Shopify Inc. (magasin): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique du commerce électronique, Shopify a révolutionné comment les entreprises se vendent en ligne, passant d'une petite startup canadienne à une puissance mondiale qui habilite plus de 1,7 million Les marchands dans divers industries. En fournissant une plate-forme innovante tout-en-un qui simplifie la vente en ligne, Shopify a créé un modèle commercial robuste qui permet aux entrepreneurs, aux petites entreprises et aux grandes entreprises de lancer, de croître et de gérer de manière transparente et de gérer leurs vitrines numériques avec une facilité et une flexibilité sans précédent.

Shopify Inc. (magasin) - Modèle d'entreprise: partenariats clés

Stripe Pays Processing Partnership

Shopify collabore avec Stripe pour traiter les paiements dans plus de 35 pays. En 2023, Stripe prend en charge les transactions en plus de 135 devises, permettant des capacités de paiement mondial pour les commerçants de Shopify.

Métrique de partenariat	Valeur
Pays des transactions	35+
Devises soutenues	135+

Partenariats de réseaux d'exécution

Shopify s'associe aux fournisseurs de logistique pour améliorer les capacités d'expédition des marchands.

• Shipbob: dessert plus de 5 000 marchands Shopify
• Deliverr: fournit des services de livraison de 2 jours pour les plateformes de commerce électronique

Développeurs d'applications et partenaires d'intégration de logiciels

Shopify App Store accueille plus de 8 000 applications tierces à partir de 2023, générant 496 millions de dollars de revenus des développeurs.

Métrique de l'App Store	Valeur
Applications totales	8,000+
Revenus des développeurs	496 millions de dollars

Partenariats mondiaux de plate-forme de commerce électronique

Shopify s'intègre aux principaux marchés mondiaux pour étendre la portée des marchands.

• Amazone
• eBay
• Walmart Marketplace
• Shopping google

Hébergement Web et fournisseurs de services cloud

Shopify utilise l'infrastructure cloud pour soutenir ses opérations mondiales.

Fournisseur de cloud	Type de service
Amazon Web Services (AWS)	Infrastructure cloud
Google Cloud Platform	Ressources informatiques

Shopify Inc. (magasin) - Modèle d'entreprise: activités clés

Développement et maintenance de la plate-forme de commerce électronique

Shopify a investi 1,4 milliard de dollars dans la recherche et le développement en 2022. La plate-forme soutient 4,4 millions de marchands actifs dans le monde au cours du quatrième trimestre 2023.

Métrique de la plate-forme	2023 données
Revenus de plate-forme total	5,6 milliards de dollars
Revenus de solutions marchands	3,2 milliards de dollars
Revenus de solutions d'abonnement	2,4 milliards de dollars

Création de logiciels de solution marchande

Les paiements Shopify ont traité 79,5 milliards de dollars de ventes de marchands totaux en 2022.

• Shopify Capital a fourni 1,5 milliard de dollars de financement marchand
• Shopify Shipping traite plus de 500 millions d'expédition
• Les solutions marchands représentent 62% des revenus totaux de la plate-forme

Amélioration des fonctionnalités de plate-forme continue

Shopify a publié 1 200+ mises à jour de la plate-forme en 2023, avec des investissements importants dans l'IA et les intégrations du marché international.

Stratégies d'expansion du marché mondial

Marché géographique	Pénétration des marchands
États-Unis	2,1 millions de marchands
Canada	250 000 marchands
Marchés internationaux	1,9 million de marchands

Support client et intégration des marchands

Shopify a maintenu une disponibilité de la plate-forme de 99,9% avec un support multilingue 24/7 dans 6 centres de soutien mondiaux.

• Temps moyen d'intégration du marchand: 2-3 heures
• Taille de l'équipe de soutien: 8 500 représentants du soutien mondial
• Temps de réponse moyen: 45 minutes

Shopify Inc. (magasin) - Modèle d'entreprise: Ressources clés

Infrastructure technologique avancée basée sur le cloud

Shopify fonctionne sur une infrastructure cloud robuste avec les spécifications suivantes:

• Amazon Web Services (AWS) en tant que fournisseur d'infrastructures cloud primaire
• Fiabilité de disponibilité à 99,99%
• Plus de 1,7 million de marchands hébergés sur la plate-forme au T2 2023

Métrique d'infrastructure	Spécification
Capacité totale du serveur	Plus de 500 serveurs dédiés
Vitesse de traitement des données	Jusqu'à 10 000 transactions par seconde
Centres de données mondiaux	5 régions primaires du monde

Logiciels et outils de commerce électronique propriétaires

L'écosystème logiciel de Shopify comprend:

