Shopify Inc. (NYSE:SHOP) (TSX:SHOP), the leading global commerce company, today released its first global economic impact report showcasing the growth of businesses built on Shopify and how they benefit the world economy.
Shopify is powering a global economic movement, that’s now a million merchants strong and growing. This new report reveals data and insights on how the success of independent business owners is critical to economic prosperity, Shopify’s efforts to remove barriers and democratize commerce, and how commerce can be a force for global good.
“With over one million businesses now built on Shopify, together we’re rewriting the rules for our modern economy,” said Tobi Lütke, CEO of Shopify. “Increasing the collective impact of these businesses is critical. That’s why Shopify provides ambitious entrepreneurs with powerful tools to be successful and connect directly with customers. Other platforms have restricted these opportunities, so we’re arming the rebels of the commerce industry. This report highlights what Shopify has always known: the world economy is better with more voices, not fewer.”
Shopify puts commerce technology in the hands of entrepreneurs and enables capitalism for good, allowing buyers to vote with their dollars and support independent business owners who dare to strike out on their own. With Shopify’s offerings, anyone, anywhere can start a business and impact everyone. The global economic impact report details the incredible growth of Shopify, driven by its focus on these key principles: The importance of democratizing technology; individuals can change the world, from anywhere in the world; entrepreneurship elevates communities; and the future is borderless commerce.
Key findings from the report include:
Businesses built on Shopify supported $183 billion in global economic activity from 2016-2018.
Businesses using Shopify delivered more than $100 million in economic activity in 40+ countries, and more than $1 billion in 12 countries from 2016-2018.
In 2018, Shopify’s merchants’ online sales growth was 59%, more than double the growth of the global ecommerce market.
Last year, businesses on Shopify supported over 1.4 million full time jobs around the world.
In 2018, Shopify’s revenue surpassed $1 billion, while our partner ecosystem generated nearly $1.7 billion.
Businesses from emerging countries using Shopify are boosting their local economies, generating $3+ billion in revenue and 93% of their sales internationally were to advanced economies, well above the global average of 65% from 2016-2018.
The exports of businesses using Shopify are growing 7X the global average: our merchants’ exports grew 76% compared to the global average rate of nearly 10% from 2016-2018.