Online shopping has been gaining popularity over the last few years, becoming an everyday habit for many people. The pandemic and lockdown measures contributed to the rising trend.
Shopify is among the most popular ecommerce platforms, with millions of users worldwide. To get a better picture of where Shopify is heading, check out the following statistics.
Top Shopify Statistics: Editor’s Choice
- Shopify accounts for 29% of the US ecommerce market share in 2021.
- Shopify’s net income reached $879.1 million in the second quarter of 2021.
- There are over a million stores on Shopify in 175 countries.
- In 2020, Shopify processed about $120 billion in GMV.
- Black Friday and Cyber Monday sales on Shopify amounted to $6.3 billion in 2021.
- Shopify has concluded that 27% is a good repeat purchase rate.
- Around 20% of Shopify stores are fake.
- About 56% of Shopify merchants are based in the US and Canada.
- 79% of Shopify’s traffic comes from mobile devices.
Shopify’s Growth
1. Shopify holds 29% of the US ecommerce market.
Shopify is the leader in ecommerce in the US, while WooCommerce comes second with 23%. Currently, Shopify is significantly ahead of its competitors, such as Wix, SquareSpace, Ecwid, etc.
2. Currently, Shopify’s market value is $180.78 billion.
Shopify is one of the biggest pandemic winners—it allowed small businesses to expand their customer bases and enabled millions of consumers to shop online.
That doubled the company’s revenue and turned it into one of the biggest ecommerce retail providers in 2020. Furthermore, the platform’s market value jumped to over $210 billion in November 2021 and, after a dip in December, it continues to grow.
3. Shopify’s revenue increased year-over-year by 47% in 2020.
Shopify’s financial results for 2020 were strong, although most businesses were struggling during the COVID-19 crisis. The platform focused on helping merchants and entrepreneurs solve their problems and supporting their future success.
Consequently, the number of new stores opened on Shopify between March and April 2020 increased 62%, compared to the previous six weeks.
4. Shopify’s annual revenue was over $2.9 billion in 2020.
In 2020, Shopify became the go-to platform for selling products and promoting businesses due to its new features fit for the challenges the pandemic brought about.
Consequently, Shopify’s revenue growth in 2020 was 86% higher compared to the previous year. The platform’s outstanding financial results correlated with the success of its merchants.
5. Shopify’s net income in the second quarter of 2021 was $879.1 million.
Shopify made some platform updates, created strategic partnerships, and promoted its growth initiatives portfolio.
The substantial increase in the number of merchants and consumer spending contributed to the growth of Shopify. The price per diluted share reached $6.90 in Q2 of 2021 compared to $0.29 for the same period in 2020.
6. The number of active sites that use Shopify worldwide reached over 3.7 million in 2021.
Between 2006 and 2021, Shopify has experienced tremendous growth in the ecommerce industry, becoming one of the most sought-after platforms. Furthermore, the latest number of stores is in the US (2,596,970), followed by the UK with 153,656.
7. Shopify statistics for 2021 show the platform has over 1.75 million merchants.
Shopify, initially a Canadian startup, has now expanded to millions of merchants across all continents. The number keeps growing due to the platform’s affordability and user-friendliness, reaching over 457 million buyers in 2020.
8. The number of Shopify Plus stores reached 5,300 in 2021.
Shopify Plus is the platform’s enterprise plan that offers more opportunities than the basic version for a much higher fee. Some premium brands that use it are Lorenzi Milano, Bremont, The Wool Company, and Victoria Beckham.
9. Shopify boasts over a million stores and is available in 175 countries.
Founded in Ottawa, Canada, Shopify helps more than 1.7 million businesses in many different countries worldwide. Since 2012, the number of merchants has significantly increased annually, translating into over $400 billion in total sales.
Shopify Stats on Stores and Sales
10. In 2020, Shopify’s Gross Merchandise Volume was nearly $120 billion.
It’s no surprise that Shopify is one of the leading ecommerce platforms in the US and worldwide. With over 450 million people checked out on the platform, Shopify helps entrepreneurs grow their businesses.