• Plus de 8 000 intégrations d'applications tierces
• 6 000+ thèmes personnalisés disponibles
• 496,1 millions de dollars investis dans la recherche et le développement en 2023

Grand écosystème marchand et développeur

Statistiques de la plate-forme marchande:

Métrique écosystème	Valeur
Total des marchands	2,1 millions de marchands actifs (T2 2023)
Volume de marchandises brutes	79,6 milliards de dollars au quatrième trimestre 2023
Partenaires développeurs	Plus de 4 500 partenaires de développement certifié

Grande réputation de marque

Métriques d'évaluation de la marque:

• Valeur de la marque estimée à 15,3 milliards de dollars en 2023
• Classé n ° 1 dans la satisfaction de la plate-forme de commerce électronique par Gartner
• Taux de rétention de 97%

Technologies talentueuses et équipes de développement de produits

Métrique de la main-d'œuvre	Valeur
Total des employés	10 000+ (en décembre 2023)
Équipes d'ingénierie	2 500+ ingénieurs logiciels
Budget de développement de produits	496,1 millions de dollars en 2023

Shopify Inc. (magasin) - Modèle d'entreprise: propositions de valeur

Plate-forme de création de boutiques en ligne facile à utiliser

Shopify propose une plate-forme avec plus de 3 200 intégrations d'applications et 8 niveaux de prix allant de 5 $ à 2 300 $ par mois. La plate-forme prend en charge plus de 175 passerelles de paiement et permet aux commerçants de créer des magasins en ligne sans compétences techniques avancées.

Métrique de la plate-forme	2024 données
Intégrations totales d'applications	3,200+
Tarification des niveaux	8
Fourchette	5 $ - 2 300 $ / mois
Passerelles de paiement	175+

Solution complète de commerce électronique pour les entreprises

Shopify soutient 4,4 millions de marchands actifs dans le monde, traitant 197,4 milliards de dollars de volume de marchandises brutes en 2023.

• Global Merchant Base: 4,4 millions
• Volume de marchandises brutes: 197,4 milliards de dollars (2023)
• Disponible dans 175 pays

Technologie évolutive pour les commerçants de toutes tailles

Segment marchand	Prise en charge de la plate-forme
Petites entreprises	Plan de base à partir de 5 $ / mois
Entreprise	Shopify Plus à partir de 2 300 $ / mois

Solutions de paiement et d'expédition intégrés

Les paiements Shopify traités de 52,3 milliards de dollars en volume de paiement total en 2023, avec des frais de transaction allant de 2,4% à 2,7% + 0,30 $ par transaction.

• Volume total de paiement: 52,3 milliards de dollars
• Plage de frais de transaction: 2,4% - 2,7% + 0,30 $

Outils de vente en ligne personnalisables et flexibles

Shopify fournit plus de 100 thèmes professionnels, du support client 24/7 et des capacités de vente multicanal sur des plateformes comme Amazon, eBay et les réseaux sociaux.

Fonctionnalité	Spécification
Thèmes professionnels	100+
Support client	24/7
Canaux de vente	Multiples (Amazon, ebay, médias sociaux)

Shopify Inc. (magasin) - Modèle d'entreprise: relations avec les clients

Plates-formes de support numérique en libre-service

Shopify fournit un support numérique complet via plusieurs canaux:

Plate-forme	Caractéristiques clés	Engagement des utilisateurs
Centre d'aide Shopify	Documentation en ligne 24/7	Plus de 3,5 millions de visiteurs mensuels
Portail de support Shopify	Chat en direct, e-mail, support téléphonique	Temps de réponse en moins de 2 heures

Forums communautaires et bases de connaissances

Shopify maintient des plateformes de fiançailles communautaires robustes:

• Shopify Community Forum avec plus de 500 000 membres actifs
• Discussions communautaires en moyenne plus de 10 000 interactions quotidiennes
• Plus de 2 000 ressources de tutoriel généré par l'utilisateur

Équipes de réussite des marchands dédiés

Infrastructure de soutien spécialisé:

Segment d'équipe	Services fournis	Couverture
Assistance d'entreprise	Conseils marchands personnalisés	Top 5% des comptes marchands
Conseillers en croissance	Consultation commerciale stratégique	Plus de 1 200 conseillers dévoués

Ressources automatisées d'intégration et de tutoriel

Métriques d'efficacité d'intégration:

• Temps de configuration moyen de 90 minutes pour les nouveaux marchands
• 50+ séquences de tutoriel automatisé
• Conseils personnalisés alimentés par l'apprentissage automatique

Mises à jour régulières des produits et améliorations des fonctionnalités

Statistiques de développement des produits:

Mettre à jour la fréquence	Fonctionnalités	Impact client
Mises à jour de la plate-forme bihebdomadaire	78 nouvelles fonctionnalités en 2023	Taux de satisfaction des marchands à 95%

Shopify Inc. (magasin) - Modèle d'entreprise: canaux

Plateforme de vente en ligne directe

Le canal de vente principal de Shopify est sa plate-forme de commerce électronique en ligne directe avec 4,4 millions de magasins en ligne actifs au 423 du quatrième trimestre.

