1 - Shop Pay GMV Growing 2x Paypal GMV on Shopify Stores

"This quarter, Shop Pay processed $27 billion of GMV, up 50% from last year and double that of the next accelerated checkout on Shopify merchant stores".

What's the next accelerated checkout? err.. Paypal. Here's a thumb in your eye, Mr. PP.

Separately.. is there not another another looming payment question for Shopify? It's not a crisis, but it will need to be sorted one day. And that is called: Stripe Link. It's a one-click payment system offered by Stripe.

Yes, there are two Stripe-based accelerated checkout solutions in the wild. Personally, I have seen Stripe Link more in SaaS offerings but I have also seen it on popular travel sites, etc.

Wouldn't you want just one global identity network and not two? Are there plans to merge these one day? Asking for a friend.

2 - "Shop App native GMV was up 84% versus the prior year, and GMV grew 6x in the past 2 years."

Does this mean that Shop App GMV growth is slowing down?

2023 growth = 226%, 2024 growth = 84% (ps - I'm not that smart, I asked AI to solve the equation)

I know it's a small base, and I'm not saying 84% is a small number, but makes you go hrrrmmmm... not saying Shopify thinks it’s doing bad because it’s a very long term bet. But I also see in the last six months the app did seem to get a new Engineering leader. Correlated to go forward increased focus?

3 - Shopify Thinking About Price Increases, Eventually

Regarding Enterprise: “Certainly, there is some price elasticity and some room for us to increase pricing."

Regarding financial outlook: "we don't expect to have substantive pricing changes this year"

Translation? We know we are cheaper than Salesforce. We now think we are better, but we don't plan to flex our muscles on it too much in 2025. However, look out 2026! Frankly this is not going to increase Enterprise merchant adoption knowing that Shopify is looking at "right-sizing" it's pricing. So get ahead of that 2026 quota, Shopify sales reps!

Here is the thing. In the Enterprise, there are innovation needs sure. But TCO is a huge part of a decision to move. If the TCO story diminishes, then adoption will slow. There is no two ways about it.

Especially in our age of efficiency.