the two days were different. More and more orders are passing on mobile, but interestingly while on Friday more orders passed on mobile, on Monday orders passed on desktop pushed slightly ahead. Black Friday now reaches beyond the U.S. into Europe, particularly in Spain, Denmark, Canada, and the U.K.
I found some of the most interesting facts in the bottom line of the article: "This data is from a subset of Shopify’s 325,000+ merchants who made less than $50M USD in sales through the Shopify platform in 2016 and have fewer than 100 staff accounts associated with their store." Clearly larger accounts are playing a more important role, so much so that they need to be excluded to avoid skewing the statistics.
November: Third quarter 2016 Earnings Release
Some odds and ends that caught my attention. Stores supporting Apple Pay have seen an increase in checkout conversion rate of up to 2x on mobile, and customers are able to checkout up to 60% faster with Apple Pay than with a credit card alone. To date, Shopify Capital has advanced more than $20 million to merchants. 30,000+ merchants have installed Facebook Messenger for their shops.
August: 300,000+ merchants
Shopify now has over 300,000 merchants using its platform. 🚀📈— Craig Miller (@craigmillr) August 3, 2016
June: Build a Business VI Winners announced
Eight winners were announced. Statistics on the overall competition were pretty vague: thousands of eligible merchants; 45% of contestants indicated that they had never sold a product before; etc. The Shopify Merchant Survey figures were more interesting. There is now a 50:50 split between men and women for business owners. There are slightly more women using Shopify as staff members on a daily basis. 34.5% of merchants are 25 to 34 years old. The merchants aged 45+ has increased over the last two years from 23% to almost 30%.
March: Shopify Unite
The first Shopify Partner and Developer Conference. Over $10b of transactions (GMV or Gross Merchandise Volume) have passed through the Shopify platform (from CEO Tobi Lütke's keynote). Shopify partners are located in 5000+ cities and 150 countries throughout the world. 243,000 merchants on the platform. Partners have helped about a third of all merchants to get set up. One partner, Bold Commerce now has 80+ employees. In 2015: 50,000+ inquiries were sent to Shopify Experts; and 38,000+ themes purchased. (From COO Harley Finkelstein's keynote).
Year in review
Number of merchants on the platform: 84,073 in 2013: 144,670 in 2014; and 243,468 at the end of 2015, an increase of 98,000+ merchants.
Gross Merchandise Volume, or how much Shopify stores have made in total: $1.6b in 2013; $3.3b in 2014; and $14.3b as of 2015.
In December 2015, 46% of orders made through mobile commerce. Up from 33% in the same months in 2014 and 23% in 2013.
Merchants in 150+ countries. Revenue sources by country: 70% U.S.; 8% U.K.; 7% Canada; 5% Australia; 10% Rest of World.
Staff count: 1048.
May: Shopify IPOs in New York and Toronto
Shopify Inc. raised $131 million in its initial public offering. The company ended the day trading with a market value of about $1.9 billion. It doubled revenue to $105 million last year, with almost two-thirds coming from merchants’ subscriptions. The rest is generated through services for the small businesses. Shopify posted a net loss of $22.3 million in 2014. The stock is listed on the New York and Toronto Stock Exchanges under the symbol SHOP.
August: 50.3% of All Ecommerce Traffic on mobile
Looking at data from over 100,000 ecommerce stores that use the Shopify platform, 50.3% of traffic is coming from mobile (40.3% from mobile phones, 10% from tablets) and just 49.7% from computers. Facebook accounted for less than 5% of traffic to ecommerce sites on desktop, that number jumps to 7% when looking at mobile phones. In comparison, search based traffic from Google represented 18% of traffic from computers, but just 12% on mobile phones.