8 min read
Unveiling the Shopify Success Story: A Statistical Analysis of a Global E-Commerce Giant
You’ll notice that since its launch in 2006, Shopify has redefined the landscape of online retail, shaking up the way businesses of all sizes approach e-commerce. The cloud-based e-commerce platform, established in Ottawa, Canada, has been on a crazy journey since and it continues to make significant strides in the digital marketplace.
Shopify works great for people who want to get things up and running fast, without breaking the bank. It's especially good for smaller businesses with straightforward inventory. At Shape, we like Shopify for clients like this because it's easy to use, and they can easily manage their online store without any hassle. Let’s take a look at Shopify and share key statistics and milestones that have shaped its growth.
With its groundbreaking launch marking a new era in online commerce, Shopify has steadily evolved into a major player, capturing a notable share of the global e-commerce software market. The statistics tell a story of resilience, innovation, and strategic adaptation, reflecting the company's unparalleled success and impact on the digital business world. There are many benefits to using Shopify for your brand.
Let's delve into the numbers and unveil the story behind Shopify's rise, analysing its revenue, market presence, technological investments, and transformative business strategies.
Shopify has carved out a significant space for itself, capturing approximately 10% of the worldwide market share in 2023. This substantial market presence is a testament to the platform's reliability and effectiveness. Its ability to meet the diverse needs of businesses across various industries is one reason why we use Shopify at Shape.
Over 4.6 million active websites have embraced Shopify's robust e-commerce capabilities, solidifying its position as a go-to platform for online businesses of all scales. In the UK, there are over 198k active Shopify users.
In 2022, Shopify recorded an annual revenue of $5.6 billion (£4.8 billion), signifying a notable 21.42% growth rate. Comparing these global total revenue stats to 2015, Shopify has seen an increase of more than $4 billion (£3.4 billion) since, showing consistent growth over time.
Source: Stock Analysis
Stock Analysis statistics show that in the period ending on June 30, 2023, Shopify gained $6.3 billion (£5.4 billion) in revenue showcasing a substantial 25.99% surge compared to 2022. The quarterly revenue ending on June 30, 2023, amounted to $1.69 billion, which marked an impressive 30.81% year-over-year growth.
On Shopify.com, the majority of the website traffic, accounting for 77.4%, originates from desktop devices, showing that users have a stronger preference for desktop browsing. Surprisingly, mobile phones and devices only contributed to 22.6% of total traffic. Shopify has seen a major decline in mobile traffic since 2016, it was reported that 79% of Shopify website traffic came from mobile devices. This showcases the growing significance of accessibility and the need for web designs to function across all devices. This is one way how using a Shopify web developer can benefit your brand. Something to watch out for – it’s expected that mobile commerce will account for 42.9% of e-commerce sales by 2024. Something to watch out for.
The cumulative sales on Shopify have reached $755 billion (approximately £619 billion). This staggering figure underscores Shopify's central role in the world of online commerce, highlighting its widespread acceptance among businesses of all sizes and types. Shopify's ability to facilitate such massive sales speaks volumes about its user-friendly features, strong support, and widespread utility. It has firmly established its status as a top contender in the digital commerce arena, which is among the few reasons why Shape uses Shopify.
As of June 2023, Shopify dominated the U.S. e-commerce software market, with a substantial share of approximately 28%. This market segment is highly competitive, with other key players such as Wix Stores, WooCommerce Checkout, and Squarespace Add to Cart holding significant market shares. Woocommerce continues to hold the maximum market share in the UK, with 22% compared to Shopify’s 21%.
The global quarterly expansion of Shopify has demonstrated a remarkable upward trend in recent years, showing its widespread growth globally. In the UK, Shopify observed an 8.3% surge in stores in the third quarter of 2023 compared to the previous quarter, and a substantial 41% increase in stores from the same period the previous year. In 2019, there were 59,450 live Shopify stores. Fast forward to 2023, its increase to over 169k live stores is impressive.
Shopify Plus, the enterprise version of the popular e-Commerce platform, has garnered significant traction, with 42,038 live websites currently utilising its advanced features and capabilities. Among these users, 2,800 are based in the UK, highlighting the widespread adoption of Shopify Plus among larger businesses and enterprises, both domestically and internationally.
