Not surprised! Most people don’t believe shopify surpassed Amazon, especially in some important e-commerce metrics.
Shopify Market Share: At a Glance
Overall market share
- Shopify’s merchants account for more than 12% of online retail sales in the United States and more than 6% of online retail sales in Western Europe.
- Forrester Research recently named Shopify a leader in wholesale (B2B) commerce, a market that is three times larger than retail e-commerce. Shopify reported 140% growth in B2B gross merchandise volume in the fourth quarter.
Yaguara report
According to Yaguara report in 2025, here is Shopify’s market share data:
- Shopify ranked 4th among the top 5 eCommerce platforms worldwide, with a market share of 10.32%.
- Shopify owns 29% of the e-commerce platform market share in the United States.
- As per CMS usage data, Shopify owns 6.7% of the CMS market share.
- Shopify currently powers 4,628,418 active websites across the world.
- Shopify holds a 23% share in the top 1M websites.
- Shopify beats WooCommerce with a 19% market share among the top 100k websites.
- 62% of Shopify stores are US-based.
Flexible strategy
Big strategic misstep
It also once expanded too quickly and made the wrong strategy by trying to spend a lot of money to build its own logistics team and rejected Amazon’s Buy with Prime. The company’s founder once admitted that he was too optimistic during the COVID-19 pandemic, believing that the pandemic had accelerated the development of e-commerce around the world by ten years.
These were major mistakes in the company’s business strategy, so the company’s founder and management team took drastic measures: they quickly sold the logistics business unit that had required too much capital investment and accepted Amazon’s Buy with Prime policy.
Refocus on the e-commerce shopping experience
In addition, the company has returned to its area of expertise: focusing on e-commerce merchants, expanding from small and medium-sized enterprises to large merchants; and sparing no effort to start from the perspective of consumers, optimize product platforms, smoothly integrate shopping processes, and provide the best e-commerce shopping experience. Embrace the latest artificial intelligence and let investors see the results through financial reports. These mistakes caused the stock price of Canada’s largest public company, once touted as Amazon’s only rival and Wall Street’s favorite, to plummet 85% from its peak during the COVID-19 pandemic!
Reborn from the ashes
But those corporate strategy mistakes are now in the past. After a 10-for-1 stock split, Canada’s most valuable public company and largest technology company has risen from the ashes and delivered results that have convinced and satisfied investors. In some important e-commerce metrics, Shopify has surpassed Amazon.
Shopify surpassed Amazon
In some important e-commerce performance index
Amazon is the undisputed leader in retail e-commerce in the United States, but if you add up all the merchants using the Shopify platform, the picture would be shocking.
Comparison on revenue
For the fourth quarter of 2024:
- Amazon’s quarterly revenue was $187.79 billion, up 10.47% year-over-year.
- Shopify’s quarterly revenue was $2.81 billion, up 31% year-over-year.
It is obvious that in terms of company revenue, Amazon is far larger than Shopify. Starting this quarter, Amazon also defeated Wal-Mart for the first time and won the title of revenue among listed retail companies in the world.
However, Shopify’s annual revenue growth rate is exactly three times that of Amazon, which means that Shopify is still growing rapidly; this is not easy because Shopify is a company with a market value of 150 billion US dollars and is no longer a small startup.
Note: In the fourth quarter of 2015, Shopify’s revenue was US$70.2 million, with an annual growth rate of 99%. In the fourth quarter of 2020, Shopify’s revenue was US$977.74 million, with an annual growth rate of 93.6%.
GMV Comparison
In the fourth quarter of 2024, the GMV of Shopify and Amazon is compared as follows:
- Shopify’s gross merchandise volume (GMV) was $94.5 billion, while Amazon’s online stores and third-party sales were $123 billion.
- Although Shopify’s GMV has not yet caught up with Amazon, Shopify’s growth rate is much faster than Amazon’s – Shopify’s GMV annual growth rate is 26%; Amazon’s online GMV growth rate is about 7%, and Amazon’s third-party GMV growth rate is about 9%.
Please note: In terms of total GMV, the gap between the two is not that big. But in terms of the annual growth rate of GMV, the gap between the two is about three times. Do investors see the point? Tip: GMV is the most important indicator for measuring business performance for all e-commerce companies, and this is true for everyone.
Shopify’s other important metrics
Other important Shopify metrics in the fourth quarter of 2024:
- International revenue and offline revenue increased by 33% year-on-year.
- B2B GMV grew by more than 140%.
- Shopify merchants serve 875 million shoppers worldwide.
- 200 million shoppers worldwide use Shop Pay’s services, and its GMV has increased by 50% year-on-year.
In comparison, here are some statistics on how many people use Amazon’s platform:
- Amazon has more than 315 million active users worldwide, 80% of Amazon users are located in the United States.
- Amazon has more than 200 million Prime members worldwide.
- Nearly 98 million users log into Amazon at least once a month.
Financial indicators
Here are important financial indicators of Shopify as follows:
- In the fourth quarter of 2024, Shopify’s quarterly revenue was US$2.81 billion, a year-on-year growth rate of 31%.
- Operating profit in 2024 is $1.1 billion, and operating profit in 2023 is a loss of $1.4 billion.
- Generates $1.6 billion in free cash flow in 2024
One thing is clear: Shopify’s profitability has improved dramatically, and that improvement is what makes it stand out. And since profitability has been one of Shopify’s weaknesses in the past few years, it has inspired investors to regain confidence in it.
OpenAI’s e-commerce Partner
As ChatGPT integrates with more and more e-commerce platforms, especially Shopify, it will have a greater impact on the existing landscape.
Shopify is a natural partner for ChatGPT. It’s a SaaS ecosystem. Unlike Amazon, eBay, and others, its ecosystem comprises thousands of independent websites, forming a vast, decentralized landscape. In this context, Shopify doesn’t rely on a single, centralized portal to generate revenue through traffic distribution.
Based on this logic, Shopify welcomes ChatGPT to surface products from its millions of independent websites and promote them to its vast user base. This means Shopify’s vast network of independent websites will provide a steady stream of funding for ChatGPT’s e-commerce business.
Capital market performance
Market Cap
With a market cap of $224.1 billion, it’s already a large-cap stock.
Valuation
From 2025 to October 24th: Shopify currently has a P/E ratio of 83 and a price-to-revenue ratio of 19.8, making it a typical overvalued growth stock. However, considering its current PEG ratio of approximately 1.12, it’s not considered high.
Stock Performance
From its IPO in May 2015 to October 24th, 2025, the stock price has risen by 6022%.
The company’s stock price rose by 125% in 2023, 40% in 2024, and 69% between 2025 and October 24th.
Stock Price Reaches New Highs
Shopify reached its all-time closing high of $169.06 on November 19, 2021. Nearly four years later, on October 24, 2025, it reached another all-time high.
On October 13, 2022, Shopify’s stock price fell to $23.63, a drop of nearly 85% from its all-time high!
Stock Split
Shopify’s stock underwent a 10-for-1 stock split on June 29, 2022.
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