Shopify's Merchant Growth Seen Robust Amid Shrinking Competition -- Market Talk

1235 ET - Shopify's tapping into strong growth and a growing recognition as an AI leader, according to RBC's Paul Treiber. In a report, the analyst points to U.S. Census data showing ecommerce sales rose 8.2% year-over-year in the two-month period of August-September. Moreover, Store Leads data shows Shopify's total merchant base grew 15% year-over-year in 3Q, while high-margin Shopify Plus merchants accelerated to 24%, its fastest growth rate since late 2021. Over the same period, he notes that rival ecommerce platforms saw active merchant counts fall 14% on average. He says the data suggest Shopify's growth momentum "remains robust," increasing the likelihood that 3Q results and 4Q guidance top consensus expectations. (adriano.marchese@wsj.com)

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October 16, 2026 12:36 ET (16:36 GMT)