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The 62% growth of new stores on the Shopify platform between March 13, 2020 and April 24, 2020 can be attributed to two main factors. First, the shift of commerce to online due to the global pandemic situation which forced many businesses to move their operations online. Second, Shopify extended the free trial period on standard plans from 14 days to 90 days, making it more attractive for businesses to try out the platform.
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New stores created on the Shopify platform grew 62% between March 13, 2020 and April 24, 2020 compared to the prior six weeks, driven by the shift of commerce to online as well as by the extension of the free trial period on standard plans from 14 days to 90 days. While year-over-year (YoY) Gross Merchandise Volume1 (GMV) growth accelerated in April compared with the first quarter of 2020, and this growth was distributed over a broader base of merchants, it is unclear how sustainable consumer spending levels will be in this uncertain economic environment. The shift of consumer spending toward online is apparent: the number of consumers estimated to have made a purchase for the first time from any Shopify merchant grew 8% between March 13, 2020 and April 24, 2020, compared to the six-week period immediately prior. Over the same period, the number of consumers estimated to have purchased from Shopify merchants they'd never shopped at before grew by 45% compared to the six-week period im...
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