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With a 10.32% share of the ecommerce market, Shopify is the fourth most popular ecommerce platform worldwide. Its popularity is evident from its increasing revenue worldwide. 

The platform recorded revenue of $1.86 billion in the first quarter of 2024, the highest revenue recorded in the first quarter over the years. Its annual revenue also 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. 

New Shopify Revenue — At A Glance

  • Shopify registered a revenue of $1.86 billion in Q1 2024.
  • In 2023, Shopify generated a revenue of $7.06 billion. 
  • Shopify’s merchant solution revenue was $1.4 billion, while the subscription solution generated a revenue of  $511 million in Q1 2024. 
  • In 2023, Shopify generated the highest revenue of $5.04 billion in the North American region. 
  • Shopify registered a monthly recurring revenue (MRR) of  $151 million in Q1 2024. 
  • At the same time, Shopify generated a gross profit of  $957 million.
  • The  Gross Merchandise Volume of Shopify was $60.9 billion in Q1 2024. 

Shopify Quarterly Revenue 

In Q1 2024, Shopify registered a revenue of $1.86 billion. 

This is an increase of 23.41% in revenue compared to the $1.51 billion revenue recorded in the first quarter of 2023. 

However, it is a decrease of 13.2% in the quarterly revenue compared to the revenue of $2.14 billion recorded in the last quarter of 2023. 

Shopify's Quarterly Revenue

Here is a table displaying Shopify’s quarterly revenue recorded over the past quarters.

Quarter- YearQuarterly Revenue of Shopify
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:

YearShopify 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

In Q1 2024, Shopify’s merchant solution revenue was $1.4 billion, while the subscription solution generated a revenue of  $511 million. 

Here the merchant solution revenue witnessed a YoY increase of 20%, while the subscription solution grew by 34% compared to the prior. 

Merchant solutions accounted for 73.68% of Shopify’s total revenue, while subscription solutions accounted for 26.32% in Q1 2024. 

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 generated by 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. 

Shopify' Revenue By Solution

The following table displays the revenue generated by merchants and subscription solutions over the past years. 

YearMerchant Solutions RevenueSubscription 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

Source: Statista, Shopify

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. 

Shopify's Revenue By Region

The following table displays the revenue generated by Shopify in different regions worldwide over the years.

Region 202320222021
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  $151 million in Q1 2024. 

This was a 32% increase in Shopify’s monthly recurring revenue compared to Q1 2023. 

Shopify Plus contributed $48 million to the MRR recorded this quarter, amounting to 32% of the total MRR, compared to 33% in Q1 2023. 

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 
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 first quarter of 2024, Shopify generated a gross profit of  $957 million.

This was an increase of  33% compared to the previous year.

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 
2024 (Q1)$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
2015113.26 million

Source: Shopify.

Shopify’s Gross Merchandise Volume (GMV)

The  Gross Merchandise Volume of Shopify was $60.9 billion in Q1 2024. 

That was a 23% YoY increase, or $11.3 billion, compared to the first quarter of 2023. 

However, 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. 

QuarterShopify’s Gross Merchandise Volume 
Q1 ‘ 24$60.9 billion
Q4 ’2375.1 billion
Q3 ’2356.2 billion
Q2 ’2355 billion
Q1 ’2349.6 billion
Q4 ’2261 billion
Q3 ’2246.2 billion
Q2 ’2246.9 billion
Q1 ’2243.2 billion
Q4 ’2154.1 billion
Q3 ’2141.8 billion
Q2 ’2142.2 billion
Q1 ’2137.3 billion
Q4 ’2041.1 billion

Source: Statista, Shopify

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Conclusion: Shopify Registered A Revenue Of $1.86 Billion In Q1 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, looking at the previous trends, the platform is predicted to generate higher revenue in the upcoming years. 

That was all about Shopify Statistics. Here are some related reads that you can check out:

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