The Renegade Billionaire Vlog: My Journey In Marketing, Music, And The Game Of Bidness

Shopify Has Now Sold Over $1 Trillion In Product Sales: How They Did It

Shopify has fundamentally changed the world of commerce. It's more than just ecommerce. How we buy and sell is shifting in fundamental ways, and the infrastucture that underpins it all is a big contributer to that... #ecommerce #digitalmarketing #productmarketing

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Duration:: 5m
Broadcast on:: 21 Jun 2024
Audio Format:: mp3

Hey guys, so I've got an interesting update for you guys, if you're an e-commerce, right? And this is gonna be a lesson of just how Shopify has managed to get to $1 trillion in gross materialized value sold on their platform. And that's so remarkable. But the way they've done it, obviously, is they've created a software that's kind of like software as a service, right? And it's a product that you can take and you can customize for your online store, for your business. You're not necessarily selling on kind of like selling on Amazon, where you would be competing with other merchants with Shopify. You get your own software, you totally control it, you run your own store independently. And that's appealing to a lot of business. So that's obviously a big part of their success with their platform and their software. But it's taken them a long time. Like if you look at the art history, they went public in like 2015. And probably they went public at some point along that timeline. But since then, it's been several years, right? Like to get to 2024. That's been a long time to get to a trillion in GMV. That's a long time. So that's one of the lessons right there. It might not look like it's gonna be big like when you start. When you start your store, look at how Amazon began. They were just selling books, right? Like a little bookstore online. They probably didn't look very threatening. But right now, look at them. They are like the number one in e-commerce. But also, they sell almost as much as Walmart sales. So Walmart might not have been paying attention to them in the beginning. But I can tell you for sure, right now, I'm sure they have now paying attention to Amazon. So just like what Shopify has done, guys, if your own e-commerce store just came out and you're selling a hundred units a month, don't lose heart, right? Like you can get to much, much bigger things. Just be ready to be in for the long run. Like 2015 to 2024, that's almost 10 years, almost a decade. So that's one of the things that I would point out from the Shopify story is getting to a trillion dollars in goods that you have sold through your software. Or in the case of an e-commerce, if you're selling in your store, that's not going to happen even if you're Shopify. That's not going to happen in a year or two years or three years or four years or even five years. Think about a chain year roadmap. And so that's what I would point out. And the other thing that's made them really so successful is they cut out to businesses in all kinds of verticals, but also at all sizes. Like when you look at the business that actually tip them over the line, apparently it's just a small online retailer. It's not like a big enterprise. And so if you underestimate these small dual sizes, you know, and you think like you just want to sell the big stuff to the big guys, I think you're going to miss out on some of the opportunities that are out there. There's something called the long tail. And it's all these little things that have small amounts of demand individually. But when you add them up, like they estimate that, you know, the long tail is actually more valuable in the long run on the internet than, you know, kind of like the fat tail, that's kind of like the, you know, the first the items that have just the most demand individually. So if you can cut out to all the other small elements of demand in your market, you know, and cut out to a wider market, sell more products, more variety to more diverse groups of consumers. That's really how you can crush it. And you can see that in Shopify success. It's not selling, it's not cuddling to a handful of small big handful of like big stores that, you know, are selling like a hundred billion dollars a year each, right? It's like, it's like hundreds and hundreds of thousands, if not millions and millions of small little stores that might be doing like maybe 200 K in sales a year, maybe 80 K in sales for the year, maybe a million here, a million there. You add it all up, someday you get to a trillion. And you know, so those are those are my lessons from the Shopify milestone of a trillion dollars in gross, materialized value. Now, if you need some other resources to help you with growing your own e-commerce store and growing sales, you can grab my free downloads. The links will be down in the