25+ Shopify Statistics & Trends [2024 Update]

Shopify is one of the biggest ecommerce platforms around, and if you’ve looked into starting an online store online, you’ve heard of it. Here’s what you should know about the latest Shopify statistics for 2024 ⇣.

Did you know the global e-commerce market is expected to reach 6.3 trillion dollars in 2024 and account for 21% of all retail sales? (source: Shopify).

What is driving this growth? Other than a pandemic lockdown and a general cultural shift towards shopping online, e-commerce platforms like Shopify is largely to thank.

Summary of some of the most interesting Shopify stats and trends:

• Shopify’s revenue in Q3 2023 was $1.7 billion which is 25% higher than the $1.37 billion in Q3 2022.
• Shopify’s monthly recurring revenue for Q3 2023 was $141 million, which is 32% higher than in Q3 2022.
• As of December 2023, Shopify has over 2.1 million daily active users.
• 20.75% of all e-commerce sites in the United States use Shopify in 2023. And 17.73% of all eCommerce sites in the world use Shopify.
• Shopify’s market cap is $103.81 billion as of January 2024, which is 100% growth compared to January 2023.

Latest Shopify Statistics for 2024

With an emphasis on making it not only doable but easy for anyone to create and maintain an online store, Shopify’s stats are through the roof in 2024.

In addition to attracting thousands of new sellers and becoming one of the leading e-commerce platforms, Shopify also raked in annual revenue of $1.7 Billion in 2023, a 25% increase compared to last year.

Shopify’s Monthly Recurring Revenue for Q3 2023 was $141 million, which is 32% higher than in Q3 2022.

According to recent Shopify data, the e-commerce marketplace is humming with activity.

In fact, by mid-year, more than 44 million people had visited a Shopify merchant site. While impressive, this figure is expected to jump considerably when the year-end data is published.

As Shopify became available to the public on the New York Stock Exchange in May 2015, it started selling shares for just $26. Its investors didn’t know that it would grow rapidly into the giant it is today. Shopify is now selling shares at around $80 apiece.

Based on Shopify data, New York, Los Angeles, and London take the lead as the top-selling cities. On the other hand, the countries with the most recorded sales are the US, UK, and Canada.

Asia tops the rank at $831.7 billion. Others on the list are North America ($552.6 billion), Europe ($346.50 billion), Australia ($18.6 billion), Africa and the Middle East ($18.6 billion), and South America ($17.7 billion).

In December 2023, Shopify’s impressive statistic of 191.5 million visits and an average session duration of 19 minutes and 33 seconds indicated a strong and engaged user base.

In 2023, Shopify store visitors spend an average of 3.5 minutes per visit. Of these visits, 43.8 percent come directly, while 26.53 percent come from searches and 24.3 percent from referrals.

On the other hand, social media traffic only accounts for 2.67 percent of traffic to Shopify stores. Of this, Facebook leads the way with an astounding 32.80 percent.

As SimilarWeb reports, the percentage shows that Shopify’s traffic is almost entirely organic.

Here are the top five organic keywords you should know about: Shopify (14.8%), Shopify Login (6.97%), Business name generator (0.70%), Shopify themes (0.64%), and Shopify apps (0.62%).

Apart from knowing Shopify’s organic keywords, you also need to know about the paid keywords in Shopify.

These are Shopify (5.06%), Dropshipping (0.19%), Etsy (0.24%), Shopify Pricing (0.08%), and Web Store (0.06%).

This is perhaps the most revealing Shopify stat of all. According to Shopify data, the majority of traffic to Shopify stores comes from mobile devices.

Since an overwhelming majority of consumers make buying decisions via their mobile devices, this is great news for Shopify store owners.

Of all Shopify stores, the worst 20 percent had a conversion rate of 0.4 percent.

Meanwhile, the top 20 percent had a conversion rate of at least 3.6 percent and the top 10 percent converted at greater than 5.1 percent.

WooCommerce leads the way on this list 4.4 million websites powered by the platform and an approximate market share of 30 percent.

Shopify is not far behind in second place with an 18 percent market share, and Magento rounds out the top three with 10 percent.

When building an online store, it is important to go with a platform you can trust. A good sign of trust in a platform is the number of people using it.

Shopify now has over one million users, making it arguably the most trustworthy e-commerce solution available today.

Of the more than one million sellers using Shopify, over 50 percent are first-time business owners and entrepreneurs. This is in part due to a general surge in entrepreneurship brought on by the Coronavirus pandemic.

However, it is also the result of a gradual uptick in online entrepreneurship throughout previous years, as e-commerce solutions like Shopify have made running a successful online business easier than ever before.

As of January 2024, Shopify has a market cap of $103.81 billion dollars. This makes Shopify the world’s 138th most valuable company.

A market cap of over $100 billion indicates strong investor confidence in Shopify’s business strategy, future growth potential, and ability to maintain a competitive edge in a rapidly evolving digital commerce landscape.

