Shopify Growth Overview

Total Addressable Market Anyone who wants to make more money from their site than they pay for it Entrepreneur TAM $160B SMB TAM (1) (2) Larger Brands (1) (2) Merchants defined as retailers with fewer than 500 employees. Includes commercially located businesses, sole proprietorships and home-based businesses. Does not include early-stage entrepreneurs or enterprises. Average revenue per merchant of approximately $2,354 based on ARPU for 2021 and 68 million retail businesses globally (Source: AMI Partners, 2020) TAM

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