Xin Ou
Research expert covering Greater China
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 stabilizing in the following years.
Shopify’s meticulous attention to merchants' needs and a strategy which has avoided sensationalism are driving forces behind the optimistic prospects about profitability and growing price of their shares.
How Shopify’s business works
Since going public in 2015, Shopify’s annual revenue increased significantly, hitting nearly nine billion U.S. dollars in 2024. 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.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 stabilizing in the following years.
Recent acquisitions
Shopify has committed resources to develop and integrate more advanced AI functionality into their products. In early 2025, the company acquired Vantage Discovery, a startup founded by former Pinterest engineers Lance Riedel and Nigel Daley, who built an AI-powered search engine for retailers. A more efficient use of AI models for product design is behind the acquisition of Molly Studio in August 2025. The expertise of the New York-based design firm will allow Shopify’s retailers to customize their design identity thanks to AI prompts of the Product Design Studio package. By integrating the design agency into their business, Shopify aims at applying AI in product design and product experience aspects.Shopify’s meticulous attention to merchants' needs and a strategy which has avoided sensationalism are driving forces behind the optimistic prospects about profitability and growing price of their shares.
