In 2017, Shopify announced that their merchants had collectively generated $41 billion in gross merchandise volume (GMV) in just one year. This was a huge increase from the $28 billion GMV they reported in 2016, and it’s only continued to grow since then. With such impressive numbers, it’s no wonder that more and more people are interested in starting a Shopify store. But what does it take to be successful on Shopify? And how much revenue can you expect to generate? In this blog post, we’ll answer those questions and give you an idea of what the average revenue for a Shopify store is. We’ll also share some tips on how you can increase your revenue and reach your goals.
Shopify Revenue Statistics
There are a number of ways to look at Shopify revenue statistics. The platform itself does not release detailed information on the average revenue of its stores, but there are a number of third-party reports and surveys that can give us some insight.
One such report is from ecommerce platform BigCommerce, which found that the median revenue for Shopify stores in their sample was $78,000 per year. This is in line with other research that puts the average somewhere between $50,000 and $100,000 per year.
Of course, these are just averages and there will be a wide range of store revenues out there. Some will be much higher and some will be lower. A lot will depend on factors like the niche you’re in, the products you sell, your marketing efforts, etc.
If you’re just getting started with Shopify or are thinking about using it to start your own online store, then these statistics can give you an idea of what’s possible in terms of revenue. Of course, your own results may vary, but it’s certainly possible to build a successful business on the platform.
The Average Shopify Revenue
There are a lot of variables that go into calculating the average revenue of a Shopify store. The most important factor is the size of the store’s customer base. A small store with a few hundred customers will obviously have a much lower average revenue than a store with tens of thousands of customers. Other important factors include the average order value, the conversion rate, and the return rate.
Assuming all else is equal, a store with a higher average order value will have a higher average revenue. This makes sense, since they’re selling more stuff per customer. The same goes for conversion rate: if a store has a low conversion rate, they might make up for it by having more visitors, but they’ll still have lower overall revenue than a store with a high conversion rate.
Finally, the return rate also plays a role in determining average revenue. A store with a high return rate will have lower revenue than a store with a low return rate, all else being equal. This is because they’re selling fewer items overall (since some customers are returning items).
So, what is the average revenue of a Shopify store? It really depends on all of these factors – there’s no one-size-fits-all answer. However, we can look at some data to get an idea of what typical numbers might be.
How to Increase Your Shopify Revenue
If you’re looking to increase your Shopify revenue, there are a number of things you can do. First, make sure you’re offering products that are in demand and that your prices are competitive. You can also offer discounts and promotions to encourage customers to buy from you. Additionally, ensure that your website is easy to use and that your checkout process is streamlined. Finally, make sure you’re marketing your store effectively and reaching out to your target audience. By following these tips, you can help increase your Shopify revenue.
Shopify Revenue Tips
If you’re looking to increase your Shopify store’s revenue, there are a few things you can do. First, make sure you’re providing an excellent customer experience. This means offering fast shipping, easy returns, and good customer service.
Another way to increase revenue is to offer discounts and promotions. You can offer discounts for first-time customers, or for customers who purchase certain items. You can also offer promotions, such as free shipping or a percentage off of total purchases.
Finally, it’s important to always be thinking about ways to improve your products and services. If you’re constantly innovating and improving your offerings, you’ll be more likely to attract new customers and keep them coming back.
Conclusion
There’s no one-size-fits-all answer to this question, as the average revenue of a Shopify store can vary greatly depending on a number of factors, such as the type of products sold, the price point of those products, the target market, and more. However, we can give you some general guidelines to help you estimate what your Shopify store’s revenue might be. With that said, the average Shopify store brings in around $2000-$5000 per month in revenue. Of course, there are always outliers who bring in much more or much less than this amount, but this should give you a rough idea of what to expect.
