Key number: $378.4B. Gross merchandise volume (GMV) on Shopify in 2025, up about 29.5% from 2024.
The data
- Merchants in more than 175 countries on December 31, 2025: 44% in the United States, 31% in Europe, the Middle East and Africa, 16% in Asia Pacific, Australia and China, 5% in Canada and 5% in Latin America.
- Black Friday Cyber Monday 2025: $14.6 billion in sales, up 27% (24% in constant currency). 16% of orders were cross-border.
- GMV is the total value of orders on the platform, including shipping, duties and VAT, net of refunds. It is not Shopify's revenue.
The numbers in a table
| Year | US$ billions | Notes |
|---|---|---|
| 2022 | 197.2 | |
| 2023 | 235.9 | Up 20% as reported by Shopify |
| 2024 | 292.3 | Up 24% as reported by Shopify |
| 2025 | 378.4 | Up about 29.5% |
What it means for your store
Merchants span more than 175 countries, so selling across borders is routine on Shopify. Set up markets, currencies and shipping rules before your peak season, since 16% of Black Friday Cyber Monday orders crossed a border in 2025.
About these numbers
The 1.9 times figure is calculated: $378.4 billion divided by $197.2 billion. Other numbers are quoted as published.
Sources
- Shopify results release, full-year 2023. February 13, 2024. GMV for 2022 and 2023.
- Shopify results release, full-year 2024. February 11, 2025. GMV for 2024.
- Digital Commerce 360. February 17, 2026. Full-year 2025 GMV as reported there.
- Shopify 2025 Form 10-K. Merchant locations on December 31, 2025.
- Shopify, Black Friday Cyber Monday 2025 results. December 2, 2025.