Shopify Plus is a special plan offering merchants the ability to greater customize their online store, take advantage if enhanced automation, and increase effectiveness.

Currently, over 7,000 businesses use Shopify Plus, including several billion-dollar brands like Fashion Nova and LeSportSac.

Shopify’s reported monthly recurring revenue (MMR) of $141 million for Q3 2023, showcasing a notable 32% increase compared to Q3 2022, is a strong indicator of the company’s growth and stability in the e-commerce sector.

The overall growth in the e-commerce industry, driven by changing consumer habits and technological advancements, likely benefited Shopify.

The United States has over 1,132,470 live Shopify stores and still counting. This only shows that US merchants love the Shopify platform to carry out their businesses following Amazon and eBay.

Next to the United States, UK comes at the next rank with over 65,167 live stores using Shopify. Australia ranks third with over 45, 403 live stores that use Shopify. The list goes on with New Zealand on the 10th rank.

Shopify is widely available to merchants and sellers around the globe.

In fact, there are only 20 countries throughout the entire world without access to the platform, and these are largely due to government regulations regarding internet use.

Like Apple and Google, Shopify has an App Store with endless apps designed to help merchants improve every aspect of their online business.

According to Shopify statistics, the store currently has over 8,000 apps, with SEO Image Optimizer, Sales Pop, and Privy being amongst the most popular.

A Little Data survey reported that a Shopify merchant’s average revenue per sale was $73 in 2023.

The top 10 percent of Shopify sites had an average sale revenue of $343 and the bottom 10 percent had an average revenue of $15.

Dawn tops the list as it is fully loaded with all the required tools, modules, apps, layouts, and styles for your website’s superior stunning performance.

This multipurpose Shopify template has the option to create different structures or even extra widgets for your website’s functionality. It also comes with video tutorials and the Dawn’s team’s specialist support.

Impact is one of the best themes you can use for your website. It uses Bootstrap 4 that’s highly optimized for speed performance. With the best UX and UI experience along with other features for increasing sales, Porto is proven to have more than 50K satisfied customers.

According to Statista, Shopify powered 20 percent of all e-commerce websites in 2023. WooCommerce was its primary competitor, followed by Wix, Squarespace, and Magento.

Yes, you got it right! Shopify is not just for new merchants or emerging companies. Shopify is best suited for almost any type of business whether big or small or old or new. This is the reason why such famous brands as Pepsi, Tesla Motors, Redbull, Unilever, WaterAid, and Gymshark, among others, use the Shopify platform.

The average American spent $83 per Shopify transaction during Black Friday and Cyber Monday in 2022.

Canadians spent a bit more at $96, while shoppers in the UK and France spent an average of $67.

When reading the 2024 Shopify statistics, one thing becomes clear: Shopify and mobile go hand-in-hand.

With mobile commerce being fully embraced by today’s consumers, 69 percent of transactions made on Shopify-powered websites in 2023 took place on mobile devices.

Common Questions Answered

Sources:

• Shopify Earnings Q3 Press Release – https://s27.q4cdn.com/572064924/files/doc_financials/2023/q3/Exhibit-99-1-Press-Release-Q3-2023-Final.pdf
• Companies Market Cap – https://companiesmarketcap.com/shopify/marketcap/
• eMarketer – https://www.emarketer.com/content/us-ecommerce-growth-jumps-more-than-30-accelerating-online-shopping-shift-by-nearly-2-years
• Shopify & You – https://www.shopifyandyou.com/blogs/news/statistics-about-shopify
• SimilarWeb – https://www.similarweb.com/website/shopify.com
• Websitebuilder.org – https://websitebuilder.org/woocommerce-stats/
• Littledata – https://www.littledata.io/average/ecommerce-conversion-rate-(all-devices)/Shopify
• BuiltWith – https://trends.builtwith.com/shop
• Style Factory – https://www.stylefactoryproductions.com/blog/shopify-review
• Seeking Alpha – https://seekingalpha.com/symbol/SHOP/earnings
• Wall Street Journal – https://www.wsj.com/articles/shopifys-secret-weapon-is-thousands-of-new-business-owners-11613484000
• Shopify Plus – https://www.shopify.com/plus/about
• Business Insider – https://www.businessinsider.com/shopify-amazon-looking-to-woo-online-sellers-2021-2
• Shopify – https://news.shopify.com/shopify-announces-third-quarter-2020-financial-results
• Host Sorter – https://hostsorter.com/shopify-statistics/
• Shopify – https://www.shopify.com/partners/blog/shopify-app-store-downloads
• Littledata – https://www.littledata.io/average/revenue-per-customer/Shopify
• Statista – https://www.statista.com/statistics/950591/united-states-ecommerce-platforms-market-share/
• Launchtip – https://www.launchtip.com/optimise-conversion-rate-shopify/