Shopify reports 45% revenue growth, more than one million merchants on the platform in Q3
Shopify reported total revenue of $390.6 million, a 45% increase from one year ago.
E-commerce provider Shopify reported revenue growth of 45% to $390.6 million, driven largely by its subscription and merchant solutions for the third quarter of the year. Last year’s third-quarter revenue reached $270.1 million.
The company also reportedly surpassed one million merchants on its platform. Growth was driven in part by international expansion, said Shopify CFO Amy Shapero.
As global adoption of the e-commerce platform grows, the company continues to invest in making marketing technologies more accessible — and affordable — to its merchants, many of which compete with Amazon.
Why we should care
Earlier this year, Shopify launched a machine learning-powered network for US-based merchants to help with inventory allocation and streamlining deliveries. In September, the company acquired robotics and warehouse provider 6 River Systems Inc. to help grow its Shopify Distribution Network.
While Shopify it continues to build out and invest in the operational aspect of the network, the company continues to add different marketing integrations and features for its merchants. Earlier this month, Shopify Marketing released an integration with Microsoft Advertising that gives merchants the ability to expand the reach of their marketing campaigns. And other platforms such as Constant Contact continue to innovate and enhance their Shopify integrations for marketers.
More on the news
- Shopify reported that it has surpassed one million merchants globally.
- Early in the third quarter, the company launched Shopify Chat which allows merchants to communicate with customers in real-time.
- Mobile purchases continued to grow this quarter, accounting for 71% of orders, up from 67% over last year’s third quarter.