There’s nothing worse than a language barrier when you are trying to navigate or browse an online store. In today’s international online retail environment, it’s important that your site can be tailored to the needs of its users. Shopify can enable your business to be explored and accessible to all users since Shopify supports 21 languages.
Apparel emerges as one of the leading categories for Shopify stores, according to recent data. An impressive 26.1% of Shopify Plus stores are dedicated to selling Clothing and Fashion products, highlighting the significant presence of fashion retail within the platform. Following closely behind, 12.1% of Shopify Plus stores focus on offering Beauty & Fitness products whilst 10.8% of stores fall within the Home & Garden category, underscoring the platform's versatility in accommodating various niche markets.
Check out a Shopify site we built at MadeByShape for one of our client’s Relevé clothing.
Shopify's extensive global reach is a testament to its widespread influence in the e-commerce domain. Shopify is used in over 175 countries worldwide, with a significant portion (62%) of its stores, situated in the United States. This shows its prominent position in the American e-commerce landscape. Shopify has established a significant international footprint.
Shopify provides a diverse selection of 163 themes for users to choose from, catering to a wide range of preferences and needs. Among these themes, 12 are available for free, while the remaining 151 are premium paid options. This extensive collection allows users to customise their online stores according to their unique brand identity, aesthetics, and customer appeal. Whether seeking simplicity, elegance, or a specific style, Shopify's varied theme options offer users the flexibility to create a visually appealing and engaging online shopping experience.
During the Black Friday Cyber Monday weekend, Shopify witnessed a significant surge in global sales, reaching a peak of over $3.5 million (£2.8 million) per minute. With 52 million consumers making purchases from independent brands on the platform, representing a 12% increase from 2021, the average consumer spent $102.10 (£84.25) per order. This was a slight increase compared to the previous year. Mobile devices were used for 73% of online purchases, while the remaining 27% were made on desktops.
Ella, Brand Designer at MadeByShape.
The age distribution on Shopify demonstrates a strong affinity among the 25-34 age group, comprising a significant 34.28% of the platform's visitors. In contrast, the senior demographic of 65 and above represents the smallest segment, accounting for just 5.42% of the total visitors. This data sheds light on the platform's appeal to a younger audience, showcasing its ability to cater to the preferences and shopping habits of the tech-savvy millennial and Gen Z populations.
Shopify boasts an extensive workforce of over 11,600 employees which has seen a notable increase from the 2010 count of 10,000 staff members. Notably, Shopify embraces a remote work culture, allowing its employees to operate from various locations across the globe.
With a notable 50% surge in online sales, enterprises operating on Shopify outperformed the 21% growth witnessed in the global e-commerce market. This underscores the effectiveness of Shopify's e-commerce solutions in driving significant business expansion and success.
Shopify has revolutionised the way businesses approach online retail since its inception in 2006. Its remarkable journey, from a Canadian startup to a key player in the international market, is underscored by a series of impressive statistics and milestones. If you’re keen to start a Shopify website we recommend that you find a Shopify agency you can trust.
Compare and weigh up your options. There are other e-commerce options available like Woocommerce or Craft Commerce, you will need to determine what option suits you best.
From capturing a significant share of the worldwide market and generating billions in revenue to supporting millions of active users and offering a diverse array of customisable themes, Shopify's impact is evident. For businesses considering their e-commerce options, Shopify's impressive track record and adaptability make it a compelling choice, while its powerful plug-ins further enhance its appeal.
With its widespread global presence, multilingual support, and user-friendly features, Shopify has facilitated over $755 billion (£656 billion) in total sales, solidifying its position as a top contender in the digital commerce arena.
As Shopify continues to adapt and evolve, its capacity to cater to a diverse range of businesses, drive workforce growth, and deliver exceptional e-commerce solutions remains unparalleled, cementing its place as a go-to platform for businesses of all scales.
If you’re looking to start a project, take a look at some of the work we’ve done. If you like what you see. Get in touch and we’ll have a chat.
Hey! I'm Kerry. Content writer at MadeByShape.
