Shopify Hits Half a Million Merchants

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Shopify hit another milestone Tuesday, announcing that they now power more than 500,000 merchants in 175 countries.

In the last five years, the number of entrepreneurs using the multi-channel commerce platform has grown on average 74 per cent each year. To date, Shopify-powered businesses have made $40 billion in sales.

Shopify CEO Tobi Lütke said the platform has allowed over half a million entrepreneurs to turn their dreams into reality.

“Entrepreneurship is the foundation of the global economy and it’s not easily done alone. That’s why our mission has always been to make commerce better for everyone to encourage anyone, anywhere to become an entrepreneur,” said Lütke in a press release.

This announcement came the same morning Shopify posted strong second-quarter earnings. The Ottawa-based company reported a revenue of $151.7 million, up 75 per cent for the same period last year. They beat analysts’ estimates for the quarter and said they are now expecting their 2017 revenue to top $648 million.

For the second quarter, Shopify saw the largest merchant growth year over year in South America with a 168 per cent increase in the region. They also reported that more women entrepreneurs than men have built their businesses on the platform, 52 per cent compared to 47 per cent respectively.

Shopify also announced that their Chip & Swipe Reader—a pocket-sized card reader for wireless payments—is now available to all US Shopify merchants. The in-house designed card reader was first unveiled in April and allows merchants to sell their products in person.

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