Insider Intelligence delivers leading-edge research to clients in a variety of forms, including full-length reports and data visualizations to equip you with actionable takeaways for better business decisions.
In-depth analysis, benchmarks and shorter spotlights on digital trends.
Learn More
Interactive projections with 10k+ metrics on market trends, & consumer behavior.
Learn More
Proprietary data and over 3,000 third-party sources about the most important topics.
Learn More
Industry KPIs
Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce.
Learn More
Client-only email newsletters with analysis and takeaways from the daily news.
Learn More
Analyst Access Program
Exclusive time with the thought leaders who craft our research.
Learn More

About Insider Intelligence

Our goal at Insider Intelligence is to unlock digital opportunities for our clients with the world’s most trusted forecasts, analysis, and benchmarks. Spanning five core coverage areas and dozens of industries, our research on digital transformation is exhaustive.
Our Story
Learn more about our mission and how Insider Intelligence came to be.
Learn More
Rigorous proprietary data vetting strips biases and produces superior insights.
Learn More
Our People
Take a look into our corporate culture and view our open roles.
Join the Team
Contact Us
Speak to a member of our team to learn more about Insider Intelligence.
Contact Us
See our latest press releases, news articles or download our press kit.
Learn More
Advertising & Sponsorship Opportunities
Reach an engaged audience of decision-makers.
Learn More
Browse our upcoming and past events, recent podcasts, and other featured resources.
Learn More
Tune in to eMarketer's daily, weekly, and monthly podcasts.
Learn More

The key trends driving Shopify's growth

Since the start of the pandemic, Shopify has emerged as a leading ecommerce platform for merchants large and small. Its growth will continue to outpace that of competitors, despite rising headwinds that pose a challenge to online retail.

Shopify’s pandemic boom was unprecedented. Between 2020 and 2021, it nearly tripled its revenues, more than doubled its GMV, and nearly doubled its merchant count since 2019, according to the company. Wary of relying on Amazon, many digitally native vertical brands (DNVBs) have instead run with Shopify—including some, like sneaker label Allbirds and healthcare apparel brand FIGS, that rode their direct-to-consumer (D2C) success to IPOs.

Shopify's strong gross merchandise value (GMV) growth has been turbocharged by an influx of enterprise merchants (defined as those with an annual GMV of over $50 million). This cohort will make up nearly a quarter of Shopify’s total merchant count in 2024, nearly doubling its share from 2020’s levels.

Even major brands needed to rapidly develop D2C strategies during the early days of the pandemic. By expanding into headless commerce, Shopify has become more competitive against other ecommerce platforms like Adobe Commerce (formerly known as Magento), Salesforce, and Oracle.

Payments are the key growth engine for Shopify—and a potential hub for its developing flywheel. Shopify’s suite of merchant solutions—chief among them its payment processing service, Shopify Payments—accounted for close to three-quarters of revenues in Q1 2022. This is a reversal from Shopify’s early reliance on charging merchants recurring fees to use its digital commerce platform services, which accounted for around two-thirds of revenues in 2015, at the time of Shopify’s IPO.

  • While its merchants are free to use other payment services, Shopify Payments offers lower transaction fees—a strong incentive for participation. Shop Pay, Shopify’s one-click checkout solution, stores customer payment information across Shopify merchants, and boasts faster speeds and higher conversion rates.
  • Shopify’s in-house payment platform also offers merchants a better integration (via payment review, refunds, chargebacks, etc.) and offers consumers a streamlined checkout process.
  • Shopify took a stake in buy now, pay later (BNPL) provider Affirm and uses it to power its Shop Pay Installments. The service recently expanded its payment options from the traditional “Pay in 4” interest-free installments model to allow consumers to finance purchases of up to $17,500 over a period of up to 12 months.

Read the full report.