Métrique de la plate-forme	2023 données
Magasins actifs totaux	4,4 millions
Revenus totaux	6,6 milliards de dollars
Revenus de solutions marchands	3,8 milliards de dollars

Campagnes de marketing numérique

Shopify exploite plusieurs canaux de marketing numérique, notamment:

• Publicités Google
• Publicité sur les réseaux sociaux
• Campagnes de marketing par e-mail ciblées
• Programmes de marketing d'affiliation

Listes de l'App Store et du Marketplace

Shopify App Store propose plus de 8 000 applications tierces avec plus de 87% des marchands utilisant des applications externes pour améliorer leurs magasins en ligne. Le marché a généré environ 400 millions de dollars de revenus des développeurs en 2023.

Métrique de l'App Store	2023 données
Applications totales de tiers	8,000+
Marchands utilisant des applications externes	87%
Revenus des développeurs	400 millions de dollars

Réseaux de référence partenaires

Shopify maintient de vastes réseaux de partenaires, notamment:

• SHOPIFY PLUS PARTENERS
• Agences de conception Web
• Consultants en technologie
• Paiement des partenaires de passerelle

Marketing de contenu et ressources éducatives

Shopify fournit des ressources éducatives complètes à travers:

• Blog Shopify avec 1,5 million de lecteurs mensuels
• Cours en ligne gratuits
• Webinaires atteignant plus de 500 000 entrepreneurs chaque année
• Shopify Learn Plateforme

Ressource éducative	2023 Engagement
Blog lecteurs mensuels	1,5 million
Reach de webinaire annuel	500,000+

Shopify Inc. (magasin) - Modèle d'entreprise: segments de clients

Petites et moyennes entreprises

Au quatrième trimestre 2023, Shopify dessert environ 2,1 millions de marchands dans le monde. Les petites et moyennes entreprises représentent 83% de la base marchande totale de Shopify.

Catégorie de taille du commerçant	Nombre de marchands	Pourcentage
Petites entreprises	1,458,000	69.4%
Entreprises moyennes	294,000	13.6%

Marques directes aux consommateurs

Shopify prend en charge plus de 500 000 marques directes aux consommateurs dans plusieurs secteurs.

• Marques de mode de commerce électronique: 127 500
• Marques de beauté et de soins personnels: 85 000
• Marques de marchandises à domicile: 62 000
• Marques électroniques: 45 500

Entrepreneurs et détaillants de startups

En 2023, Shopify a ajouté 235 000 nouveaux entrepreneurs sur sa plate-forme, ce qui représente une croissance de 12,6% en glissement annuel dans l'acquisition de nouveaux marchands.

Entreprises de commerce électronique au niveau de l'entreprise

En 2024, Shopify Plus dessert 10 500 marchands de niveau d'entreprise, générant 521 millions de dollars de revenus de ce segment.

Segment marchand d'entreprise	Revenus annuels	Décompte des marchands
Shopify Plus	$521,000,000	10,500

Les marchands mondiaux en ligne dans diverses industries

Shopify opère dans 175 pays, avec la distribution des marchands dans toutes les industries.

• Retail: 32,5% des marchands
• Vente en gros: 22,3% des commerçants
• Services: 18,7% des marchands
• Fabrication: 12,5% des marchands
• Autres industries: 14% des marchands

Shopify Inc. (magasin) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Shopify a déclaré des frais de recherche et de développement de 1,43 milliard de dollars, ce qui représente 32,1% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	1,43 milliard de dollars	32.1%
2021	1,15 milliard de dollars	29.6%

Maintenance des infrastructures cloud

Les coûts d'infrastructure cloud de Shopify sont principalement associés aux services Web d'Amazon (AWS) et à Google Cloud Platform (GCP).

• Dépenses annuelles d'infrastructures cloud estimées à 150 à 200 millions de dollars
• Environ 4 à 5% du total des revenus de l'entreprise dédiés aux infrastructures cloud

Investissements marketing et ventes

En 2022, les frais de marketing et de vente de Shopify ont totalisé 659,3 millions de dollars, représentant 14,8% des revenus totaux.

Exercice fiscal	Frais de marketing et de vente	Pourcentage de revenus
2022	659,3 millions de dollars	14.8%
2021	503,1 millions de dollars	12.9%

Opérations de support client

Shopify alloue des ressources importantes au support client sur plusieurs canaux.

