February 16, 2023

 

Shopify will power more than $200B in gross merchandise volume on its site this year, making it the largest and most direct read we have on the health of the direct-to-consumer market.

We analyzed its 4Q22 results from last night to see what we could learn about…

  • eCommerce health
  • Consumer demand and outlook
  • Shopify’s response to Buy with Prime (BwP)
  • The impact and response to ATT on DTC brands

TL;DR

  1. Tough eCommerce comps, but still positive
  2. Softer consumer translating to cautious merchants
  3. Buy with Prime creating urgency
  4. Cost to serve increasing, but tradeoffs matter

Let’s Dive In…

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