Shopify has come from nowhere to $60bn of GMV $60bn of sales on the platform, with over a million merchants, from the long tail to Unilever and Pepsico Shopify GMV ($bn) 75 50 25 0 2014 2015 2016 2017 2018 2019e Source: Shopify, @BenedictEvans Benedict Evans –– January 2020 20