Shopify - statistics & facts
E-commerce sites are complex platforms serving as digital shopping windows, payment checkouts, hubs for fulfillment services, and marketing tools. Cloud-based software providers like Shopify have successfully specialized in e-commerce suites able to streamline these processes seamlessly. Founded in 2006 in Ottawa, Canada, Shopify is now a global player, accounting for roughly ten percent of the worldwide e-commerce software market.
From Decathlon to Fashion Nova , Netflix, and ColourPoP, several well-known international brands have built their online stores on Shopify – contributing to the growing Gross Merchandise Volume of the company.
In the competitive e-commerce industry, small retailers require a constantly expanding range of marketing and fulfillment services, which Shopify has highly invested in. The company’s strive for innovation is confirmed by the year-over-year increasing investment in technology: Shopify’s research and development spending nearly quadrupled between 2018 and 2021 before skyrocketing in 2022
How Shopify’s business works
Since going public in 2015, Shopify’s annual revenue increased significantly, hitting over 5.6 billion U.S. dollars in 2022. As stated by the company, the business is based on subscription services and merchant solutions. Merchants can subscribe to get a full package of e-commerce tools - including the upgraded version known as Shopify Plus, while booking additional solutions, mostly related to payment services. The value of Shopify Payments, has rapidly grown over the last years.In the competitive e-commerce industry, small retailers require a constantly expanding range of marketing and fulfillment services, which Shopify has highly invested in. The company’s strive for innovation is confirmed by the year-over-year increasing investment in technology: Shopify’s research and development spending nearly quadrupled between 2018 and 2021 before skyrocketing in 2022
