3 Growth Levers That Could Power Shopify's Next Chapter

Published: Thursday, July 24, 2025 at 8:25 am

Shopify Eyes Future Growth with Strategic Initiatives

Shopify, a leading commerce platform, is looking to maintain its impressive growth trajectory. In 2024, the company facilitated over $292 billion in gross merchandise volume (GMV), a 24% increase year-over-year. As Shopify matures, the company is focusing on several key strategies to drive future expansion.

One primary focus is increasing its take rate, the percentage of GMV that translates into revenue. This is being achieved through subscription price adjustments and the expansion of value-added services, particularly in payments and financial infrastructure. Shop Pay, Shopify's one-click checkout product, processed $181 billion in volume in 2024, representing 62% of total GMV. The company is also expanding its suite of services, including installment payments, merchant cash advances, and fraud prevention, which strengthens merchant retention and improves monetization. Furthermore, Shopify's extensive ecosystem of apps provides merchants with solutions, creating a robust commerce infrastructure and increasing the difficulty for merchants to switch platforms.

Another key growth lever is international expansion. While North America has historically been the dominant market, international revenue grew by 33% in 2024, outpacing overall revenue growth. However, international revenue outside of the U.S. only accounted for 36% of the company's total revenue in the first quarter of 2025. Shopify is localizing its tools, such as payment gateways and multilingual storefronts, to facilitate expansion without overhauling its core product. Collaborations, such as the one with Global-e Online, are also being leveraged to navigate complex aspects of international commerce, like taxation.

Finally, Shopify is integrating artificial intelligence (AI) into the merchant workflow. Tools like Shopify Magic and Sidekick are automating tasks such as product description generation, email campaign creation, and store performance analysis. These AI tools are integrated directly into the platform, requiring no technical setup, which lowers the barrier for new merchants and helps existing ones operate more efficiently.

BNN's Perspective: Shopify's strategic focus on increasing its take rate, expanding internationally, and integrating AI appears to be a well-rounded approach to sustained growth. While the company faces competition, its established position and commitment to innovation position it favorably in the evolving e-commerce landscape. Investors should monitor the company's progress in these key areas to assess its long-term potential.

Keywords: Shopify, GMV, e-commerce, take rate, Shop Pay, international expansion, AI, merchant, growth, commerce platform, revenue, online business, Shopify Magic, Sidekick, Global-e Online.

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