• Coûts opérationnels annuels du support client estimé: 100 à 150 millions de dollars
• Prend en charge plusieurs langues et régions à l'échelle mondiale

Mises à niveau de la technologie de la plate-forme continue

Les investissements de mise à niveau de la technologie sont intégrés dans les frais de recherche et de développement.

• Investissements annuels de mise à niveau de la technologie: environ 300 à 400 millions de dollars
• Concentrez-vous sur l'IA, l'apprentissage automatique et l'innovation du commerce électronique

Structure totale des coûts annuels estimés pour Shopify: environ 2,5 à 3 milliards de dollars, ce qui représente 50 à 60% des revenus totaux.

Shopify Inc. (magasin) - Modèle d'entreprise: Strots de revenus

Plans d'abonnement mensuels

Shopify propose des plans d'abonnement mensuels à plusieurs niveaux avec la structure de tarification suivante:

Nom de plan	Prix ​​mensuel	Caractéristiques clés
Shopify de base	$29	Représentations de base, 2 comptes du personnel
Faire du shoprif	$79	Reportage professionnel, 5 comptes du personnel
Shopify avancé	$299	Reporting avancé, 15 comptes du personnel

Pourcentages de frais de transaction

Les taux de frais de transaction varient selon le plan:

Plan	Frais de transaction en ligne	Frais de transaction en personne
Shopify de base	2.9% + $0.30	2.7%
Faire du shoprif	2.6% + $0.30	2.5%
Shopify avancé	2.4% + $0.30	2.4%

Services de solution marchande

Revenus de solution marchande en 2022: 4,8 milliards de dollars

• Frais de traitement des paiements Shopify
• Shopify Capital Merchant Away Avances
• Ventes d'étiquette d'expédition
• Shopify Balance Comptes financiers

Revenus de la Commission de l'App Store

Taux de commission de la boutique App Store: 20% pour les applications payantes et les achats intégrés

Offres de services financiers supplémentaires

Répartition des revenus des services financiers pour 2022:

Service	Revenu
Capital de Shopify	496 millions de dollars
Paiements Shopify	3,4 milliards de dollars
Balance Shopify	180 millions de dollars

Shopify Inc. (SHOP) - Canvas Business Model: Value Propositions

Shopify Inc. provides an all-in-one commerce platform that lets you start, scale, market, and run any retail business. As of late 2025, the platform supports over 5.1 million active online stores globally, with a total of over 5.54 million active stores worldwide. Shopify's reach extends to over 175 countries, serving a customer base that surpasses 875 million people who transacted with merchants in 2024.

The platform offers democratized enterprise tools, meaning small merchants get access to the same capabilities as global brands. For instance, Shopify Plus merchants, the enterprise tier, are growing revenue by an average of 126% year-over-year, which is a 690% increase compared to the industry standard. As of 2025, there are 52,757 active Shopify Plus stores.

The high conversion checkout experience is a core value driver, primarily through Shop Pay. In the third quarter of 2025, Shop Pay GMV (Gross Merchandise Volume) increased 67% year-over-year to $29 billion, reinforcing its leadership and conversion lift. Shopify Payments' GMV penetration reached 65% in Q3 2025.

Shopify Inc. delivers unified commerce, seamlessly integrating online and offline sales channels. Offline GMV saw strong growth, increasing 29% year-over-year in Q2 2025, and accelerating to 31% year-over-year in Q3 2025.

The focus on rapid B2B expansion is yielding significant results. B2B GMV jumped by 101% in Q2 2025, and continued this momentum, growing 98% in Q3 2025.

Here are some key operational and financial metrics underpinning these value propositions from the latest reported quarters:

Metric	Reporting Period	Value
Total Revenue	Q3 2025	$2.84 billion
Total GMV	Q3 2025	$92.01 billion
B2B GMV Growth	Q2 2025	101%
Shop Pay GMV	Q3 2025	$29 billion
Offline GMV Growth	Q3 2025 YoY	31%
Free Cash Flow Margin	Q3 2025	18%

The platform's value is also seen in its ability to drive merchant success through integrated services:

• Shopify Payments processed 65% of total GMV in Q3 2025.
• Merchant Solutions Revenue was $2.15 billion in Q3 2025, up 38% year-over-year.
• Monthly Recurring Revenue (MRR) grew 10.3% year-over-year in Q3 2025, with the Plus category accounting for 35% of MRR.
• International GMV grew 41% year-over-year in Q3 2025.

