Shopify Inc (SHOP) 2021 Q3 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Thank you for standing by.

    謝謝你的支持。

  • This is the conference operator.

    這是會議接線員。

  • Welcome to the Shopify Inc.

    歡迎來到 Shopify Inc.

  • Third Quarter 2021 Financial Results Conference Call.

    2021 年第三季度財務業績電話會議。

  • (Operator Instructions) The conference is being recorded.

    (操作員說明)正在錄製會議。

  • (Operator Instructions)

    (操作員說明)

  • I would now like to turn the conference over to Katie Keita, Director of Investor Relations.

    我現在想將會議轉交給投資者關係總監 Katie Keita。

  • Please go ahead.

    請繼續。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Thank you, operator, and good morning, everyone.

    謝謝接線員,大家早上好。

  • We are glad you can join us for our earnings call this morning.

    我們很高興您能加入我們今天早上的財報電話會議。

  • We are joined this morning by Tobi Lütke, Shopify's CEO; Harley Finkelstein, Shopify's President; and Amy Shapero, our CFO.

    Shopify 的首席執行官 Tobi Lütke 今天上午加入了我們的行列。 Shopify 總裁 Harley Finkelstein;和我們的首席財務官 Amy Shapero。

  • After their prepared remarks, we will take your questions.

    在他們準備好發言後,我們將回答您的問題。

  • We will make forward-looking statements on our call today that are based on assumptions and therefore, subject to risks and uncertainties that could cause actual results to differ materially from those projected.

    我們將在今天的電話會議上做出基於假設的前瞻性陳述,因此受到可能導致實際結果與預測結果大不相同的風險和不確定性的影響。

  • We undertake no obligation to update these statements except as required by law.

    除法律要求外,我們不承擔更新這些聲明的義務。

  • You can read about these assumptions, risks and uncertainties in our press release as well as in our filings with U.S. and Canadian regulators.

    您可以在我們的新聞稿以及我們提交給美國和加拿大監管機構的文件中了解這些假設、風險和不確定性。

  • Note that the adjusted financial measures we speak to today are non-GAAP measures, which are not a substitute for GAAP measures.

    請注意,我們今天談到的調整後財務指標是非 GAAP 指標,不能替代 GAAP 指標。

  • Reconciliations between the 2 can be found in our earnings press release.

    兩者之間的調節可以在我們的收益新聞稿中找到。

  • And finally, we report in U.S. dollars, so all amounts discussed today are in U.S. dollars unless otherwise indicated.

    最後,我們以美元報告,因此今天討論的所有金額均以美元為單位,除非另有說明。

  • With that, I turn the call over to Harley.

    有了這個,我把電話轉給了哈利。

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • Thanks, Katie, and good morning.

    謝謝,凱蒂,早上好。

  • Shopify delivered a strong third quarter as the need for modern commerce tools that keep merchants ready for anything and everything is only expanding.

    Shopify 第三季度表現強勁,因為對現代商務工具的需求讓商家為任何事情做好準備,一切都在不斷擴大。

  • The uptake of our newer offerings alongside the growth of our established ones, indicates just how eager merchants are for better ways of doing business in this new world where the lines between online and off-line are increasingly blurred and commerce everywhere is possible.

    隨著我們現有產品的增長,我們的新產品的採用表明,在這個在線和離線之間的界限越來越模糊並且無處不在的商業成為可能的新世界中,商家渴望更好地開展業務。

  • Over time, our growing suite of capabilities, channels and partners has fueled our merchant success and encouraged more entrepreneurs to reach for their independence.

    隨著時間的推移,我們不斷增長的能力、渠道和合作夥伴組合推動了我們的商業成功,並鼓勵更多的企業家實現他們的獨立性。

  • In the space of just 16 months, our merchants cumulative GMV has doubled, going from $200 billion in June 2020 to crossing $400 billion at the beginning of October.

    在短短 16 個月的時間裡,我們的商家累計 GMV 翻了一番,從 2020 年 6 月的 2000 億美元增加到 10 月初的 4000 億美元。

  • We are incredibly proud of what we have helped our merchants to accomplish in the short time span.

    我們為我們幫助商家在短時間內完成的工作感到無比自豪。

  • Shopify always has and always will work to make commerce easier for everyone by building what merchants need now and what they will need in the future.

    Shopify 一直並且將一直致力於通過構建商家現在需要的東西以及他們將來需要的東西來讓每個人的商業變得更容易。

  • Today, I'll run through some of the hard problems we're solving and how Shopify is keeping merchants ahead of the curve.

    今天,我將介紹我們正在解決的一些難題,以及 Shopify 如何讓商家保持領先地位。

  • First, merchants need to be where their buyers are.

    首先,商家需要在他們的買家所在的地方。

  • This past quarter, more buyers were in stores as brick-and-mortar reclaimed some of its share of retail.

    在過去的這個季度,隨著實體店收回部分零售份額,更多的買家在商店裡。

  • With Shopify's all new point-of-sale software supporting in-store retail like no one else, merchants can transition seamlessly between online and off-line selling to give their customers an omnichannel shopping experience that's simple and that's convenient.

    借助 Shopify 全新的銷售點軟件,支持店內零售,商家可以在在線和離線銷售之間無縫轉換,為客戶提供簡單方便的全渠道購物體驗。

  • And now that Point of Sale Pro is available on Android devices, more merchants around the world can benefit from our most advanced point-of-sale features.

    現在,POS 專業版可在 Android 設備上使用,全球更多商家可以從我們最先進的銷售點功能中受益。

  • This past quarter, GMV through our point-of-sale once again expanded its share of our overall GMV.

    在過去的這個季度,通過我們的銷售點的 GMV 再次擴大了其在我們整體 GMV 中的份額。

  • The launch of our integrated point-of-sale hardware in Germany and New Zealand in Q3 contributed to this momentum.

    第三季度我們在德國和新西蘭推出的集成銷售點硬件促成了這一勢頭。

  • With point-of-sale supporting the irreplaceable in-person channel and keeps our physical main streets and town squares vibrant.

    銷售點支持不可替代的面對面渠道,使我們的主要街道和城鎮廣場保持活力。

  • Digital town squares and main streets can be enriched in much the same way by embedding commerce into more services.

    數字城鎮廣場和主要街道可以通過將商業嵌入更多服務以大致相同的方式得到豐富。

  • This allows merchants the ability to offer their buyers an organic shopping experience wherever they are.

