8 Fun Things I Learned from Shopify's 2022 Annual Report

This is all public information from yesterday's published 2022 Form F Annual Report:

1 - Shopify believes that MRR is most closely associated with the value of its merchant relationships.

In 2022, MRR grew 7.3% year over year.

GMV grew 12% year over year.

Revenue grew 21.4% year over year.

2 - In 2021 and 2022, Shopify Plus is the majority of Shopify's GMV.

In 2020, Shopify reported that "Plus and Advanced" was the majority of its GMV. This shows the growing influence of Plus on its own.

In both 2021 and 2022, they removed the "Advanced" language and said that Plus was the majority of its GMV.

Shopify's real business is Plus. I expect they may need to break it out entirely at some point.

3 - Each of the past 2 years, Shopify has added about 2,000 apps to its App Store.

In 2020, Shopify has 6,000 apps. In 2021, 8,000 apps. In 2022, 10,000 apps.

4 - Shopify did not release the number of Shopify Plus merchants in 2022.

In 2022, Shopify did not release this number.

In 2021, Shopify revealed it had 14,000 Shopify Plus merchants.

In 2020, Shopify revealed it had 10,000 Shopify Plus merchants.

5 - In 2022, about a third of Shopify's GMV growth is from gains in AOV.

In 2022, $197.2 billion GMV in 2022 / 1,983,600,000 orders = $99.41 AOV. 8% growth in order volume y/y. 3.7% growth in AOV.

This compares to previous years:

In 2021, $175.4 billion GMV in 2021 / 1,831,200,000 orders = $95.8 AOV. 26% growth in order volume y/y, 16% growth in AOV.

In 2020, $119.6 billion GMV in 2020 / 1,452,000,000 orders = $82.36 AOV.

6 - Merchant Solutions is almost up to 75% of revenue

In 2022, Revenue grew 21% y/y

* Subscription solutions revenue grew 12%

* Merchant solutions revenue grew 26%

In 2022, Merchant Solutions is now 73.4% of Revenue.

In 2021, Merchant Solutions was 70% of Revenue.

In 2020, Merchant Solutions was 69% of Revenue.

7 - 66% of orders are placed on mobile devices.

This is consistent with 2021 of 66%, and 2020 of 63%

8 - Shopify employee counts are growing faster than GMV.

In 2022, Shopify had 11,600 employees worldwide a 16% growth in employees y/y. GMV/employee: $17 million. (3% less efficient)

In 2021, Shopify had 10,000 employees and contractors worldwide

43% growth in employees y/y. GMV/employee: $17.54 million

In 2020, Shopify had 7,000 employees and contractors worldwide.