Executive Summary

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.

This report includes our forecast for Shopify’s gross merchandise value (GMV) and gross payment volume (GPV), and an analysis of how Shopify stacks up against rival digital commerce platforms and Amazon.

Key Question: Shopify leapfrogged the competition and gave merchants a lifeline at the height of the pandemic, but can its momentum be maintained in the era of uncertainty?

KEY STAT: In 2024, Shopify’s US GMV will rise to $146.92 billion and represent nearly a quarter of the total US GMV on digital commerce platforms, per our forecast.