    這使商家能夠為他們的買家提供有機購物體驗,無論他們身在何處。

  • With this, we solved 2 more merchant problems, brand ownership and building direct relationships with customers.

    有了這個,我們又解決了兩個商家問題,品牌所有權和與客戶建立直接關係。

  • Social commerce can play an important role here.

    社交商務在這裡可以發揮重要作用。

  • While adoption of social commerce is still early.

    雖然採用社交商務還為時過早。

  • It is growing fast for Shopify because we have been and continue to be at the forefront of multichannel selling.

    Shopify 發展迅速,因為我們一直並繼續處於多渠道銷售的前沿。

  • In Q3, we expanded our relationship with TikTok introducing organic product discovery and shopping tabs where products are linked directly to a merchant's online store for checkout.

    在第三季度,我們擴大了與 TikTok 的關係,引入了有機產品發現和購物標籤,產品直接鏈接到商家的在線商店進行結賬。

  • Since announcing our partnership with TikTok in October last year, merchants have embraced selling on this channel.

    自去年 10 月宣布與 TikTok 建立合作夥伴關係以來,商家已經開始接受在這個渠道上銷售。

  • And just last week, we launched our Spotify sales channel integration, allowing artist, entrepreneurs to sync their product catalogs and showcase their products directly on their Spotify profile.

    就在上週,我們推出了 Spotify 銷售渠道集成,允許藝術家、企業家同步他們的產品目錄並直接在他們的 Spotify 個人資料上展示他們的產品。

  • As a platform, Shopify enables merchants to connect with buyers through social and search in a number of different ways.

    作為一個平台,Shopify 使商家能夠通過社交和搜索以多種不同方式與買家建立聯繫。

  • While this most commonly happens via traditional ads placed, more merchants are finding value using a Shopify integrated marketing app or an integration that takes buyers direct to checkout.

    雖然這通常通過放置的傳統廣告發生,但更多商家正在使用 Shopify 集成營銷應用程序或將買家直接結帳的集成來尋找價值。

  • In fact, GMV generated through these valuable integrations for social grew more than tenfold from the same quarter last year and double digits sequentially.

    事實上,通過這些有價值的社交整合產生的 GMV 比去年同期增長了十倍以上,並連續兩位數增長。

  • Thousands more merchants integrated with our Facebook, Instagram and Google channels in Q3, positioning themselves to be discovered by billions of potential buyers.

    數以千計的商家在第三季度與我們的 Facebook、Instagram 和 Google 渠道整合,將自己定位為被數十億潛在買家發現。

  • We saw the share of GMV from these channels expand its contribution to overall GMV quarter-over-quarter by several basis points.

    我們看到來自這些渠道的 GMV 份額將其對整體 GMV 的貢獻環比擴大了幾個基點。

  • Increasing sales conversion is a central problem businesses encounter that Shopify is well positioned to solve.

    提高銷售轉化率是企業遇到的一個核心問題,Shopify 可以很好地解決。

  • Shop Pay, our accelerated checkout, has been our primary tool for merchants to increase conversion, and it is now available to U.S. merchants on Facebook and Instagram, whether they're on Shopify or not.

    Shop Pay 是我們的加速結賬,一直是我們幫助商家提高轉化率的主要工具,現在無論是否在 Shopify,美國商家都可以在 Facebook 和 Instagram 上使用它。

  • We're seeing early traction with a number of buyers checking out with Shop Pay and Facebook and Instagram growing and orders ramping up on these surfaces for Shopify and non-Shopify merchants.

    我們看到許多買家在 Shop Pay 和 Facebook 和 Instagram 上結賬的早期牽引力不斷增長,Shopify 和非 Shopify 商家在這些平台上的訂單也在增加。

  • We remain on track to add Shopify Payments as the processor for all Shopify merchant transactions on Facebook properties by year-end.

    我們仍有望在年底前將 Shopify Payments 添加為 Facebook 資產上所有 Shopify 商家交易的處理器。

  • We expect its integration with Google where Shopify and non-Shopify merchants alike will be able to offer Shop Pay at checkout to be completed in the fourth quarter.

    我們預計其與 Google 的整合將在第四季度完成,Shopify 和非 Shopify 商家都將能夠在結賬時提供 Shop Pay。

  • Shop Pay is also the accelerated checkout for our digital shopping assistant, Shop, which helps merchants strengthen their relationships with buyers with the goal of extending buyer LTV.

    Shop Pay 也是我們數字購物助手 Shop 的加速結賬工具,可幫助商家加強與買家的關係,以延長買家 LTV。

  • As of Q3, we have brought the innovation of Shop and its latest features to all the same 17 countries of Shopify Payments, including fast and easy checkout through Shop Pay and Shop Pay installments, both of which have proven to increase sales conversion and checkout speed as well as order tracking, merchant and product recommendations and a growing number of curated shopping lists.

    截至第 3 季度,我們已將 Shop 的創新及其最新功能帶到了所有相同的 17 個國家/地區的 Shopify Payments,包括通過 Shop Pay 和 Shop Pay 分期付款快速輕鬆地結賬,這兩種方式已被證明可以提高銷售轉化率和結賬速度以及訂單跟踪、商家和產品推薦以及越來越多的精選購物清單。

  • Both the number of Shop registered and monthly active users, which includes both buyers that have opted into Shop Pay as well as users of the app, surpassed all previous quarters in Q3.

    Shop 註冊用戶數量和月活躍用戶數量(包括選擇使用 Shop Pay 的買家以及該應用程序的用戶)在第三季度都超過了之前的所有季度。

  • And by the end of September, Shop Pay had facilitated more than $35 billion in cumulative GMV since its launch in 2017.

    自 2017 年推出以來,截至 9 月底,Shop Pay 已促成超過 350 億美元的累計 GMV。

  • Shop Pay Installments, our buy now, pay later product, also leverages the power of Shop Pay, so merchants can offer their buyers a flexible and convenient way to make purchases.

    Shop Pay 分期付款是我們的“先買後付”產品,也利用 Shop Pay 的強大功能,因此商家可以為買家提供靈活便捷的購買方式。

  • Shop Pay Installments, which has proven to boost repeat purchases among first-time customers by 23% is clearly resonating with buyers.

    事實證明,商店付款分期付款可將首次購買者的重複購買率提高 23%,這顯然引起了買家的共鳴。

  • In Q3, the number of repeat buyers quadrupled and the growth of GMV transacted via Shop Pay Installments accelerated over the previous quarter, following the products released to all U.S. merchants in June.