11. Shopify sales reached $6.3 billion on Black Friday and Cyber Monday 2021.
In 2021, the merchants on Shopify set a record, generating over $6.3 billion in holiday sales between Black Friday and Cyber Monday. Compared to the previous year, that was a 23% increase, exceeding $5.1 billion in holiday sales in 2020.
12. The average Shopify store revenue per customer is $90.
According to a survey, a good revenue per customer is more than $199, translating into 20% of the best Shopify stores. Moreover, the top 10% of Shopify stores rake in over $313 per client.
Alternatively, the 20% of worst-performing stores on the platform have less than $53 in revenue per customer, and the least successful merchants earn below $42.
So, a revenue per paying user (ARPU) between $53 and $199 is the average.
13. Shopify stats reveal that a good repeat purchase rate is 27%.
Shopify estimates that merchants should aim for a return rate between 20% and 40%, depending on their niche. Furthermore, the average shopper buys 3.8 times from the same store if they had an excellent customer experience.
14. Top-grossing Shopify stores have annual revenues of $7 to $11 billion.
Budweiser and Red Bull are among the top-grossing companies with over $11 billion and $7 billion in annual revenue, respectively.
Additionally, the innovative electric car company, Tesla Inc., has over $11 billion in yearly revenue, with more than 16,000 vehicles sold.
15. Shopify’s success rate is estimated to be about 5%.
According to estimations, a shocking 95% of Shopify stores fail. However, nobody knows the exact number. Looking further into ecommerce stats, only 10% of online stores succeed.
The common obstacles include picking the wrong niche or products, lack of mobile application, low service quality, and shipping difficulties.
16. One of the most profitable Shopify stores, Fashion Nova, has over $293.4 million in revenue.
Fashion and apparel stores are some of the most visited on Shopify. Fashion Nova is an online store focused on the US, and its ecommerce sales are primarily generated in the country. Canada accounts only for a small number of purchases.
The popular and largest Shopify stores, making millions in sales, also include Gymshark, Kylie Cosmetics, and Allbirds. They have excellent marketing strategies and keep their brand messaging consistent.
17. Shopify fake stores account for 20% of all stores on the platform.
A recent study indicates that almost 26,000 Shopify stores are fraudulent. This affordable ecommerce platform appears to be the perfect place for scammers.
Moreover, 39% of stores have counterfeit problems, brand infringements, or a bad reputation. Shopify had security issues, and 28% of fake stores were involved in privacy leaks and suspicious listings. Lastly, 17% received negative customer feedback.
Some fake stores steal photos of designer products from successful retailers and try to attract customers. However, they will ship either a cheap alternative or nothing at all.
Shopify Trends
18. Retail, apparel and fashion, and wholesale are the three biggest Shopify Plus industries.
Companies that use Shopify Plus have 10 to 50 employees and between $1 million and $10 million in revenue. Shopify statistics reveal that Shopify Plus has a 0.13% market share.
Furthermore, other top Shopify Plus industries include computer software and consumer goods with 5% each.
19. Around 56% of Shopify merchants are located in the US and Canada.
Shopify works to make cross-border sales less complicated for online retailers by removing the obstacles of international commerce—currency conversion rates, foreign language translation, and local market regulations.
To further increase the benefits of using Shopify, the company launched Shopify Markets—a new hub that lets merchants seize global opportunities. That way, the platform encourages independent sellers to reach customers anywhere in the world.
20. About 64% of Shopify Plus consumers are located in the US.
Shopify Plus has 9% of its customers in the UK and another 9% in Canada. Of all consumers on the platform, 80% are small businesses with less than $50 million in revenue, and 6% are medium-sized.
21. According to Shopify traffic stats, 79% of the stores’ traffic comes from mobile.
Additionally, 69% of orders across all Shopify stores were generated from mobile devices. Consequently, merchants need to make sure they have a mobile-friendly site to get more sales.
22. Shopify’s average conversion rate for desktops is 1.4%.
The ecommerce conversion rate represents the total number of purchases divided by the total number of sessions on each Shopify store. A desktop conversion rate above 3.1% would put store owners in the best 20% on the platform.
The average mobile conversion rate for Shopify stores is 0.9%, and success of over 2.2% would put a store among the top-performing 20%.
