Shopify has established itself as one of the North American giant contenders for the online e-commerce space, rivalling e-Bay and Etsy. The company experienced its highest share prices at the peak of November 2021, and although the growth is steady and in the billions, it still has a long way to go in rivalling companies.
In the world of global commerce, it’s still pulling its weight and supporting over 1.7 million businesses and 3.6 million jobs as of 2020, according to a study done by Deloitte. In addition, research has shown that the global e-commerce market will continue to grow from 2022’s $5.7 trillion to more than 6 trillion in 2023.
But what do these numbers mean for Shopify’s estimated statistics in 2023? Read on as we break down these figures and translate them into the expected statistics for this e-commerce platform.
Shopify Statistics to Note in 2023
More Than 5,000 Businesses Utilise Shopify Plus
You might be wondering what Shopify Plus is used for. It is an online platform created by Shopify with unlimited staff accounts that assist personnel management without incurring more costs for this service. However, this feature is only available for businesses that have generated between $1 million and $500 million. What separates the Shopify platform from Shopify Plus is its additional features that can be useful when managing a big business. Some of these features include
- Shopify organisation admin lets you control all the stores in your business.
- Launch team support for faster customer integration and solutions.
- API resources that enable you to integrate with custom apps.
- Specialised apps and channels – merchants who use Shopify Plus have access to more Shopify apps designed to fit big businesses.
- Unlimited staff account; Shopify Plus enables you to have unlimited staff accounts to grow your business.
Mobile Phones Traffic is King
Mobile phones have become everyday gadgets in the hands of everyone. This has ultimately led to a significant chunk of internet traffic from these gadgets. Therefore, Shopify created an easy-to-use interface that has helped shoppers and merchants navigate easily through the online platform.
Because of the optimal mobile experience, Shopify has been able to lure many businesses to invest in the platform without using lots of effort. So, you don’t need a user manual or assistance to use this e-commerce platform.
For example, mobile traffic accounted for only 50%, but the number has increased by 30%, and as things go, expect the numbers to keep rising.
What About Its Market Share?
There are around 9.2 million e-commerce websites in the US, and 28.51% use Shopify. The percentage accounts for about 2.6 million e-commerce websites. Shopify’s biggest markets come from North America, with the US taking the most significant portion. Despite Shopify’s success in North America, it’s still struggling to establish itself in European countries such as the United Kingdom or Germany. In addition, Shopify struggles to make its presence in other countries like China or Brazil.
More Than 3.5 Million Websites Use Shopify Stores
Shopify is one of the largest e-commerce platforms in the US, boasting a large domain. The store has 1.75 million merchants who use the platform for shopping online, with 69.67% of the users coming from the United States.
Some of the most successful Shopify stores in the US include colour pop and fashion nova, where the former invests in cosmetics while the latter in men’s and women’s clothing. Coming second is Shopify’s home and garden, which has around 33,000 stores.
Shopify Made Over $2.9 Billion in Revenue In 2020
Although 2020 was a tough economic year, the online business still generated more than $2.9 billion, an 86% growth from 2019. In addition, more than 500 million people purchased merchandise from Shopify stores that year.
Besides the company’s revenue in 2020, Shopify has had a significant impact on the global economy. Shopify Plus has also seen considerable growth, with an increase in Shopify Plus stores from 691 in the first quarter of 2022 to 948 stores in the second quarter. The third quarter of 2022 has seen more than 1771 new Shopify Plus stores.
Shopify Boasts More Than 2 Million Daily Active Users
Shopify provides an array of products and services, with more than 2 million people worldwide shopping from the online store every day. As per the latest Shopify statistics, 29% of e-commerce platforms utilise Shopify.
Tesla Is One of the Biggest Companies That Utilises Tesla
Did you know that Tesla is one of the largest businesses that utilise Shopify to conduct its business activities online? That is how big Shopify is. It has an easy-to-use interface that lured Tesla into using its platform. Besides the business platform, Tesla also uses the Shopify POS payment system for its online customers.
More Merchants Are Using Shopify Apps
Statistics show that around 87% of retailers utilise Shopify apps. The Shopify app contains more than 7,000 apps and tools for e-commerce. These apps are estimated to have increased the company’s revenue by 14%.
Moreover, Shopify’s GBV (gross merchandise volume) was $43 billion in the first quarter of 2022, which signifies an impressive compound annual growth rate of 57%. This is a remarkable growth when compared to 2020.
Some commonly used third-party apps include Seguno, which is helpful in email marketing, Kit for Facebook ads, Smile for loyalty programs, and Plug for SEO. These third-party apps help promote sales, more e-commerce website functionality, visibility, and design.
Most Shopify Users Are Between 25 And 34 Years Old
Statistics show that most Shopify merchants are between the ages of 25-34, accounting for 30%, 24.9% for those over 45 years, and 7.3% for merchants aged 18-24. The statistics also show that there are more female merchants who are 52%, compared to 47% of male merchants.
On top of that, the revenue that these users have generated is quite impressive. In Canada, Mexico, and the USA, Shopify has generated $2.15 billion, which is 73% of all sales. Besides an online trading platform, Shopify also provides its users with online payment features, which adds to its total revenue.
Shopify Stores Success
Although Shopify’s online platform is easy to navigate and cost-effective, it requires effort and hard work from those who set up shops if they want it to succeed. Even though there’s no official research about the company’s stores, the success rate is estimated to be around only 10%.
Some of the reasons for such a small success margin include the following:
- Low market demand.
- Lack of search engine optimisation.
- Pricing issues.
- Poor marketing strategy.
- Budget constraints.
England Boasts More Than 20,000 Shopify Stores
You might think that Shopify only has many stores in the United States, but that’s far from the truth. The steady growth of Shopify’s online presence has seen more people use its services, irrespective of location. England is a good example; currently, there are around 20,000 stores in the United Kingdom, and the numbers will continue to rise.
Shopify Has 7,000 Contractors and Employees
A successful company requires lots of personnel to ensure each business section is working effectively and efficiently. Therefore, Shopify increased its staff by 40% between 2020 and 2021. As a result, the 7,000-employee count is higher than in 2017, when it was 3,000.
What Is the Importance of Having These Shopify Statistics?
According to the SeekingAlpha forecast for 2023, Shopify stock is expected to grow by 21.3% in revenue in 2023. This figure represents a faster growth rate than the company’s growth in 2022. So as you plan to start or grow your e-commerce store, knowing these figures helps you assess if Shopify is still a reliable platform to set up your online store. In addition, the information will help you decide if you’d want to try the company’s Shopify Plus feature, which has additional features. With all the comprehensive details provided above for your Shopify Statistics, you now have the necessary knowledge to work on your website efficiently and effortlessly to acquire the most incredible results.
But so far, there’s no need to worry or cause for alarm. Today Shopify has a bigger team ensuring better customer service and reliability in terms of the site’s functionality. The company is also working to provide better SEO and marketing tools to help your store rank higher on search results. You also get advanced analytics that gives more profound insights into your customers’ behaviour concerning your shop.
Shopify has become one of the best e-commerce stores today, and if we go by the numbers, it might become one of the best (if not the best) e-commerce platforms in the coming years. These statistics will be helpful if you want to start an online business through the Shopify e-commerce platform. As more data comes in about Shopify’s estimated 2023 figures, let’s wait and see how the year unfolds and if the platform will hold its weight in gold.