Shop Pay’s Cyber 5 performance highlights growth momentum

The news: Shop Pay sales grew 58% YoY over the Cyber 5 weekend, per a press release.

Comparatively, parent company Shopify’s merchant sales grew 24% YoY.

The bigger picture: Shop Pay is on a growth tear. In Q3 2024, Shop Pay facilitated $17 billion in gross merchandise value (GMV), up 42% YoY.

Much of this growth is likely from a bump in the number of Shopify merchants and an increase in their sales. But Shopify has also been expanding Shop Pay acceptance outside of its ecosystem, adding to this growth.

• In June 2023, Shopify opened up the buy button to enterprise customers that don’t use its platform as part of its Commerce Components by Shopify offering, which lets large retailers pick and choose which products they want to use.
• Shopify also expanded its partnership with Adyen to make the buy button available to the payment provider’s enterprise customers.

Our take: Shop Pay’s growth over the Cyber 5 weekend is proof of the buy button’s momentum.

As it broadens its acceptance network, this growth will likely eat into the market share of wallets like PayPal and Apple Pay. These competitors may have to innovate to keep their customers loyal and prevent them from making the switch to Shop Pay.

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