Shopify Statistics: The Takeaway
Shopify is the go-to platform for many small businesses and has established a solid presence in the ecommerce market. Over 1.75 million merchants in 175 countries worldwide have contributed to the $400 billion in total sales.
Shopify experienced tremendous growth during the COVID-19 pandemic. It offered a free 90-day trial plan to help struggling store owners, resulting in an unexpected success for the platform.
Frequently Asked Questions
How many people use Shopify?
Shopify has over 457 million customers purchasing from around 1.75 million merchants on the platform. The company raked in $654.9 million in subscription revenue in Q1 and Q2 of 2021 alone. Additionally, the number of Shopify Plus stores in 2021 has reached 5,300, while the platform supports over 3.7 million active websites.
How many Shopify stores are there in 2022?
Shopify has over 457 million customers purchasing from around 1.75 million merchants on the platform. There are over 1.75 million merchants on the platform and 5,300 Shopify Plus stores, but the number is constantly changing. Furthermore, the US has the most active store owners (around 2.5 million) while the UK comes second with 153,656.
How much can you make on Shopify?
The average revenue per customer on Shopify is $87. So, if a store earns more than $193 per client, it’s in the top 20%. The top 10% of stores make over $290 per client.
Alternatively, the least successful 20% of Shopify stores have below $50 in revenue per customer. So, anything between $50 and $193 is the average amount.
Does Shopify take a percentage of sales?
Shopify charges fees for services such as accepting major credit cards or transaction fees for using a third-party payment provider. The platform has three available plans—Basic, Shopify, Advanced, and Shopify Plus.
The Basic plan is $29 per month and 2.9% + $0.30 per transaction, while the Shopify option costs $79 per month and 2.6% + $0.30 per transaction. The Advanced subscription requires $299 monthly payment and 2.4% + $0.30 per transaction.
Shopify Plus plan’s charges start at $2,000 monthly. Moreover, there are added fees if you use credit card payments instead of Shopify Payments.
What are the disadvantages of Shopify?
While Shopify is one of the best online ecommerce platforms, it still has some disadvantages. For example, startups often struggle with ongoing costs to keep their websites running. Moreover, the app store is less customizable compared to other platforms.
Shopify is only for selling products, so you should consider another option if you want to have videos, carousels, and similar on your site. Additionally, all data needs to be transferred through Shopify, which is less intuitive than other platforms.
Is Shopify good for beginners?
Shopify is a great cloud-based platform from which you can sell and ship your products for low startup costs. Many businesses prefer it, however, when it comes to starting a store, it can be a little daunting.
Even though the company puts a lot of effort into making the setup process easy, it can be overwhelming at first.
What should I not sell on Shopify?
Shopify can be an excellent platform for your business, but not if you sell items that are banned. In fact, the list of prohibited and restricted items is quite extensive compared to other ecommerce platforms.
The banned products include alcohol, tobacco and e-cigarettes, CBD, fireworks, firearms, weapons, solvents, pharmaceuticals, certain games, and certain high-demand items.
What percentage of Shopify stores fail?
Even though there are over 1.75 million merchants on Shopify, many of them fail. Numerous stores are created on Shopify every day, but only 5% succeed, and the others go wrong for various reasons.
Lack of understanding of the respective niche, low-quality or unwanted products, and bad customer service are the prevalent reasons for failure. These factors discourage customer return, which is one of the primary goals.
Other common issues include shipping difficulties, poor optimization, and lack of marketing.
Is using Shopify worth it?
Shopify is one of the most popular ecommerce platforms at the moment. However, merchants should be aware that the platform is very competitive and developing a successful business is not easy.
Therefore, new store owners should consider their target market and provide actual value to the customers to have a return on this investment. However, Shopify has a free trial and relatively inexpensive pricing, so you can try if it is the right fit.
Furthermore, keep up-to-date with the most recent Shopify statistics to know the latest trends and developments on the platform.
Sources
Avada, Backlinko, Blend Commerce, Builtwith, Conversific, Digital Intheround, Enlyft, Growjo, iDentixweb, Littledata, Makeuseof, Nasdaq, Popupsmart, Shopify, Shopify, Shopify, Shopify, Shopify, Shopify, Shopify & You, Statista, Tako Stand, Ychart