Shopify’s Q3 Merchants are Likely to Slightly Decline 
<p>Analysts at RBC Capital provided their views on <a href='https://financialmodelingprep.com/financial-summary/SHOP'>Shopify Inc. (NYSE:SHOP)</a>, noting that data from BuiltWith suggests Shopify’s merchants are likely to slightly decline in Q3, similar to year-to-date trends.</p> 
<p>RBC capital’s analysis of BuiltWith data for July and August shows that merchants on Shopify are likely to decline 3% quarter-over-quarter in Q3. This is similar to Q2, where BuiltWith showed that Shopify’s merchants fell 2% quarter-over-quarter.</p>
<p>Despite total merchants declining slightly this year, the company has achieved MRR growth through the uptake of higher-priced plans. Data suggests Shopify Plus merchants are tracking to increase 11% quarter-over-quarter in Q3. Similarly, Shop Pay penetration according to BuiltWith data is now 62%, up from 58% in Q2. Higher Shop Pay penetration is driving faster GPV growth relative to GMV growth and helps lift Shopify’s take rate.</p>
<p>While share price volatility may persist in the near term, the analysts believe Shopify is one of the most compelling growth stories in their coverage.</p>

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