Shopify's Future Growth Levers: Take Rate Expansion, International Markets, and AI Integration

Shopify has been increasing its take rate, expanding internationally, and exploring the potential of AI to boost long-term growth. The company processed over $292 billion in gross merchandise volume in 2024, up 24% YoY. Shopify's take rate has been rising steadily, partly due to subscription price increases and the expansion of value-added services. The company is also focusing on international markets, with revenue growing by 33% in 2024.

Shopify (SHOP) has demonstrated impressive growth in recent years, processing over $292 billion in gross merchandise volume (GMV) in 2024, a 24% year-over-year increase [1]. As the company enters a more mature phase, investors are keen to understand the key drivers behind its future growth. Three strategic levers stand out: scaling take rate and ecosystem monetization, going global, and leveraging AI.

Scaling Take Rate and Ecosystem Monetization

Shopify's take rate, the share of GMV it captures as revenue, has been rising steadily. This growth is partly due to a subscription price increase in 2023 but is more significantly driven by the expansion of value-added services, particularly in payments and financial infrastructure [1]. At the core of this strategy is Shop Pay, Shopify's one-click checkout product, which processed $181 billion in volume in 2024, accounting for 62% of total GMV [1].

In addition to Shop Pay, Shopify has been layering on a growing suite of services such as installment payments, merchant cash advances, fraud prevention, and offline POS and retail payments. These services not only generate incremental revenue but also embed Shopify into the daily operations of its merchants, raising switching costs and improving long-term retention [1].

Moreover, Shopify's ecosystem of thousands of apps allows merchants to solve almost any problem by incorporating solutions from Shopify's partners. This makes Shopify more than just a website builder; it becomes a true commerce infrastructure layer. The more a merchant builds around Shopify, the harder it becomes to leave, creating a significant opportunity for Shopify to capture additional revenue across tools, services, and transactions [1].

Going Global

Historically, Shopify's business has been North America dominant, but international markets are catching up fast and represent a significant growth lever moving forward. In 2024, international revenue grew by 33%, higher than the groupwide revenue growth of 26% [1]. However, despite this high growth rate, international revenue outside the U.S. accounted for only 36% of the company's total revenue in the first quarter of 2025 [1].

To capture a growing share of the international market, Shopify has focused on localizing its tools without fundamentally altering the product. This includes region-specific payment gateways and multilingual storefronts. For instance, Shopify expanded Shopify Payments to 16 countries, making it easier for merchants to serve customers [1].

In areas where additional expertise is required, such as taxation, Shopify's collaboration with Global-e Online could prove beneficial. This partnership allows Shopify to leverage Global-e Online's expertise in helping major brands build their cross-border e-commerce businesses [1].

Leveraging AI

Shopify is embedding AI directly into the merchant workflow through tools like Shopify Magic and Sidekick. These tools help merchants automate a range of activities, such as generating product descriptions, writing email campaigns, analyzing store performance, and automating support responses [1]. The integration of these AI tools into Shopify's platform requires no technical setup, making it easier for both existing and new merchants to leverage AI for more efficient business operations.

Conclusion

Shopify's evolution from a simple storefront builder to a comprehensive commerce infrastructure platform positions it well for long-term growth. By scaling its take rate, expanding internationally, and leveraging AI, Shopify is poised to sustain its growth momentum. Investors should keep the company on their radar as it continues to innovate and extract more value per merchant.

References

[1] https://www.fool.com/investing/2025/07/24/3-growth-levers-that-could-power-shopifys-next-cha/
[2] https://finance.yahoo.com/news/3-growth-levers-could-power-082500092.html