    在 6 月份向所有美國商家發布產品之後,第三季度重複購買者的數量翻了兩番,通過 Shop Pay 分期付款交易的 GMV 的增長比上一季度加速。

  • One of the hardest problems entrepreneurs face as they scale is selling internationally.

    企業家在擴大規模時面臨的最困難的問題之一是國際銷售。

  • That's why we're supercharging our merchants' cross-border commerce capabilities with the launch of Shopify Markets.

    這就是為什麼我們通過推出 Shopify Markets 來增強商家的跨境商務能力。

  • With 28% of traffic to merchant stores from international buyers, global commerce is a major opportunity for our merchants to grow their business.

    28% 的商戶流量來自國際買家,全球貿易是我們商戶發展業務的重要機會。

  • Shopify Markets removes complexity for our merchants, letting them easily sell to buyers around the world from a single store.

    Shopify Markets 為我們的商家消除了複雜性,讓他們可以輕鬆地從一家商店向世界各地的買家銷售產品。

  • Merchants are showing strong interest in Shopify Markets during this early access period with tens of thousands of merchants joining our waitlist.

    在此早期訪問期間,商家對 Shopify Markets 表現出濃厚的興趣,數以萬計的商家加入了我們的候補名單。

  • We're getting incredibly positive feedback on Shopify balance from merchants who say they're saving on fees and now have separation between personal and business finances.

    我們從商家那裡獲得了令人難以置信的對 Shopify 餘額的積極反饋,他們說他們正在節省費用並且現在將個人財務和企業財務分開。

  • They're getting faster access to their money, saving time and earning cash back and other rewards, all of which goes directly back into their business.

    他們可以更快地獲得資金,節省時間並獲得現金返還和其他獎勵,所有這些都直接回到他們的業務中。

  • To access innovations like Shopify Balance, Shop Pay Installments and Shopify Markets local pricing, currency and payment features, merchants need to be using Shopify Payments.

    要訪問 Shopify Balance、Shopify 分期付款和 Shopify Markets 本地定價、貨幣和支付功能等創新,商家需要使用 Shopify Payments。

  • As more merchants, including Shopify Plus and retail merchants are adopting Shopify Payments, penetration continues up into the right, accounting for nearly half of the GMV transacted in Q3.

    隨著越來越多的商家(包括 Shopify Plus 和零售商家)採用 Shopify Payments,滲透率繼續上升,佔第三季度交易 GMV 的近一半。

  • While no longer new, Shopify Capital is no doubt among the innovations merchants cherish on Shopify.

    雖然不再新鮮,但 Shopify Capital 無疑是商家珍視 Shopify 的創新之一。

  • Shopify Capital had another record funding quarter as we help merchants buy inventory and get ready for BFCM, increasing the amount of finance to merchants 56% year-over-year and cumulatively funding $2.7 billion since its launch in 2016.

    Shopify Capital 在幫助商家購買庫存並為 BFCM 做好準備的過程中,又創下了另一個創紀錄的融資季度,自 2016 年推出以來,商家的融資額同比增長 56%,累計融資 27 億美元。

  • Another established merchant solution that makes growing a business easier and more affordable for our merchants is Shopify Shipping, which we expanded to the U.K. in Q3.

    Shopify Shipping 是另一個成熟的商家解決方案,可以讓我們的商家更輕鬆、更實惠地發展業務,我們在第三季度將其擴展到英國。

  • Shopify is also making commerce easier for larger brands through Shopify Plus.

    Shopify 還通過 Shopify Plus 讓大品牌的商務活動更加輕鬆。

  • We are equipping high-volume merchants with the ability to move fast and tell their own unique brand stories through the flexibility of our platform, all for a lower cost of ownership.

    我們正在為大批量商家提供快速行動的能力,並通過我們平台的靈活性講述他們自己獨特的品牌故事,所有這些都是為了降低擁有成本。

  • In Q3, more merchants joined Shopify Plus with a healthy balance of brands upgrading from standard plans and coming new to the platform.

    在第三季度,更多的商家加入了 Shopify Plus,品牌從標準計劃升級到平台新成員之間取得了健康平衡。

  • Some exciting international brands that launched in the quarter included French beauty retailer, L'Occitane; Swiss computer manufacturer, Logitech; Japanese minimalist retailer, Muji; Dutch fashion label, Scotch & Soda; and Healthy Life, the health and wellness business by the giant Australian retailer Woolworths.

    本季度推出的一些令人興奮的國際品牌包括法國美容零售商歐舒丹;瑞士電腦製造商羅技;日本極簡主義零售商,無印良品;荷蘭時尚品牌 Scotch & Soda;和健康生活,澳大利亞大型零售商 Woolworths 的健康和保健業務。

  • Celebrities and creators are also joining Shopify to share their passion and own their brands.

    名人和創作者也加入 Shopify,分享他們的熱情並擁有自己的品牌。

  • Superstar actress Jennifer Aniston launched her sustainable hair care brand, LolaVie; and basketball star Jimmy Butler launched his BIGFACE Coffee Brand through our Creator program, which helps creators match their influence with ownership.

    超級明星女演員詹妮弗安妮斯頓推出了她的可持續護髮品牌 LolaVie;籃球明星 Jimmy Butler 通過我們的創作者計劃推出了他的 BIGFACE 咖啡品牌,該計劃幫助創作者將他們的影響力與所有權相匹配。

  • Some other notable brands that launched in Q3 were shapewear trailblazer, Spanx; casual apparel brand, Dockers; apparel and accessory brand, Frank & Oak; children's equipment manufacturer, Even Flow; home storage company, Tupperware; Unsubscribed by lifestyle clothing brand American Eagle; luxury fashion house, Kenneth Cole; and more CPG brands from Nestlé and General Mills.

    在第三季度推出的其他一些著名品牌是塑身衣開拓者 Spanx;休閒服飾品牌 Dockers;服裝和配飾品牌,Frank & Oak;兒童設備製造商,Even Flow;家庭存儲公司,特百惠;被生活方式服裝品牌 American Eagle 取消訂閱;豪華時裝屋,Kenneth Cole;以及雀巢和通用磨坊的更多 CPG 品牌。

  • Retailers looking to modernize their operations by leveraging the customization capabilities and the flexibility of our platform go to Shopify Plus.

    希望通過利用我們平台的定制功能和靈活性來實現運營現代化的零售商可以使用 Shopify Plus。

  • Case in point is centrally old florist network, FTD.

