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• While Shopify earns most of its revenue by taking a piece of the transactions processed on its platform, the real value is in the ecosystem it creates.
• Fulfillment, payment processing, point-of-sale systems, and marketing are just a few of the value-added options merchants have when it comes to using Shopify as a commerce platform, and each of these is an important part of its strong stickiness. pie.
• For small business customers who may lack IT expertise, they are unlikely to switch to e-commerce platforms. For business accounts, they are likely to be attracted by competitive pricing (despite price increases), quick usage and ease of use.
• In its first quarter, sales grew 23% to $1.9bn, or 29% less when adjusting for the sale of its materials business. Sales growth was driven by merchant base growth, same-store sales for existing merchants, price increases, and revenue from premium merchant solutions (such as Shopify Payments).
• Operating expenses in the period decreased by 4% following the sale of the property business and the head count. Cost-cutting efforts were partially offset by increased marketing costs, which the company attributed to continued growth in its global dealer base (helping sales volume across all dealer stores increase 23% to $60.9bn).
• In our view the company remains well positioned for continued growth, including continued merchant growth, massive Shopify Payments penetration, impressive international sales, and large merchants joining the platform.