Shopify Inc. (SHOP) - Canvas Business Model: Customer Relationships

Shopify Inc. (SHOP) structures its customer relationships to scale support and service intensity directly with the merchant's size and complexity. This tiered approach ensures that the vast majority of the base receives efficient, scalable support while the enterprise segment receives high-touch, dedicated service.

The overall merchant base provides the foundation for the self-service model. As of Q2 2025, Shopify powers approximately 4.8 million live stores globally, growing to over 5.5 million active stores by late 2025.

Automated Self-Service: Extensive knowledge base and community forums for basic plans

For the large segment of merchants on Basic and standard plans, the relationship is heavily reliant on scalable, digital resources. Research indicates that 88% of consumers expect brands to have self-service options on their website. Shopify supports this expectation through its extensive knowledge base and community forums, which are the first line of defense for troubleshooting and guidance.

Digital tools further automate initial interactions. For example, Shopify Inbox, a free messaging tool, saw 70% of its conversations in late 2023 involve customers making a purchasing decision. Furthermore, the platform's focus on improving merchant-to-customer digital tools is evident, with the average returning customer rate for Shopify stores sitting at 27%.

Dedicated Account Management: High-touch support for Shopify Plus merchants

The relationship shifts to high-touch, dedicated support for the enterprise segment, Shopify Plus. As of Q3 2025, this tier includes 66,002 domains, representing approximately 44,001 distinct merchants. These merchants are significant revenue drivers, with the average Shopify Plus merchant generating over $1.5 million in average annual revenue. This tier receives dedicated account management, which is necessary given the complexity of their operations and the high value of their Gross Merchandise Volume (GMV).

You can see the segmentation of the high-value customer base here:

Metric	Value (Late 2025)	Source Context
Total Active Stores	Over 5.5 million	General 2025 Estimate
Shopify Plus Domains	66,002	Q3 2025 Data
Shopify Plus Distinct Merchants	44,001	Q3 2025 Data
Average Shopify Plus Annual Revenue	Over $1.5 million	Benchmark for Plus Users

Partner-Led Implementation: Agencies and developers customize complex solutions

For complex implementations, migrations, and custom development, Shopify relies on its partner ecosystem. This network acts as an extended, specialized service arm for merchants needing solutions beyond the core platform. As of 2024, the Shopify Partner ecosystem comprised approximately 100,000 partners, including agencies and developers [cite: 3, search 2]. The App Store itself supports this by offering over 9,000 apps.

Proactive Product Updates: Constant platform innovation (e.g., Winter '25 Edition)

Shopify maintains relationships proactively by pushing significant, iterative improvements through its Editions cycle. The Shopify Winter '25 Edition rolled out on December 11, 2024, introducing over 150 updates. These updates directly impact the merchant experience and, by extension, their customer relationships. For instance, cart loading speeds were optimized by up to 50%, and accelerated checkout buttons loaded 58.8% faster. Furthermore, features like Checkout Blocks became universally available, which were previously exclusive to Plus merchants.

Community Building: Fostering a global network of entrepreneurs

Shopify actively fosters community to drive loyalty, which is critical as the average ecommerce retention rate hovers around 30%. Merchants who build active communities see significant benefits. Data suggests that community members spend 67% more per order than non-community customers. Moreover, Shopify stores with active communities report customer retention rates that are 4.2x higher than the average. This focus on peer-to-peer and brand-to-customer connection helps mitigate rising acquisition costs.

The platform itself is a massive network, supporting over 700 million buyers globally in 2025.

Shopify Inc. (SHOP) - Canvas Business Model: Channels

You're looking at how Shopify Inc. gets its platform and services into the hands of merchants, which is a multi-pronged effort spanning digital and physical touchpoints. This distribution strategy is key to capturing market share across all business sizes.

Online Platform: Shopify.com for direct subscription sign-ups

The core channel remains the direct-to-merchant website, Shopify.com. This is where the vast majority of new businesses start their journey. As of late 2025, the platform supports an estimated 5.54 million active stores globally. The United States represents a massive portion of this base, with approximately 2.67 million active stores operating there. This digital front door is responsible for driving the Subscription Solutions revenue stream. For context on the platform's overall scale, Shopify's revenue for the twelve months ending September 30, 2025, reached $10.696B, showing a 30.25% increase year-over-year. The platform is expected to serve over 875 million customers worldwide as of 2025. The sheer volume processed through this channel is staggering; during the 2025 Black Friday-Cyber Monday weekend alone, merchants achieved a record $14.6 billion in gross sales, a 27% year-over-year increase, with 81+ million unique buyers participating. That weekend saw peak sales velocity hit $5.1 million per minute on Black Friday. It's a high-volume, self-serve entry point for most merchants.

