Shopify's business-to-business gross merchandise volume surged 76% year over year in the second quarter of 2026, far outpacing the company's overall GMV growth of 32%. The company extended its native B2B capabilities beyond Shopify Plus for the first time, allowing more merchants to manage wholesale and direct-to-consumer operations through the same admin. Management highlighted cross-selling success, with merchants like Arhaus expanding from online to point-of-sale, B2B, and payments. Large retailers, the fastest-growing segment, are also adopting Shopify's unified system. While sustaining 76% growth may become harder as the base grows, the expansion of B2B tools and increasing adoption support continued momentum. Total GMV reached $116 billion in Q2, with B2B becoming an increasingly important contributor. Shopify faces competition from eBay and Etsy, which reported strong results, but Shopify's stock has underperformed the sector year to date, and its valuation remains high at a forward price-to-sales of 11.18X.
Arhaus IncArhaus is highlighted as a merchant expanding across Shopify's channels, indicating success.
eBay Inc
Etsy, Inc.
Shopify IncB2B GMV surged 76% and overall GMV grew 32%, showing strong product adoption.
