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.
Shopify Revenue 2024: 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.
Here is a table displaying Shopify’s quarterly revenue recorded over the past quarters.
| Quarter- Year | Quarterly 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:
| Year | Shopify 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.
The following table displays the revenue generated by merchants and subscription solutions over the past years.
| Year | Merchant Solutions Revenue | Subscription 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 |
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.
The following table displays the revenue generated by Shopify in different regions worldwide over the years.
| Region | 2023 | 2022 | 2021 |
|---|---|---|---|
| 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 |
| 2015 | 113.26 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.
| Quarter | Shopify’s Gross Merchandise Volume |
|---|---|
| Q1 ‘ 24 | $60.9 billion |
| Q4 ’23 | 75.1 billion |
| Q3 ’23 | 56.2 billion |
| Q2 ’23 | 55 billion |
| Q1 ’23 | 49.6 billion |
| Q4 ’22 | 61 billion |
| Q3 ’22 | 46.2 billion |
| Q2 ’22 | 46.9 billion |
| Q1 ’22 | 43.2 billion |
| Q4 ’21 | 54.1 billion |
| Q3 ’21 | 41.8 billion |
| Q2 ’21 | 42.2 billion |
| Q1 ’21 | 37.3 billion |
| Q4 ’20 | 41.1 billion |
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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.
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