    典型的例子是中央老花店網絡,FTD。

  • Since it stays as a telegraph delivery company for flowers in the early 1900s, FTD has successfully evolved with the retail landscape and is now again modernizing its retail technology with Shopify Plus to provide intuitive and streamlined shopping experiences.

    自從在 1900 年代初期作為鮮花電報遞送公司以來,FTD 已經成功地隨著零售業的發展而發展,現在再次通過 Shopify Plus 對其零售技術進行現代化改造,以提供直觀和簡化的購物體驗。

  • We're excited to work with FTD to help them and their extensive partner network, bringing beautiful flowers and memories to their customers.

    我們很高興與 FTD 合作,幫助他們及其廣泛的合作夥伴網絡,為他們的客戶帶來美麗的鮮花和回憶。

  • As Shopify builds the essential Internet infrastructure for commerce, we have made it easier and more attractive for our talented partner ecosystem to support our merchants by building on and for Shopify.

    隨著 Shopify 為商業構建基本的 Internet 基礎設施,我們讓我們才華橫溢的合作夥伴生態系統更容易、更有吸引力,通過在 Shopify 的基礎上和為 Shopify 構建來支持我們的商家。

  • Earlier this month, we launched our global ERP program with ERP heavyweights such as Microsoft, Oracle NetSuite and Brightpearl, building integrations into the Shopify App store.

    本月早些時候,我們與微軟、Oracle NetSuite 和 Brightpearl 等 ERP 重量級企業啟動了我們的全球 ERP 計劃,將集成到 Shopify 應用商店。

  • By integrating these apps, our more complex merchants can seamlessly connect their workflows, saving them time and money and giving them direct control over their data.

    通過集成這些應用程序,我們更複雜的商家可以無縫連接他們的工作流程,節省他們的時間和金錢,並讓他們直接控制他們的數據。

  • Another good example is Roku, which is working to launch the first-ever TV streaming advertising app on the Shopify App Store expected in time for the holiday shopping season, making it easier for small businesses to afford advertising on TV.

    另一個很好的例子是 Roku,它正在努力在 Shopify App Store 上推出首款電視流媒體廣告應用程序,預計在假日購物季期間推出,讓小企業更容易在電視上投放廣告。

  • Our partner ecosystem also help more merchants start their journey on Shopify with over 43,000 partners referring at least 1 merchant over the past 12 months.

    我們的合作夥伴生態系統還幫助更多的商家開始他們的 Shopify 之旅,在過去的 12 個月中,超過 43,000 個合作夥伴推薦了至少 1 個商家。

  • As our merchants gear up for the busy holiday shopping season, Shopify and our partners are ready to help them capture opportunities to build their brands and sell their products to buyers wherever those interactions may happen.

    隨著我們的商家為繁忙的假日購物季做準備,Shopify 和我們的合作夥伴已準備好幫助他們抓住機會建立自己的品牌,並將產品銷售給可能發生這些互動的買家。

  • As part of our commitment to empower our merchants, we extended our far-reaching support for our merchants in August, opening our second brick-and-mortar space in New York City in addition to reopening our L.A. space in October.

    作為我們增強商家能力承諾的一部分,我們在 8 月擴大了對商家的廣泛支持,除了 10 月重新開放我們的洛杉磯空間外,還在紐約市開設了第二家實體店。

  • These spaces help address another problem common for entrepreneurs.

    這些空間有助於解決企業家常見的另一個問題。

  • It's lonely work.

    這是一個孤獨的工作。

  • By giving them a one-stop destination to access community, education, support and creative spaces, merchants can level up their knowledge, network and their business.

    通過為他們提供訪問社區、教育、支持和創意空間的一站式目的地,商家可以提升他們的知識、網絡和業務。

  • Before I hand it over to Amy, it's my long list this morning of the many challenges faced by our merchants makes entrepreneurship sound hard, that's because it is.

    在我把它交給艾米之前,這是我今天早上的一長串清單,列出了我們的商人面臨的許多挑戰讓創業聽起來很難,因為它確實如此。

  • It will always be hard.

    這將永遠是艱難的。

  • That's the nature of entrepreneurship.

    這就是創業的本質。

  • But the good news is that all of these features I just laid out are all the areas where we're making things not just easier, but better.

    但好消息是,我剛剛列出的所有這些功能都是我們讓事情變得更容易而且更好的所有領域。

  • This is how we make commerce better for everyone.

    這就是我們如何讓每個人的商業都變得更好。

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • Thanks, Harley.

    謝謝,哈利。

  • We are pleased with our progress this quarter as our outlook for the year unfolds as we had anticipated, with consumer spending on services and physical retail expanding in the quarter as most markets began their post-pandemic recovery.

    我們對本季度取得的進展感到滿意,因為我們對今年的展望如我們預期的那樣展開,隨著大多數市場開始大流行後復蘇,本季度消費者在服務和實體零售方面的支出有所增加。

  • The shift was more pronounced in July with travel and entertainment spend increasing in the beginning of summer and online spend dipping in July as a result and then improving in August and September as kids went back to in-person school and people started to return to their workplaces.

    這種轉變在 7 月份更為明顯,夏季開始時旅遊和娛樂支出增加,因此 7 月份在線支出下降,然後在 8 月和 9 月有所改善,因為孩子們回到了面對面的學校,人們開始回到他們的學校。工作場所。

  • As the world begins to return to some normalcy and the extreme levels of online shopping over the past year make way for more in-person retail and experiences, e-commerce's share of overall retail has reset lower than the peak last year, but still several points higher than it was 2 years ago and is poised to resume a more normalized rate of growth and continue its share gains of retail over the long term.

    隨著世界開始恢復正常,過去一年的極端網絡購物為更多的面對面零售和體驗讓路,電子商務在整體零售中的份額已低於去年的峰值,但仍有幾個點高於 2 年前,並準備恢復更正常的增長率,並在長期內繼續其零售份額增長。

  • It is in this new normal that Shopify serves as the essential Internet infrastructure for commerce for a growing base of entrepreneurs around the world where commerce happens online, off-line and everywhere in between.

    正是在這種新常態下,Shopify 成為了世界各地不斷增長的企業家群體的重要互聯網基礎設施,在這些基礎設施中,在線、離線以及介於兩者之間的任何地方都發生了商業活動。

  • Amidst this backdrop, revenue in our third quarter grew 46% year-over-year to $1.1 billion, driven by strong performance from both our Subscription Solutions and Merchant Solutions segments.

