Read more: See herePer its earnings report Wednesday (May 8), Shopify saw 23% year-over-year revenue growth in the first quarter of this year, comparable to its previous earnings report and down slightly from earlier in 2023, when it saw revenue growth exceeding 30%. Looking ahead, however, the company expects this progress to slow, predicting that revenue will "grow at a high-teens percentage rate" in Q2, with its gross margin dipping slightly.
That revenue bump last year was due in part to the company increasing the price of its Standard plan in the second quarter, while increases to the price of its Plus plan are under way.
Indeed, Shopify and Affirm are linked. In the United States, the former's Shop Pay Installments payment options are exclusively powered by the later, and Shopify is coming to make up a larger and larger share of Affirm's gross merchandise value (GMV).
Additionally, a significant share of shoppers uses BNPL, per the PYMNTS Intelligence study " Tracking the Digital Payments Takeover: What BNPL Needs to Win Wider Adoption ," created in collaboration with Amazon Web Services . The study found that 28% of consumers had used deferred payments plans in the previous three months, and of those, 19% had used BNPL. Plus, the June survey of more than 3,000 U.S. consumers found that 43% of those who already use BNPL planned to use it in the next year, 15% of those who had not planned to utilize it going forward.
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