Shopify Investor Presentation Deck

TAM $160B Entrepreneurs SMBs than they pay for it more money from their site Anyone who wants to make Total addressable market Brands Larger (1) 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. (2) Average revenue per merchant of approximately $2,354 based on ARPU for 2021 and 68 million retail businesses globally (Source: AMI Partners, 2020)

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