App Store and Theme Store: Distribution for value-added services

This ecosystem is a critical secondary channel, distributing value-added software and design assets directly to the merchant base. It's where merchants enhance their core offering. As of a recent check, the Shopify App Store hosts over 11,905 apps, though general 2025 estimates suggest the ecosystem is closer to 16,000+ apps. To give you an idea of dependency, approximately 87% of Shopify merchants use apps to optimize operations, installing an average of six apps per store. The financial activity here is significant; app developers have collectively earned over $1.5 billion since the App Store's inception. Shopify's take on this revenue is structured, with developers paying 20% in app revenue share by default, though a reduced plan offers 15%. Furthermore, developers can pay 0% revenue share on the first $1,000,000 USD in annual gross app revenue if they meet eligibility requirements. Top-tier apps demonstrate this potential; for instance, one major marketing platform reported $293.1 million in revenue in Q2 2025 alone.

Partner Referral Network: Agencies and developers refer new merchants

While specific financial figures for the Partner Referral Network's direct revenue contribution aren't always broken out separately from overall Merchant Solutions, the network acts as a massive, outsourced sales and implementation force. This channel is vital for onboarding larger, more complex businesses that require custom development or agency support to migrate and scale. The success of this channel is reflected in the growth of the enterprise segment.

Direct Sales Team: Targeting large enterprise clients for Shopify Plus

The direct sales team focuses on the high-touch acquisition of enterprise-level merchants for Shopify Plus. This segment is characterized by high Annual Recurring Revenue (ARR) potential per client. As of late 2025, there are 66,002 live domains running Shopify Plus, representing approximately 44,001 distinct merchants. This segment showed strong momentum, with Shopify Plus stores increasing 26% year-over-year in 2025 Q3. For a look at the financial impact, in Q2 2024, Shopify Plus contributed $52 million to the Monthly Recurring Revenue (MRR).

Point-of-Sale (POS) Hardware: Physical retail channel for offline sales

The Point-of-Sale hardware channel bridges the gap between online and physical commerce, allowing merchants to sell in person using the same backend infrastructure. This is crucial for omnichannel retailers. The hardware itself is sold directly, with card readers starting at $49.00 for the Shopify Tap & Chip Card Reader in the US. The performance of this channel is tied to the overall health of in-person sales; for Shopify POS merchants operating with over 20 locations, their Q2 GMV grew over 120% year-on-year, with more than 70% of that GMV flowing through Shopify Payments. Shopify also expanded this channel's reach by launching the all-in-one mobile selling device, POS Go, in markets like the UK and Ireland in 2025.

Channel Metrics Snapshot (Select 2025 Data)

Metric	Value	Context/Date
Total Active Stores (Global)	5.54 million	As of 2025
Shopify Plus Domains Active	66,002	As of late 2025
Shopify Plus YoY Growth	26%	2025 Q3
BFCM 2025 Gross Sales	$14.6 billion	BFCM 2025 Weekend
BFCM 2025 Peak Sales Velocity	$5.1 million per minute	Black Friday 2025
Total App Count (Latest Confirmed)	11,905	As of Nov 2024
Merchant App Usage	87%	Percentage of merchants using apps
Average Apps Installed per Merchant	6	Average
App Developer Lifetime Earnings	$1.5 billion+	Since inception
POS Merchants (>20 Locations) GMV Growth	120%+	Q2 Year-on-Year

• The core platform drives the majority of the $10.696B TTM revenue ending September 30, 2025.
• The Partner Network facilitates the onboarding of merchants who become Shopify Plus customers.
• POS hardware directly supports the offline sales component of the overall Gross Merchandise Volume (GMV).
• The App Store acts as a high-margin revenue stream via revenue share on third-party sales.
• Shopify Plus merchants represent a smaller count but a disproportionately high value of total GMV.

Shopify Inc. (SHOP) - Canvas Business Model: Customer Segments

You're looking to understand the breadth of the client base Shopify Inc. serves as of late 2025. It's not just one type of seller anymore; the platform has successfully stratified its offerings to capture value from the smallest creator to the largest global icon. This segmentation is key to their compounding growth story.

Solopreneurs and Small Businesses: The foundational merchant base.

This group forms the bedrock of the Shopify economy. They are the millions of entrepreneurs starting out, often running their entire operation solo or with minimal staff. While individual revenue numbers are small, their sheer volume drives the platform's scale. As of 2025, there are approximately 4.82 million active Shopify stores globally, representing a massive pool of potential upsells to higher-tier plans and Merchant Solutions. To be fair, the exact number of live stores reported in Q3 2025 was 2,835,850, showing a dynamic churn and creation rate. These merchants are heavily reliant on the core platform features and increasingly on integrated tools like Shop Pay, which hit 65% GMV penetration in Q3 2025.

