#Shopify reported Q3 earnings, nothing terribly exciting to report but continued strong growth.

1 - First, the numbers:

- Revenue grew 46% y/y

- Subscription: 37% y/y

- Merchant solutions revenue grew 51%

Reduced app/theme fees due to new pricing model resulted in a $11M reduction in revenue.

2 - Brick and Mortar relative share rose compared to last year and last quarter as consumer behavior normalized. Expect more typical eCom share growth relative to retail going forward.

3 - “What is Shopify doing to combat supply chain issues and logistics costs inflation?”

Tobi answer: 👀

Rambling answer about how their merchants have more margin and are “buffering costs” - meaning, Shopify is doing nothing but their merchants are not raising prices because they have so much margin to spare?

4 - S+ got a mention. Good list of new merchants added. L’Occitane, Logitech, Muji, Scotch & Soda, Spanx, Dockers, Frank & Oak, Tupperware, Kenneth Cole

5 - Fulfillment progress? Nothing to speak of. “Still early days. Bookings increased.” Doesn’t sound like aggressive investment to me.

6 - How is Shopify Markets different from Global-E partnership? 👀 Despite 3 executives chiming in, no one answered this clearly. Tobi punted this to “this is an example of great alignment between Shopify and its merchants” which isn’t wrong, but also wasn’t the question.

7 - Does ERP integration change your goto market? It reduces reasons for larger retailers not to consider us. Introduces large retailers to "our version" of enterprise eCommerce -- did not define what that was.

#ecommerce