Shopify’s GMV Reached US$235.9 Billion in 2023
Jayson 19 Feb 2024 06:19
Recently, Shopify released its fourth quarter and full-year results for 2023. In the fourth quarter of 2023, Shopify gross merchandise volume (GMV) increased 23% to $75.1 billion, an increase of $14.2 billion from the fourth quarter of 2022.
![](https://bigseller-1251220924.cos.accelerate.myqcloud.com/static/faq/2024/1708322869955396.png)
In the fourth quarter of 2023, Shopify revenue increased 24% year-on-year to $2.1 billion and increased 30% year-on-year after adjusting for sales in the logistics business. Merchant Solutions revenue increased 21% year over year to $1.6 billion, driven by growth in gross merchandise volume and continued penetration of Shopify Payments.
![](https://bigseller-1251220924.cos.accelerate.myqcloud.com/static/faq/2024/1708322883048418.png)
Gross payment volume ("GPV") grew to $45.1 billion, accounting for 60% of GMV processed in the quarter, compared to $34.2 billion or 56% in Q4 2022 Subscription solutions revenue increased 31% year-over-year to $525 million, primarily driven by growth in the number of merchants and higher prices for standard subscription plans.
![](https://bigseller-1251220924.cos.accelerate.myqcloud.com/static/faq/2024/1708322893034890.jpeg)
Monthly recurring revenue ("MRR") for the year ended December 31, 2023, increased 35% compared to the prior year to $149 million due to continued growth across all subscription plans. Shopify Plus contributed $46 million, accounting for 31% of MRR, compared with 33% of MRR as of December 31, 2022
![](https://bigseller-1251220924.cos.accelerate.myqcloud.com/static/faq/2024/1708322902474552.jpg)
In the fourth quarter of 2023, Shopify's gross profit increased by 33% year-on-year to US$1.1 billion. Gross margin for the quarter was 49.5%, compared with 46.0% in the fourth quarter of 2022, primarily due to the lack of dilutive impact from the logistics business. Shopify cash and marketable securities were $5.0 billion as of December 31, 2023, and our net cash position, taking into account outstanding convertible notes, was $4.1 billion.
![](https://bigseller-1251220924.cos.accelerate.myqcloud.com/static/faq/2024/1708322914016663.jpg)
For the full year, Shopify's total merchandise transactions increased by 20% to US$235.9 billion, an increase of US$38.7 billion from the previous year. Total revenue increased 26% compared to 2022 to $7.1 billion. Among them, merchant solution revenue increased by 27% to US$5.2 billion, and subscription solution revenue increased by 23% to US$1.8 billion.
![](https://bigseller-1251220924.cos.accelerate.myqcloud.com/static/faq/2024/1708322869955396.png)
In the fourth quarter of 2023, Shopify revenue increased 24% year-on-year to $2.1 billion and increased 30% year-on-year after adjusting for sales in the logistics business. Merchant Solutions revenue increased 21% year over year to $1.6 billion, driven by growth in gross merchandise volume and continued penetration of Shopify Payments.
![](https://bigseller-1251220924.cos.accelerate.myqcloud.com/static/faq/2024/1708322883048418.png)
Gross payment volume ("GPV") grew to $45.1 billion, accounting for 60% of GMV processed in the quarter, compared to $34.2 billion or 56% in Q4 2022 Subscription solutions revenue increased 31% year-over-year to $525 million, primarily driven by growth in the number of merchants and higher prices for standard subscription plans.
![](https://bigseller-1251220924.cos.accelerate.myqcloud.com/static/faq/2024/1708322893034890.jpeg)
Monthly recurring revenue ("MRR") for the year ended December 31, 2023, increased 35% compared to the prior year to $149 million due to continued growth across all subscription plans. Shopify Plus contributed $46 million, accounting for 31% of MRR, compared with 33% of MRR as of December 31, 2022
![](https://bigseller-1251220924.cos.accelerate.myqcloud.com/static/faq/2024/1708322902474552.jpg)
In the fourth quarter of 2023, Shopify's gross profit increased by 33% year-on-year to US$1.1 billion. Gross margin for the quarter was 49.5%, compared with 46.0% in the fourth quarter of 2022, primarily due to the lack of dilutive impact from the logistics business. Shopify cash and marketable securities were $5.0 billion as of December 31, 2023, and our net cash position, taking into account outstanding convertible notes, was $4.1 billion.
![](https://bigseller-1251220924.cos.accelerate.myqcloud.com/static/faq/2024/1708322914016663.jpg)
For the full year, Shopify's total merchandise transactions increased by 20% to US$235.9 billion, an increase of US$38.7 billion from the previous year. Total revenue increased 26% compared to 2022 to $7.1 billion. Among them, merchant solution revenue increased by 27% to US$5.2 billion, and subscription solution revenue increased by 23% to US$1.8 billion.