Growth and Mid-Market Brands: Utilizing advanced features and higher-tier plans.

These are the merchants graduating from the basic tiers, actively seeking features that drive efficiency and scale. They are the primary target for revenue growth via Subscription Solutions, as they move to plans that unlock more advanced capabilities. The growth in revenue from Subscription Solutions in Q3 2025 was 14.6% year-over-year, indicating a steady migration of these mid-market players upgrading their plans. These segments are also the ones most likely to adopt advanced features like Shopify Audiences, which can reduce acquisition costs by up to 50%.

Enterprise-Level Brands (Shopify Plus): Global icons like Estée Lauder and Nestlé.

This segment is crucial because it validates the platform's enterprise readiness and drives significant Gross Merchandise Volume (GMV) through high-volume transactions. As of late 2025, Shopify has approximately 66,002 domains running on Shopify Plus. These clients demand the highest levels of customization, security, and performance, often utilizing features like custom checkout and advanced automation via Shopify Flow. Global icons like Nestlé, Sephora, Starbucks, and Canada Goose use this tier to manage complex, high-traffic global commerce operations. Shopify Plus merchants are growing at an average of 126% year-over-year, significantly outpacing the industry standard by 690%, according to one early 2025 report.

Here's a quick look at the scale across the main merchant tiers:

Customer Segment	Metric Type	Reported Value (2025)
Solopreneurs/SMBs	Active Stores (General 2025 Estimate)	4.82 million
Solopreneurs/SMBs	Live Stores (Q3 2025)	2,835,850
Growth/Mid-Market	Subscription Solutions Revenue Growth (YoY Q3 2025)	14.6%
Enterprise (Shopify Plus)	Active Stores (Late 2025)	66,002
Enterprise (Shopify Plus)	YoY Growth Rate (Reported)	126%

Business-to-Business (B2B) Merchants: New focus area with triple-digit GMV growth.

This is a deliberate expansion area, moving beyond the traditional Direct-to-Consumer (D2C) focus. The results here are explosive, showing that wholesale and B2B buyers are rapidly adopting the platform for its unified D2C/B2B dashboard capabilities. In Q1 2025, B2B GMV jumped 109% year-over-year, and in Q2 2025, it expanded another 101% year-over-year. Even in the most recent reported quarter, Q3 2025, B2B GMV growth was 98%. This segment is tapping into the global B2B e-commerce market, which is estimated to be a $32 trillion industry in 2025.

Global Merchants: Customers across over 175 countries.

Shopify's customer base is inherently global, supporting merchants in over 175 countries. This geographic diversification is a major strength, insulating the company from localized economic downturns. International GMV growth in Q3 2025 was 41% year-over-year, with Europe leading that charge, showing a 49% year-over-year increase in GMV for that region. The platform has over $100 million in GMV flowing through more than 65 countries, up from just 29 countries in 2019. This global reach is supported by localized features like multi-currency and market-specific pricing, which helped drive a 97% boost in cross-border transactions for small businesses using Shopify Markets.

• Merchants operate across 175+ countries.
• International GMV grew 41% YoY in Q3 2025.
• Europe's GMV grew 49% YoY in Q3 2025.
• Shopify facilitated over $1.1 trillion in cumulative GMV processing in 2024.
• Total customers served reached over 875 million in 2024.

Shopify Inc. (SHOP) - Canvas Business Model: Cost Structure

You're looking at the expenses that keep the global commerce engine of Shopify Inc. running, which is a mix of heavy investment in the future and the variable costs of processing transactions today.

Technology and Infrastructure: Significant cloud hosting and R&D spend.

Shopify Inc. pours substantial resources into its platform engineering, which includes cloud hosting and Research and Development (R&D) to maintain speed, reliability, and security for millions of merchants. This is the cost of building and running the essential internet infrastructure for commerce. While a specific Q4 2025 dollar figure for total R&D and cloud costs isn't explicitly broken out in the forward guidance, the focus on AI integration, like the Sidekick assistant which saw over 750,000 shops use it for the first time in Q3 2025, signals continued, heavy investment in this area.

Operating Expenses (OpEx): Expected 30% to 31% of Q4 2025 revenue.

For the fourth quarter of 2025, Shopify Inc. expects its GAAP operating expense as a percentage of revenues to fall within the tight range of 30% to 31%. This reflects disciplined execution against revenue growth projections. This metric is key because it shows how efficiently the company is managing its overhead, sales, and marketing efforts relative to the top line.

Sales and Marketing: Customer acquisition and brand building costs.

Costs here cover driving merchant adoption globally and building the brand presence that attracts both small businesses and enterprise clients, like Estée Lauder and UGG Australia who expanded relationships in 2025. These expenses are baked into the overall OpEx percentage guidance, representing the necessary spend to fuel the mid-to-high twenties percentage revenue growth expected for Q4 2025.

