Revenue and GMV doubled in the first quarter! The number of Shopify sellers has exceeded 1.7 million

On April 28th local time , Shopify released its financial results as of March 31, 2021. Let’s take a look at its performance in the first quarter!

According to the financial report, Shopify's total revenue in the first quarter was US$988.6 million, a year-on-year increase of 110% . Among them, thanks to the increase in the number of merchants, the revenue of subscription solutions was US$320.7 million, a year-on-year increase of 71%; driven by the continued growth of GMV, the revenue of business solutions was US$668.0 million, a year-on-year increase of 137%.

In addition, Shopify's gross profit reached US$558.7 million, a year-on-year increase of 117%; adjusted gross profit was US$565.1 million, a year-on-year increase of 114%.

Currently, Shopify provides services to more than 1.7 million businesses in more than 175 countries and regions. According to Marketplace Pulse data, the number of merchants on the Shopify platform reached 1.749 million in the fourth quarter of last year .

Looking at the performance of Shopify's millions of merchants in the first quarter of 2021, the total merchandise volume (GMV) of Shopify merchants worldwide reached US$37.3 billion , a year-on- year increase of 114% compared to US$17.4 billion in the same period last year ; the total payment volume ( GPV) increased to US$17.3 billion , also an increase compared to US$7.3 billion in the same period last year .

According to the 2020 Global Economic Impact Report released by Shopify, businesses on Shopify generated more than $307 billion in revenue in the global economy in 2020 and provided more than 3 million jobs worldwide. In addition, the sales of Shopify merchants have driven a large amount of economic activity, and its partner ecosystem has generated $12.5 billion in revenue.

In the first quarter of this year, Shopify continued to develop its multi-functional mobile shopping assistant Shop. By the end of the first quarter, Shop had more than 107 million registered users , including buyers using Shop Pay and Shop App, of which more than 24 million were monthly active users. As of March 2021, Shop Pay has facilitated more than $24 billion in GMV.

Looking ahead to 2021, the overall economic environment may improve as countries continue to roll out vaccines and people are able to move more freely. Some consumer spending may shift back to offline retail and services, and the trend toward e-commerce that accelerated in 2020 may return to a more normal growth rate.

Shopify expects its revenue to grow rapidly in 2021, but the growth rate will be lower than in 2020. Shopify also expects that the first quarter's revenue will still account for the smallest share of full-year revenue, while the fourth quarter will account for the largest share, but driven by vaccines, the distribution of revenue in each quarter may be more even than before.

Shopify

First quarter

Number of sellers