what percentage of ecommerce stories us shopify

gmv up 11 was better than expected,smaller than a expected operating loss,are we in the midst of a turn here,what's going on,well look I think started the sort of,macro level I think the macro Tailwinds,of e-commerce and just digitalization in,general remain very strong long term,Global e-commerce sits at about 5,trillion today it'll be about 7 trillion,by 2025 and I think Shopify is certainly,one of the most dominant players in that,space and and the dominant player for,independent retail um but right now it's,clear I mean consumers favorite brands,are almost entirely on Shopify whether,it's Galaxia or fiori or aloe yoga in,terms of the quarter and the results you,know I think during the third quarter,more Merchants are using more of our,Solutions than ever before but the role,that we are playing in these Merchants,businesses I think is far is very,different than most typical software,providers I mentioned on the call that,our Merchant solution attached rate is,2.14 what that means is more Merchants,are taking more of our Solutions,payments Capital fulfillment uh more,services like audiences so I think we,had a really good quarter in terms of,revenue revenue was 1.4 billion up 22 on,a three-year kagger that's about 52 but,equally important I think right now,especially is is this operation,discipline adjusted gross profit was,like 681 million dollars that's up,nearly 11,um and and on a three-year basis,adjusted gross profit kagger was like 46,we're also decelerating year-on-year,operating expense growth and we have,about five billion dollars of cash in,the balance sheet,I was going to ask you about that the,sequential decline in expected Opex I,mean Opex is obviously a huge topic of,discussion this morning how much can you,cut how disciplined can you be uh before,you start cutting into muscle,well look we have we were not raised in,Venture Capital Shopify has been a,company that has always been very,thoughtful when it came to managing,expenses nearly all of our growth,pre-delivered pre-delivered acquisition,has been organic and funded by,redeploying gross profits uh into the,business the cash we've raised,externally has been used strategically,to to accelerate the product roadmap,um and so we can continue to invest in,things like buyer building buyer,relationships Going Global uh the,logistics piece of it but we think we,can do both we think we can be really,good stewards of capital and good,capital allocators and at the same time,grow this business Shopify right now is,about 10 of total e-commerce in the US,we have small businesses starting with,us growing really large that's sort of,the figs and and Albert's story but we,also have very large companies like,glossier and Spanx and Mattel who are,coming to shop that run the entirety of,their of their Enterprise uh Converse,and so we have these different sort of,Pathways into Shopify but I think the,more exciting part of the story is,really Merchant solutions that we can,play a much larger role in simply making,it easier to sell across different,services,yeah Harley a bit of a macro question,for you given the fact that you are,working with so many different,businesses of so many different sizes,across the country we had Carol tomay,from UPS on earlier in the week and one,of the things she talked about,especially as we get to this peak,shipping and holiday season is this idea,of it's a little bit of a return to,pre-pandemic Norms in terms of things,like consumer behavior and how they're,shopping but it's also the fact that we,are seeing this economic slowdown what,are you seeing through your different,business segments and how do you expect,that to translate in terms of economic,activity into next year,yeah I mean look Carol is a friend and,UPS is a great partner Shopify year over,year consumer spending uh lives up about,8.2 percent last September according to,U.S Census Bureau month to month that,spending remains fairly steady I think,the key is going to be in the same way,that Merchants during the pandemic had,to reset how they did business and where,they sold the same thing goes now if one,particular channel is not working well,shift to a different channel the reason,you see us talk about things like,audiences which an hour ago we just,announced a new integration with Google,on audiences but our Integrations with,with Instagram or Integrations with Tick,Tock and Spotify,um and snap is we want to make it really,easy for merchants to find more,customers regardless of the climate and,by providing with more versatility it,means that we future-proof their,business but um I I think we'll see a a,good holiday season it'll remains to be,seen how strong it's going to be but our,Merchants now we have millions of them,are getting ready to sell

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