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


  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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