Analysts estimate less than 10% of Shopify’s revenue comes from enterprise clients despite years of courting big brands

Shopify has been publicly trumpeting enterprise wins including L'Oréal, Topshop, Starbucks, and Mattel since launching its big-brand push in 2023, but analysts estimate enterprise clients account for less than 5% to 10% of the company's revenue, with the vast majority of its business still coming from small and medium-sized merchants. The slow ramp is partly structural, as the sales cycle for large clients takes 12 to 18 months, and enterprise brands tend to adopt Shopify's tools à la carte rather than migrating their full operations to the platform. Shopify does not break out enterprise revenue, saying large and small merchants use the same platform, but analysts say once enterprise clients do fully commit, they tend to stay for five to seven years.