    在這種背景下,我們第三季度的收入同比增長 46% 至 11 億美元,這得益於我們的訂閱解決方案和商家解決方案部門的強勁表現。

  • Subscription Solutions revenue increased 37% over the same period last year to $336.2 million, largely due to strong growth in monthly recurring revenue.

    訂閱解決方案收入比去年同期增長 37% 至 3.362 億美元,這主要是由於每月經常性收入的強勁增長。

  • MRR grew 33% year-over-year to $98.8 million as more merchants join the platform and the number of retail locations using POS Pro increased.

    隨著越來越多的商家加入該平台以及使用 POS Pro 的零售點數量增加,MRR 同比增長 33% 至 9880 萬美元。

  • Shopify Plus contributed $27.2 million or 28% of MRR compared with 25% in Q3 of 2020.

    Shopify Plus 貢獻了 2720 萬美元或 MRR 的 28%,而 2020 年第三季度為 25%。

  • Subscription Solutions revenue and MRR year-over-year growth were impacted by the double cohort effect in our third quarter last year, in which users of both the 90-day extended free trial on standard plans offered until May 31 and 14-day free trial converted into paying merchants in last year's third quarter.

    訂閱解決方案收入和 MRR 同比增長受到我們去年第三季度的雙重隊列效應的影響,其中用戶在 5 月 31 日之前提供標準計劃的 90 天延長免費試用期和 14 天免費試用期去年第三季度轉為付費商戶。

  • Subscription Solutions year-over-year revenue growth was also impacted by our new app and theme revenue models implemented in August and September, respectively, of this year, which reduced Subscription Solutions revenue by approximately $11 million in Q3 2021.

    訂閱解決方案的收入同比增長也受到我們分別於今年 8 月和 9 月實施的新應用和主題收入模型的影響,這使訂閱解決方案的收入在 2021 年第三季度減少了約 1100 萬美元。

  • This represents about 1% of our total revenue, and while not material to us is material to our developer community over the long term.

    這約占我們總收入的 1%,雖然從長遠來看,對我們來說並不重要,但對我們的開發者社區來說卻很重要。

  • Merchant Solutions revenue grew 51% over Q3 2020 to $787.5 million.

    商戶解決方案收入比 2020 年第三季度增長 51%,達到 7.875 億美元。

  • This growth was driven primarily by GMV expansion, which was up 35% year-over-year on a much higher base of GMV to $41.8 billion, bringing the GMV generated in the first 3 quarters of 2021 above what our merchants did in all of 2020.

    這一增長主要是由 GMV 擴張推動的,GMV 基數更高,達到 418 億美元,同比增長 35%,使 2021 年前三個季度產生的 GMV 高於我們的商家在 2020 年全年的水平.

  • Our aggregate level of GMV held firm quarter-over-quarter despite some increase in consumer spending towards travel and entertainment I mentioned earlier at the start of summer 2021 and government stimulus in the U.S. that benefited Q1 and Q2 and dissipated in Q3.

    儘管我之前在 2021 年夏季開始時提到的旅遊和娛樂方面的消費者支出有所增加,並且美國政府的刺激措施使第一季度和第二季度受益並在第三季度消散,但我們的 GMV 總水平保持穩定。

  • Within the quarter, GMV performance mirrored broader consumer spending month-by-month in Q3.

    在本季度內,GMV 表現反映了第三季度更廣泛的消費者支出。

  • Any impact to GMV from supply chain issues or Apple's changes to IDFA are harder to discern.

    供應鏈問題或 Apple 對 IDFA 的更改對 GMV 的任何影響都難以辨別。

  • Merchants' inventory levels and delivery times were consistent versus Q3 last year and GMV followed the same macroeconomic patterns regardless of operating system.

    商家的庫存水平和交貨時間與去年第三季度保持一致,無論操作系統如何,GMV 都遵循相同的宏觀經濟模式。

  • However, it is hard to be certain that cost increases, whether to materials, labor, shipping or advertising had no impact on GMV.

    然而,很難確定成本增加,無論是材料、勞動力、運輸還是廣告成本對 GMV 沒有影響。

  • We believe our software and services better position merchants to have room in their margins to absorb these inflationary pressures and engage buyers across multiple sales channels and merchants remain resilient in the quarter as a result.

    我們相信我們的軟件和服務能夠更好地定位商家,使其在利潤率上有空間來吸收這些通脹壓力,並通過多個銷售渠道吸引買家,因此商家在本季度保持彈性。

  • All merchant segments had solid growth in the quarter with GMV outside of North America, Shopify Plus GMV and POS GMV all gaining share quarter-over-quarter and year-over-year.

    所有商戶部門在本季度均實現穩健增長,北美以外的 GMV、Shopify Plus GMV 和 POS GMV 的份額均環比和同比增長。

  • Our strong year-over-year growth in Merchant Solutions revenue was driven by increased GMV penetration of Shopify Payments compared with the same period last year on strong growth in merchant sales in Q3 2021, combined with new revenues from several strategic partnerships, namely Affirm and Global-e relating to merchant services product performance obligations, which we began highlighting in Q2 of this year.

    與去年同期相比,Shopify Payments 的 GMV 滲透率增加,以及 2021 年第三季度商戶銷售額的強勁增長,以及來自多個戰略合作夥伴關係的新收入,即 Affirm 和 Affirm 和Global-e 與商家服務產品履約義務有關,我們在今年第二季度開始強調這一點。

  • $20.5 billion dollars of GMV was processed on Shopify Payments in Q3, up 47% versus the same quarter last year.

    第三季度,Shopify Payments 處理了 205 億美元的 GMV,與去年同期相比增長了 47%。

  • Shopify Payments penetration of GMV was 49% versus 45% in Q3 2020 with gains realized across channels, merchant segments and geographies.

    Shopify Payments 的 GMV 滲透率為 49%,而 2020 年第三季度為 45%,實現了跨渠道、商戶細分和地域的收益。

  • As we have rolled out our POS hardware with integrated payments to more countries, Shopify Payments penetration for our POS channel is now higher than our GPV overall.

    隨著我們向更多國家/地區推出集成支付功能的 POS 硬件,我們 POS 渠道的 Shopify Payments 滲透率現在高於我們的整體 GPV。

  • And more high-volume Shopify Plus merchants adopted Shopify Payments, which also introduced incremental levels of GPV.

    更多的大容量 Shopify Plus 商家採用了 Shopify Payments,這也引入了 GPV 的增量級別。

  • Adjusted gross profit dollars grew 49% over last year's third quarter to $616.4 million.

