Shopify Inc. revenue and gross merchandise volume (GMV) each grew more than 30% in the ecommerce software provider’s fiscal Q2, which ended June 30.

In Shopify’s Q2 earnings call with investors, president Harley Finkelstein highlighted that the company “has been building infrastructure to power agentic commerce.”

He said Shopify was “ahead of the curve” with social commerce, noting integrations with Instagram and YouTube, as well as the integration of commerce and culture, citing a Spotify integration. Shopify also “predicted the rise of shopping in the metaverse,” he said, integrating with Roblox. Finkelstein said he sees agentic commerce as the next key ecommerce trend for Shopify to get ahead of.

Agentic commerce relies on artificial intelligence (AI) agents. These are autonomous, trained software that perform tasks on users’ behalf. In the context of ecommerce, that can mean finding and ordering suitable products for a user.

“As AI platforms become the new way people discover products, consumers are not just searching,” Finkelstein told investors. “They’re having conversations with agents to find what they need, but powering seamless shopping across millions of brands is a massive technical challenge.”

Shopify is working to simplify its integration with partners to increase its personalized shopping experiences, he said. And on the merchants’ side, those partnerships will mean brands will “show up across every AI platform,” he said.

“I think the unfair advantage we have in working with all of these AI companies and certainly around agentic commerce is that consumers’ favorite brands are all on Shopify,” Finkelstein said.

How Shopify is incorporating agentic commerce into its suite

Shopify has “built a suite of products that make it easy for AI platforms to bring shopping to their agents from discovery to checkout,” Finkelstein said.

In its fiscal Q2, the company introduced Shopify Catalog, which it says enables product searches across all its merchants.

“Select partners building apps and AI agents access Shopify Catalog to search and surface real-time product information such as pricing, options and availability in popular AI platforms and shopping destinations,” the company said in announcing the product.

Finkelstein said Shopify Catalog “simplifies the process for apps and AI agents to search and pull product data so the results are clear, accurate and up to date.”

Giving an example, he said that when a shopper asks an AI agent to search for the best travel bag, that agent will immediately search Shopify’s catalog and display the top products, live prices, descriptions and inventory. The shopper can then add that choice to a cart without checking out right away. Still, the shopper can complete the checkout without leaving the chat with an AI agent.

Shopify also launched what it called Checkout Kit last year. It allows merchants to add Shopify checkout to their mobile app. Now, Microsoft’s Copilot is using it.

“That really lets partners embed the merchant’s checkout right in terms of their agent, and it actually works with Shop Pay,” Finkelstein said.

What makes agentic commerce “really interesting,” he noted on the call, is that “it’s not necessarily based on who is the largest company. It’s based on what consumers are looking for.”

Another way Shopify is using generative AI

In addition to focusing on agentic commerce, Shopify has developed a different type of generative AI tool.

During Q2, Shopify launched an AI store builder that Finkelstein said “can create a custom online store in seconds. Literally in seconds from a single phrase. Now all you need is an idea and a description of the product you want to sell.”

Shopify will do the rest, he said. It seeks to make the barrier to entry for ecommerce lower than it has ever been, he added.

“We are getting prepared that if agentic commerce and more traffic is flowing toward AI to ensure that Shopify and Shopify’s merchants are front and center,” Finkelstein said.

Shopify revenue and GMV in Q2

In Q2, Shopify revenue grew to nearly $2.68 billion. That’s a 31.05% increase from nearly $2.05 billion the prior year.

Merchant Solutions revenue increased 37%. The company also saw increased penetration of Shopify Payments (64% penetration in the quarter).

Currently, 115 of the Top 2000 online retailers in North America use Shopify as their ecommerce platform, according to Digital Commerce 360 data. In 2024, the combined web sales of all Top 2000 retailers that used Shopify’s ecommerce platform reached $10.13 billion. The Top 2000 Database ranks North America’s largest online retailers based on their annual ecommerce sales and more.

At the same time, Shopify GMV in Q2 grew to about $87.84 billion. That’s 30.62% growth over nearly $67.25 billion in the year-ago period.

Offline GMV, which includes Shopify-powered point-of-sale technology in physical stores, grew 29% year over year. Shopify business-to-business (B2B) GMV more than doubled, growing 101% in Q2.

Internationally, Shopify GMV grew 42% year over year. Finkelstein attributed that to “outperformance” in Europe.

“Notably, merchants above $50 million in annual GMV and those under $2 million in annual GMV showed particular acceleration in the quarter,” said chief financial officer Jeff Hoffmeister.

Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports. Here’s last quarter’s update on Shopify revenue and GMV.

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