E-Commerce and SaaS revenues: 70% (estimated 2025)
Financial services (Shopify Payments, Capital, etc.): 20% (estimated 2025)
Other services (logistics, POS, etc.): 10% (estimated 2025)

TOP 3 markets:

1. USA: 55%
2. Canada: 15%
3. United Kingdom: 10%

Shopify generates the majority of its revenues from the E-Commerce and SaaS segment, dominated by providing online shop platforms and related services. Financial services, such as Shopify Payments and Capital, also contribute significantly to revenue by offering merchants integrated payment and financing solutions.

The US market remains the largest and most important for Shopify, followed by Canada and the United Kingdom. These markets benefit from a high density of online merchants and a strong demand for digital commerce solutions.

Production sites: No specific production sites

Shopify Inc. is a Canadian company that primarily functions as an e-commerce platform. It provides merchants with the ability to create and manage online stores. Shopify does not produce physical products but provides software solutions and services.

Therefore, Shopify does not have its own production facilities for physical products. Instead, the company focuses on the development and provision of software and digital services that enable merchants to sell their own products.

Revenue growth: 18.5% (2024) Market share in e-commerce: 10.3% (2024)

Shopify Inc. pursues a multi-pronged growth strategy based on expanding its platform services, internationalization, and integrating new technologies. A key component is the continuous improvement and expansion of the e-commerce platform to provide merchants worldwide with more comprehensive and efficient tools.

Another focus is on international expansion to tap into new markets and strengthen global presence. Shopify is also investing in artificial intelligence and machine learning to offer personalized shopping experiences and enhance merchants' efficiency.

Additionally, Shopify is leveraging strategic partnerships and acquisitions to expand its service offerings and integrate new technologies that can further drive growth. This strategy aims to increase customer retention and attract new customers.

Main materials: Software and IT services

Countries of origin: Global, with a focus on North America and Europe

Shopify Inc. is a company mainly active in the field of e-commerce software and IT services. Therefore, Shopify does not import physical raw materials in the traditional sense, as manufacturing companies would. Instead, Shopify focuses on digital infrastructure, software development, and cloud services.

The "raw materials" of Shopify are primarily technological resources and services sourced globally. These include server capacities, software tools, and IT services provided by various suppliers worldwide, especially from technologically advanced regions such as North America and Europe.

Additionally, Shopify could utilize services from third-party providers located in different countries to enhance and expand its platform.

Market share in E-commerce: 10.3% (2024, estimate)

Revenue growth: 22% (2024)

Gross margin: 53% (2024)

Shopify Inc. has established itself as one of the leading providers in the field of e-commerce platforms. The company's competitive advantage lies in its user-friendly platform, which enables small and medium-sized businesses to quickly and efficiently create and operate online shops.

Another significant advantage is the extensive ecosystem of third-party apps and services that Shopify offers to its users. This allows for high adaptability and integration of additional features that support online sales.

Furthermore, through strategic partnerships and continuous innovations, such as the introduction of new payment solutions and logistics services, Shopify has further strengthened its market position. The strong gross margin of 53% also demonstrates the efficiency and profitability of the business model.

Overall, Shopify remains competitive due to its innovative strength and its ability to quickly adapt to market changes.

Institutional investor share: 67% (2025, estimated)

Insider purchases: No significant purchases in the last year

Insider sales: 2.5 million shares (2025)

The institutional investor share in Shopify Inc. is estimated to be 67%. This demonstrates the confidence of large investment firms and funds in the company.

In 2025, there were no significant insider purchases, indicating that management may not see significant undervaluations of the stock price. However, about 2.5 million shares were sold by insiders, which could suggest profit-taking or personal financial decisions.

These data reflect the interest and activities of large investors and corporate insiders, which are important indicators of market sentiment and confidence in the future development of Shopify.

Market share of Shopify: 10% (estimated for 2025)

Main competitors and their market shares:

1. Amazon (NASDAQ: AMZN): 40%
2. Shopify (NASDAQ: SHOP): 10%
3. eBay (NASDAQ: EBAY): 8%
4. Walmart (NYSE: WMT): 7%
5. Alibaba (NYSE: BABA): 6%
6. Etsy (NASDAQ: ETSY): 5%
7. Rakuten (TYO: 4755): 4%
8. BigCommerce (NASDAQ: BIGC): 3%
9. Squarespace (NYSE: SQSP): 3%
10. Zalando (ETR: ZAL): 2%

Shopify's Moat:

Shopify has a significant moat due to its comprehensive e-commerce platform, which enables merchants to easily create and manage their online stores. The platform offers a variety of tools and integrations that make it easier for merchants to scale their businesses. The focus on user-friendliness and strong community support also contribute to this advantage.

However, compared to its competitors, Shopify does not have the same logistical and infrastructural advantage as Amazon or Alibaba, which have extensive supply chains and warehouse capacities. These companies often offer faster delivery times and a wider range of products, providing a significant competitive edge.

Nevertheless, Shopify remains a strong competitor due to its specialization in small and medium-sized businesses and continuous innovations in e-commerce technologies. Shopify's moat lies primarily in the flexibility and adaptability of its platform, while larger competitors score points with their sheer size and infrastructure.

Revenue growth: 22% (2024) Gross margin: 53% (2024) Operating cash flow: $1.8 billion USD (2024)

Shopify Inc. recorded an impressive revenue growth of 22% in 2024, attributed to the ongoing expansion in the e-commerce sector and increased utilization of their platform by small and medium-sized enterprises. The gross margin of 53% indicates that the company is able to effectively manage its costs and maintain strong profitability.

The operating cash flow of $1.8 billion USD in 2024 underscores Shopify's ability to generate significant cash flow from its core business, which can be utilized for future investments and strategic expansion.

Overall, Shopify's financial performance suggests that the company is well positioned to benefit from the ongoing digitization of commerce. However, investors should also keep an eye on the competitive landscape and potential regulatory challenges to make an informed investment decision.

Dividend: None (as of 2025)

Shopify Inc. currently does not pay any dividends to its shareholders. The company has traditionally focused on reinvesting its profits into the growth and expansion of its platform, rather than distributing dividends.

This strategy is typical for technology companies that are in a growth phase and use their resources to strengthen their market position and develop innovative solutions. Investors who invest in Shopify typically do so with the expectation of capital growth through price increases rather than dividend yields.