    調整後的毛利潤美元比去年第三季度增長 49%,達到 6.164 億美元。

  • Adjusted operating income was $140.2 million in the third quarter compared with adjusted operating income of $130.9 million in the third quarter of 2020.

    第三季度調整後營業收入為 1.402 億美元,而 2020 年第三季度調整後營業收入為 1.309 億美元。

  • In Q3, we accelerated our Opex spend, stepping up our hiring of R&D and commercial talent as planned and executing on growth marketing initiatives.

    在第三季度,我們加快了運營支出支出,按計劃加大了對研發和商業人才的招聘力度,並執行了增長營銷計劃。

  • Adjusted operating income excludes a $30.1 million impairment relating to the planned termination or sublet of additional lease agreements for office space that we ceased using in the third quarter, resulting from our decision to work remotely permanently, which we announced in our second quarter last year.

    調整後的營業收入不包括與我們在第三季度停止使用的辦公空間的計劃終止或轉租額外租賃協議相關的 3010 萬美元減值,這是由於我們決定永久遠程工作,我們在去年第二季度宣布了這一點。

  • Adjusted net income for the quarter was $102.8 million or $0.81 per diluted share compared with adjusted net income of $140.8 million or $1.13 per diluted share in last year's third quarter.

    本季度調整後的淨收入為 1.028 億美元或每股攤薄收益 0.81 美元,而去年第三季度的調整後淨收入為 1.408 億美元或每股攤薄收益 1.13 美元。

  • Adjusted net income in Q3 2021 excludes a $1.3 billion unrealized gain on our equity investments.

    2021 年第三季度調整後的淨收入不包括我們股權投資的 13 億美元未實現收益。

  • Finally, our cash, cash equivalents and marketable securities balance was $7.52 billion on September 30 compared with $6.39 billion at year-end.

    最後,我們在 9 月 30 日的現金、現金等價物和有價證券餘額為 75.2 億美元,而年底時為 63.9 億美元。

  • Shopify is well positioned to continue building the commerce infrastructure independent merchants need to compete with the biggest retailers around the world.

    Shopify 處於有利地位,可以繼續構建獨立商家與全球最大零售商競爭所需的商業基礎設施。

  • Our key investment areas, Shopify Fulfillment Network, Shop and international expansion strengthen our merchants' toolboxes and puts these capabilities into the hands of more entrepreneurs.

    我們的主要投資領域、Shopify Fulfillment Network、Shopify 和國際擴張加強了我們商家的工具箱,並將這些能力交到更多企業家手中。

  • In Q3, we continued to build the foundation of Shopify Fulfillment Network to offer simple, fast and affordable fulfillment to our merchants.

    在第三季度,我們繼續建立 Shopify Fulfillment Network 的基礎,為我們的商家提供簡單、快速和負擔得起的履行。

  • We added features that reduce complexity and help merchants sell more, including product bundling, regional tax settings and tracking inbound transfer shipments of inventory.

    我們添加了降低複雜性並幫助商家銷售更多產品的功能,包括產品捆綁、區域稅收設置和跟踪庫存的入站轉移發貨。

  • Our Shopify Fulfillment Network team has also been heads down preparing for the upcoming Black Friday Cyber Monday shopping weekend, which typically kicks off the busiest shopping period of the year for our merchants, ramping up services at our fulfillment centers.

    我們的 Shopify Fulfillment Network 團隊也一直在為即將到來的黑色星期五網絡星期一購物週末做準備,這通常會為我們的商家開啟一年中最繁忙的購物期,從而加強我們履行中心的服務。

  • In addition, we're educating our merchants on how to optimize their operations in time for the peak selling season while balancing supply chain uncertainties and increased shipping demand through a combination of webinars, blog posts, merchant newsletters and events.

    此外,我們正在教育我們的商家如何在銷售旺季及時優化他們的運營,同時通過網絡研討會、博客文章、商家通訊和活動的組合來平衡供應鏈的不確定性和增加的運輸需求。

  • 6 River Systems warehouse fulfillment solution is ready to help effectively manage the influx of volumes at our network's nodes as well as at their customers' warehouses.

    6 River Systems 倉庫履行解決方案已準備好幫助有效管理我們網絡節點及其客戶倉庫的大量湧入。

  • Demand for wall-to-wall fulfillment technology remained strong in Q3 with 6 River Systems revenue more than tripling year-over-year as bookings increased and we ramped up our pace of deployment.

    隨著預訂量的增加和我們加快部署步伐,第三季度對牆到牆履行技術的需求依然強勁,6 River Systems 的收入同比增長了三倍多。

  • Turning to our second key area of investment, Shop.

    轉向我們的第二個關鍵投資領域,商店。

  • Harley highlighted earlier the significant progress we've made in expanding Shop's reach to 17 new countries where we offer Shopify Payments.

    Harley 早些時候強調了我們在將 Shop 的覆蓋範圍擴大到我們提供 Shopify Payments 的 17 個新國家/地區方面取得的重大進展。

  • We're also working to position our merchants for a successful holiday shopping season.

    我們還在努力為我們的商家定位一個成功的假日購物季。

  • We're making it easier for buyers to discover new products from the merchants they love through more curated experiences while enhancing the utility of shop through features like Shop Pay Installments and order tracking.

    我們通過更精心策劃的體驗讓買家更容易從他們喜愛的商家那裡發現新產品,同時通過 Shop Pay 分期付款和訂單跟踪等功能增強商店的實用性。

  • Our third key area of investment is international expansion.

    我們的第三個主要投資領域是國際擴張。

  • Shopify is making it easier for merchants to sell almost anywhere.

    Shopify 讓商家可以更輕鬆地在幾乎任何地方進行銷售。

  • We announced Shopify Markets in September.

    我們在 9 月發布了 Shopify Markets。

  • Shopify Markets gives our merchants the back-end tools to scale their businesses internationally and the front-end tools to offer buyers the most intuitive experiences and serves as a great complement to our offering with our partner, Global-e, which gives merchants the option for a more full-service outsourced solution.

    Shopify Markets 為我們的商家提供了在國際上擴展其業務的後端工具,以及為買家提供最直觀體驗的前端工具,並作為我們與合作夥伴 Global-e 的產品的重要補充,為商家提供了選擇尋求更全面的服務外包解決方案。

  • In addition, the expansion of Shopify POS to Germany and New Zealand gives more merchants around the world a unified commerce experience with best-in-class omnichannel capabilities.

