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Can SHOP's 80% B2B GMV Growth Unlock a Larger Enterprise Opportunity?
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Key Takeaways
Shopify's Q1 2026 B2B GMV grew 80% YoY, with gains across new and established merchants.
Shopify expanded several B2B features to most standard plans to manage wholesale and DTC in one system.
SHOP says merchants over $100M in GMV nearly doubled in two years, boosting the enterprise case.
Shopify Inc. (SHOP - Free Report) is gaining stronger traction in business-to-business commerce, with first-quarter B2B momentum strengthening the company’s case for a larger enterprise opportunity.
In the first quarter of 2026, B2B gross merchandise volume (or GMV) increased 80% year over year. The company reported growth across both new and established merchants. It also made several B2B features available to most standard subscription plans, giving merchants the ability to manage wholesale and direct-to-consumer needs side by side in one place. This broadens access to tools that support more complex merchant workflows and expands Shopify’s relevance beyond traditional consumer-facing storefronts.
Shopify’s enterprise opportunity is also supported by larger-merchant momentum. The company noted that the number of merchants generating more than $100 million in GMV on Shopify has nearly doubled over the past two years. As these merchants adopt more of Shopify’s unified commerce tools, B2B functionality becomes an increasingly important part of the platform’s enterprise proposition.
For SHOP, the next phase of the enterprise growth story likely depends on B2B adoption converting into broader platform engagement. The company has expanded access to B2B features across most standard subscription plans, but the pace at which merchants use those tools to manage wholesale and direct-to-consumer operations in one system will be the key execution metric. If adoption continues to build, Shopify’s B2B offering could provide a stronger base for enterprise expansion and long-term platform monetization.
Peer Comparisons: Amazon & Wix
Amazon.com, Inc. (AMZN - Free Report) offers a scale-based comparison for Shopify’s enterprise ambitions. Amazon’s commerce operation is built around a large marketplace, fulfillment infrastructure and seller-services ecosystem, giving it significant reach with merchants and buyers. That model differs from Shopify’s B2B focus, where the opportunity is tied to helping merchants run wholesale and direct-to-consumer activity through their own commerce infrastructure.
Wix.com Ltd. (WIX - Free Report) provides a different point of comparison because it serves many small businesses and online creators, but its commerce footprint is still more limited. The company reported first-quarter 2026 gross payment volume of $3.8 billion, up 12% year over year, and noted that GPV remained soft as SMB customers faced macro pressure. Its current strategy is also closely tied to AI-powered creation tools, including Harmony and Base44.
Against this backdrop, Shopify’s B2B opportunity is distinct from Amazon’s marketplace-led scale and Wix’s website-creation focus. SHOP’s advantage is that B2B is being added to a platform already expanding across multiple merchant use cases, including online commerce, POS, payments, international selling and AI-enabled discovery. That broader commerce stack gives Shopify a wider transaction base through which B2B adoption can build over time.
SHOP’s Price Performance, Valuation & Estimates
Shares of Shopify have declined 10.7% in the past three months against the industry’s 24.8% growth.
SHOP’s Stock Three-Month Price Performance
Image Source: Zacks Investment Research
SHOP stock is currently trading at a discount. It is currently trading at a forward 12-month price-to-sales (P/S) multiple of 8.63, above the industry average of 8.46.
SHOP’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for SHOP’s 2026 earnings implies a year-over-year increase of 53.9%. Estimates for 2026 earnings per share have increased in the past 30 days.
View the Zacks #1 Rank List
Image: Bigstock
Can SHOP's 80% B2B GMV Growth Unlock a Larger Enterprise Opportunity?
Key Takeaways
Shopify Inc. (SHOP - Free Report) is gaining stronger traction in business-to-business commerce, with first-quarter B2B momentum strengthening the company’s case for a larger enterprise opportunity.
In the first quarter of 2026, B2B gross merchandise volume (or GMV) increased 80% year over year. The company reported growth across both new and established merchants. It also made several B2B features available to most standard subscription plans, giving merchants the ability to manage wholesale and direct-to-consumer needs side by side in one place. This broadens access to tools that support more complex merchant workflows and expands Shopify’s relevance beyond traditional consumer-facing storefronts.
Shopify’s enterprise opportunity is also supported by larger-merchant momentum. The company noted that the number of merchants generating more than $100 million in GMV on Shopify has nearly doubled over the past two years. As these merchants adopt more of Shopify’s unified commerce tools, B2B functionality becomes an increasingly important part of the platform’s enterprise proposition.
For SHOP, the next phase of the enterprise growth story likely depends on B2B adoption converting into broader platform engagement. The company has expanded access to B2B features across most standard subscription plans, but the pace at which merchants use those tools to manage wholesale and direct-to-consumer operations in one system will be the key execution metric. If adoption continues to build, Shopify’s B2B offering could provide a stronger base for enterprise expansion and long-term platform monetization.
Peer Comparisons: Amazon & Wix
Amazon.com, Inc. (AMZN - Free Report) offers a scale-based comparison for Shopify’s enterprise ambitions. Amazon’s commerce operation is built around a large marketplace, fulfillment infrastructure and seller-services ecosystem, giving it significant reach with merchants and buyers. That model differs from Shopify’s B2B focus, where the opportunity is tied to helping merchants run wholesale and direct-to-consumer activity through their own commerce infrastructure.
Wix.com Ltd. (WIX - Free Report) provides a different point of comparison because it serves many small businesses and online creators, but its commerce footprint is still more limited. The company reported first-quarter 2026 gross payment volume of $3.8 billion, up 12% year over year, and noted that GPV remained soft as SMB customers faced macro pressure. Its current strategy is also closely tied to AI-powered creation tools, including Harmony and Base44.
Against this backdrop, Shopify’s B2B opportunity is distinct from Amazon’s marketplace-led scale and Wix’s website-creation focus. SHOP’s advantage is that B2B is being added to a platform already expanding across multiple merchant use cases, including online commerce, POS, payments, international selling and AI-enabled discovery. That broader commerce stack gives Shopify a wider transaction base through which B2B adoption can build over time.
SHOP’s Price Performance, Valuation & Estimates
Shares of Shopify have declined 10.7% in the past three months against the industry’s 24.8% growth.
SHOP’s Stock Three-Month Price Performance
Image Source: Zacks Investment Research
SHOP stock is currently trading at a discount. It is currently trading at a forward 12-month price-to-sales (P/S) multiple of 8.63, above the industry average of 8.46.
SHOP’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for SHOP’s 2026 earnings implies a year-over-year increase of 53.9%. Estimates for 2026 earnings per share have increased in the past 30 days.
EPS Trend of SHOP Stock
Image Source: Zacks Investment Research
SHOP stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.