Shopify’s fourth quarter 2020 revenue rose 94% year-on-year to $977.7 million, the company announced in February. This figure helped boost Shopify’s overall revenue to $2.9 billion (+86%) across the full financial year.
Its Subscriptions Solutions revenue rose 53% in Q4 2020 alone, due to a number of new merchants joining the platform, the statement explained, likely in a bid to capitalise on the golden quarter rush, . GMV also grew 99% year-on-year to $41.1 billion, as many businesses saw record online sales of goods over the period. In 2020, its merchants’ Black Friday weekend sales reached over $5.1 billion versus $2.9 billion across the same event in 2019.
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Shopify has been heavily investing in its product by developing its software, support capabilities and fulfilment processes, as well as introducing Alipay as a payment method. In April, the launch of ‘Shop’, its mobile shopping assistant, allowed customers to personalise their shopping experience to enhance discovery, use accelerated checkout, take advantage of Shopify’s own buy-now-pay-later scheme Shop Pay, and track their orders. Shop garnered 100 million registered users by the close of 2020 and has 19 million Monthly Active Users as of early 2021.