    此外,Shopify POS 擴展到德國和新西蘭,為全球更多商家提供了具有一流全渠道能力的統一商務體驗。

  • As we improve the product market fit of Shopify in our focused regions, more entrepreneurs are joining Shopify, and our merchants are succeeding as we saw our base of merchants and GMV outside North America increase as part of our overall mix in Q3 compared with the same period last year.

    隨著我們改善 Shopify 在我們重點地區的產品市場契合度,越來越多的企業家加入 Shopify,我們的商家正在取得成功,因為我們看到我們在北美以外的商家基礎和 GMV 作為我們第三季度整體組合的一部分與同期相比有所增加去年期間。

  • As a reminder, we are building a portfolio of growth initiatives with different return time horizons that we expect will contribute to Shopify's growth over the long term.

    提醒一下,我們正在構建具有不同回報時間範圍的增長計劃組合,我們預計這將有助於 Shopify 的長期增長。

  • Initiatives like international expansion and Shopify POS, which we embarked upon a few years ago are further ahead in product and market development and some of our more complex and groundbreaking initiatives like Shopify Fulfillment Network and Shop, which are still in their early stages.

    我們幾年前開始的國際擴張和 Shopify POS 等舉措在產品和市場開發方面走得更遠,而我們的一些更複雜和開創性的舉措,如 Shopify Fulfillment Network 和 Shop,仍處於早期階段。

  • We are excited about all of our vectors of growth and the opportunities they offer to our merchants.

    我們對我們所有的增長載體以及它們為我們的商家提供的機會感到興奮。

  • Turning to our outlook.

    轉向我們的前景。

  • The economy remains resilient.

    經濟保持彈性。

  • Consumer spending on services and off-line retail is expanding.

    消費者在服務和線下零售方面的支出正在擴大。

  • And e-commerce, after easing from its peak share as a percent of total retail, is growing at a more normalized pace relative to 2020.

    電子商務在零售總額中所佔的份額從峰值下降後,相對於 2020 年正以更加正常的速度增長。

  • In view of these factors, we continue to expect to grow revenue rapidly in 2021 but at a lower rate than in 2020.

    鑑於這些因素,我們繼續預計 2021 年收入將快速增長,但增速低於 2020 年。

  • For the full year 2021, we continue to expect the following.

    對於 2021 年全年,我們繼續期待以下情況。

  • Subscription Solutions revenue growth to be driven by more merchants around the world joining the platform in a number lower than the record in 2020 but higher than any year prior to 2020.

    訂閱解決方案收入增長將由全球更多商家加入該平台推動,數量低於 2020 年的記錄,但高於 2020 年之前的任何一年。

  • The growth rates of Subscription Solutions and Merchant Solutions revenues to be more similar to each other than for 2020 or any year prior to it, as we do not expect the surge in GMV that drove Merchant Solutions in 2020 to repeat.

    與 2020 年或之前的任何一年相比,訂閱解決方案和商家解決方案收入的增長率將更加相似,因為我們預計 2020 年推動商家解決方案的 GMV 激增不會重複。

  • And Merchant Solutions revenue growth to be driven by continued GMV growth from existing merchants, new merchants joining the platform and expanded adoption of Shopify's Merchant Solutions.

    現有商家的 GMV 持續增長、新商家加入平台以及 Shopify 商家解決方案的廣泛採用將推動商家解決方案收入增長。

  • We continue to expect the fourth quarter to contribute the largest share of full year revenue and that the revenue spread will be more evenly distributed across the 4 quarters than it has been historically.

    我們繼續預計第四季度將佔全年收入的最大份額,並且四個季度的收入分佈將比以往更加均勻。

  • While the commerce market, both online and off-line, may be impacted by supply chain delays or increased costs for materials, labor, shipping or advertising in the fourth quarter and spending on Black Friday, Cyber Monday may be pulled forward, we expect our GMV in the fourth quarter to continue to grow substantially faster than the commerce market.

    雖然線上和線下的商業市場可能會受到供應鏈延遲或第四季度材料、勞動力、運輸或廣告成本增加以及黑色星期五支出的影響,但網絡星期一可能會提前,我們預計我們的第四季度GMV繼續大幅增長,快於商業市場。

  • We continue to expect rapid growth in gross profit dollars in 2021 and plan to continue reinvesting back into our business as aggressively as we can, with the year-over-year growth in operating expenses accelerating slightly in Q4 after excluding the Q3 impairment charge as we expect to hire more engineers and commercial talent and ramp up our go-to-market programs and events.

    我們繼續預計 2021 年毛利潤美元將快速增長,併計劃繼續盡可能積極地重新投資於我們的業務,在剔除第三季度減值費用後,第四季度運營費用的同比增長略有加速,因為我們期望僱用更多的工程師和商業人才,並加強我們的上市計劃和活動。

  • Finally, we expect stock-based compensation and related payroll taxes to be approximately $400 million and amortization of acquired intangibles to be approximately $22 million for 2021.

    最後,我們預計到 2021 年,基於股票的薪酬和相關工資稅約為 4 億美元,所購無形資產的攤銷約為 2200 萬美元。

  • And we continue to expect full year 2021 adjusted operating income to be above the level we achieved in 2020.

    我們繼續預計 2021 年全年調整後的營業收入將高於我們在 2020 年實現的水平。

  • Some final thoughts to leave you with.

    一些最後的想法留給你。

  • We are still in the early innings of omnichannel commerce, which has plenty of runway ahead, and Shopify's flywheel is just taking off.

    我們仍處於全渠道商務的早期階段,前方有很多跑道,而 Shopify 的飛輪才剛剛起步。

  • Merchants around the world are joining Shopify to grow their businesses.

    世界各地的商家都在加入 Shopify 以發展他們的業務。

  • Merchants are taking more of our solutions, and we continue to launch new products designed to help our merchants succeed.

    商家正在採用更多我們的解決方案,我們將繼續推出旨在幫助商家取得成功的新產品。

  • Our powerful platform, mission-driven investments and focus on execution, backed by the tailwinds of digital commerce, position our merchants and Shopify for success now and in the years to come.

    我們強大的平台、以使命為導向的投資和專注於執行,在數字商務的順風支持下,使我們的商家和 Shopify 在現在和未來幾年取得成功。

  • I'll now turn the call back to Katie.

    我現在將電話轉回凱蒂。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Thanks, Amy.

