Shopify facilitated nearly double the value of orders in Q1 2021 than in Q1 2020.
Businesses that depend on ecommerce transactions for much of their revenue typically have seasonal results. Revenue peaks in the fourth quarter because of the holidays and then falls again in the first quarter.
But e-commerce growth has been so strong during the pandemic that Shopify reported Q1 2021 revenue higher than Q4 last year.
Revenue from merchant solutions — primarily tied to transactions — dropped from Q4 2020 to Q1 2021 as expected, but so many people signed up for new stores that subscription revenue more than offset it.
Year over year, Shopify revenue was up 110%. The subscription part of that was up 71%, and merchant solutions was up 137%.
The total dollar value of orders facilitates through Shopify soared from $19.9 billion in the first quarter of 2020 to $37.3 billion in the first quarter of this year.