Shopify GMV grows to almost $50 bn

James Sharpe

An overview of Shopify's Gross Merchandise Volume (GMV) growth in Q1 2023.

According to Shopify’s Q1 Earnings report for 2023, their Gross Merchandise Volume (GMV) has grown to $49.6bn. This represents a jump of $6.4bn or a 15% increase year-on-year. Shopify’s total revenue, which is generated largely from fees and not direct sales, rose 25% to $1.5bn during the quarter.

In the context of Shopify, GMV represents the total value of goods & services sold through its platform. Given that millions of smaller e-commerce websites use Shopify, Shopify’s GMV can be considered a measure of both Shopify’s performance as well as a useful indicator for the general performance...

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