Shopify Investor Day Presentation Deck

Myth 3: TAM is finite Small Medium Large Enterprise $238B ecommerce $473B Offline + B2B Commerce Merchant Services $138B Retail OS Source: Shopify internal estimates, third party study, eMarketer, Evolve Business Intelligence, Grandview Research, U.S. Bureau of Labor Statistics, Statista *Revenue opportunity shown. ecommerce includes subscription solutions ($81B) and Shopify Payments ($157B). Merchant Services TAM shown excludes Shopify Payments since included in ecommerce

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