Stock-Based Compensation (SBC): Forecasted $130 million for Q4 2025.

Shopify Inc. has projected its Stock-Based Compensation expense for the fourth quarter of 2025 to be $130 million. This non-cash expense is a significant component of total compensation, used to align employee incentives with long-term shareholder value creation.

Payment Processing Costs: Fees paid to third-party payment networks.

These are the variable costs tied directly to Gross Merchandise Volume (GMV) flowing through Shopify Payments and other gateways. The rates merchants pay directly influence the cost structure, as they are the fees paid to third-party payment networks like Visa or Mastercard. For instance, for a merchant on the Advanced plan using Shopify Payments in the US, the card processing fee is typically around 2.4% + $0.30 per transaction. If a merchant uses an external gateway on Shopify Plus, Shopify charges an additional fee on top of the processor's rate, often 0.15% per transaction.

Here's a look at the typical card processing fee structure for domestic US transactions when using Shopify Payments across different tiers, which represents a major variable cost component:

Shopify Plan	Typical Card Processing Fee (US)	Shopify Platform Fee (Non-Shopify Gateway)
Basic	2.9% + $0.30	2%
Shopify (Grow)	2.6% + $0.30	1%
Advanced	2.4% + $0.30	0.6%
Plus	Negotiated rates (often 2.1 - 2.4%)	0.15% - 0.20% additional fee

The penetration of Shopify Payments itself is a cost factor, as it helps Shopify capture more of the transaction value, though the underlying third-party network fees still apply. For example, Shopify Payments' GMV penetration hit 65% in Q3 2025.

Key cost drivers related to merchant solutions include:

• Card processing fees for domestic cards, commonly around 2.9% + $0.30 per charge for standard plans.
• Currency conversion fees for international sellers, which can be 1.5% for US-based stores.
• Additional fees for manually entered cards, often an extra 0.5% per successful charge.

Finance: draft 13-week cash view by Friday.

Shopify Inc. (SHOP) - Canvas Business Model: Revenue Streams

You're looking at how Shopify Inc. actually brings in the money, which is really the core of its platform value. It's a dual-engine approach, splitting revenue clearly between the software access and the commerce enablement services.

Merchant Solutions Revenue: 75.5% of Q2 2025 revenue came from transaction fees, payments, and capital. For context, in Q2 2025, total revenue was $2.68 billion, meaning Merchant Solutions generated approximately $2.02 billion of that total. By Q3 2025, this segment showed strong momentum, growing 38% year-over-year.

Subscription Solutions Revenue: 24.5% of Q2 2025 revenue came from monthly fees. In Q2 2025, this segment brought in $656 million, representing a 17% year-over-year increase. By Q3 2025, Subscription Solutions revenue growth was 15% year-over-year.

Here's a quick look at how those two main revenue streams stacked up in Q2 2025:

Revenue Stream	Q2 2025 Revenue Amount	Approximate % of Total Q2 2025 Revenue
Merchant Solutions Revenue	$2.02 billion	75.5%
Subscription Solutions Revenue	$656 million	24.5%

Transaction Fees are directly tied to the volume merchants move across the platform. Gross Merchandise Volume (GMV), which is the total dollar value of orders processed, hit $92.01 billion in Q3 2025. This figure was up 32% compared to the prior year's Q3.

Shopify Payments is a major driver within Merchant Solutions, generating revenue through processing fees on Gross Payment Volume (GPV). In Q3 2025, GPV penetration reached 65% of total GMV. Shop Pay GMV specifically grew 67% year-over-year in Q3 2025, reaching $29 billion.

Shopify Capital provides financing, earning revenue through fixed fees on cash advances, as it does not charge traditional interest. In Q3 2025, Shopify Capital originated approximately $1 billion in business loans and merchant cash advances. The total for the first nine months of 2025 reached approximately $2.8 billion in originations. All-time, Shopify Capital has provided over $5.1 billion in funding to merchants.

You can see the scale of the platform's transaction activity:

• Gross Merchandise Volume (GMV) in Q3 2025: $92.01 billion.
• Shopify Payments processing fee coverage (GPV penetration) in Q3 2025: 65%.
• Shop Pay GMV contribution in Q3 2025: $29 billion.
• Shopify Capital originations in Q3 2025: ~$1B.

The Subscription Solutions segment relies on recurring revenue, and its health is monitored via Monthly Recurring Revenue (MRR). Q2 2025 MRR was up 9% year-over-year, with Plus plans representing 35% of that MRR for the quarter.

Finance: draft 13-week cash view by Friday.