    謝謝,艾米。

  • (Operator Instructions) Ariel, can you open the line up for questions now?

    (操作員說明)Ariel,您現在可以打開隊列提問嗎?

  • Operator

    Operator

  • (Operator Instructions) Our first question comes from Thomas Forte of D.A. Davidson.

    (操作員說明)我們的第一個問題來自 D.A. 的 Thomas Forte。戴維森。

  • Thomas Ferris Forte - MD & Senior Research Analyst

    Thomas Ferris Forte - MD & Senior Research Analyst

  • So you touched on this in your prepared remarks, but I still think it's the most important question, so I'm going to ask it.

    所以你在準備好的發言中提到了這一點,但我仍然認為這是最重要的問題,所以我要問它。

  • What is Shopify doing to help merchants address challenges caused by supply chain issues and logistics inflation?

    Shopify 正在採取哪些措施來幫助商家應對供應鏈問題和物流通脹帶來的挑戰?

  • Tobias Lütke - Founder, Chairman & CEO

    Tobias Lütke - Founder, Chairman & CEO

  • Yes.

    是的。

  • Thank you for the question.

    感謝你的提問。

  • That's I mean, definitely most important thing right now.

    這就是我的意思,絕對是現在最重要的事情。

  • Well, we are seeing talking of everyone on our platform.

    好吧,我們看到我們平台上的每個人都在談論。

  • The challenges are, of course, real.

    當然,挑戰是真實的。

  • There are pressures in supply chain, increasing logistics costs and things like this.

    供應鏈有壓力,物流成本增加等等。

  • And inflation is harder for us to judge.

    通貨膨脹對我們來說更難判斷。

  • There are probably some inflationary things going on.

    可能有一些通貨膨脹的事情正在發生。

  • We have no idea if they are short term or long term.

    我們不知道它們是短期的還是長期的。

  • In terms of this, it's -- I think the role Shopify plays is even more important, right, because there are over 1 million small businesses on the platform.

    就這一點而言,我認為 Shopify 所扮演的角色更為重要,對,因為平台上有超過 100 萬家小企業。

  • The nice thing is we can show up as a unit.

    好消息是我們可以作為一個整體出現。

  • And we can help our customers through these times in a lot of surprising ways that we tend to find and that's what they're doing.

    我們可以通過我們傾向於發現的許多令人驚訝的方式幫助我們的客戶度過這些時期,這就是他們正在做的事情。

  • So far, the good news is that there's more margin in the part of the segment that we are in.

    到目前為止,好消息是我們所處的細分市場有更多的利潤空間。

  • I do think a bunch of people are buffering some of the increases in costs in their margins.

    我確實認為有很多人正在緩沖他們的利潤成本的增加。

  • And we'll just work with the community to see how this is going to continue and how we can help.

    我們將與社區合作,看看這將如何繼續以及我們如何提供幫助。

  • Operator

    Operator

  • Our next question comes from Ken Wong of Guggenheim Securities.

    我們的下一個問題來自古根海姆證券公司的 Ken Wong。

  • Ken Wong

    Ken Wong

  • Fantastic.

    極好的。

  • When we look at this -- the past quarter and some of the recent announcements, you guys launched Shopify Markets, signal for a new B2B offering in the first half of '22 at your Commerce+ event and also announced this global ERP program.

    當我們看到這一點時——上個季度和最近的一些公告,你們推出了 Shopify Markets,在 22 年上半年的 Commerce+ 活動中發出新的 B2B 產品的信號,並且還宣布了這個全球 ERP 計劃。

  • I mean should we view the culmination of these events as Shopify making a real push for the largest of the large retailers?

    我的意思是我們是否應該將這些事件的高潮視為 Shopify 真正推動最大的大型零售商?

  • Or is this just consistent with how you guys have been playing kind of play in the market?

    還是這與你們在市場上玩的方式一致?

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • Thanks for the question, Ken.

    謝謝你的問題,肯。

  • It's Harley here.

    這裡是哈利。

  • So a couple of things.

    所以有幾件事。

  • I think when you look at things like Shopify Markets, for example, which really is going to make it so that any merchant that use Shopify is default global from day 1. That's not just about larger merchants.

    我認為,例如,當您查看 Shopify Markets 之類的東西時,它確實會讓任何使用 Shopify 的商家從第一天起就默認為全球性的。這不僅僅是大型商家。

  • We think that commerce is not just going to be done across every country, but it's also going to be across every surface area.

    我們認為,商業不僅會在每個國家/地區進行,而且還將在每個表面區域進行。

  • The reason why you hear us talking about things like TikTok, for example, or Spotify or Roku, because we think that the future of retail is going to happen everywhere.

    您之所以聽到我們談論諸如 TikTok、Spotify 或 Roku 之類的東西,是因為我們認為零售業的未來將無處不在。

  • And if we want to be the central retail operating system for the best brands, the best retailers, that's how we have to show up.

    如果我們想成為最好的品牌、最好的零售商的中央零售操作系統,這就是我們必須出現的方式。

  • So I would say that when it comes to things like Shopify Markets, the idea really is to make it really easy for anyone to access a global consumer base, and it's not just for the larger brands.

    所以我想說,當談到 Shopify Markets 之類的東西時,這個想法真的是讓任何人都可以很容易地接觸到全球消費者群,而不僅僅是大品牌。

  • When it comes to things like ERP, for example, there's 2 things there.

    例如,當談到 ERP 之類的東西時,有兩件事。

  • The first thing is, yes, some of our homegrown success story, some of those merchants that started at their mom's kitchen table they've grown from cradle to scale.

    第一件事是,是的,我們的一些本土成功故事,其中一些商人從他們媽媽的廚房餐桌開始,他們已經從搖籃發展到規模。

  • They are now going public.

    他們現在正在上市。

  • You saw Figs go public and you see companies like Albert's doing incredibly well or Oakley.

    你看到 Figs 上市了,你看到 Albert's 或 Oakley 這樣的公司做得非常好。

  • So we want to make sure that there is no ceiling on what you can do on Shopify that you can start with us, but you can go really, really large never have to leave the platform.

    因此,我們希望確保您可以在 Shopify 上做的事情沒有上限,您可以從我們開始,但您可以做得非常非常大,而不必離開平台。

  • On that same note, what you're also seeing is more established brands are also coming to Shopify.

    同樣,您還看到更多知名品牌也來到 Shopify。

  • I mentioned some of those brands earlier in my prepared remarks.

    我之前在準備好的評論中提到了其中一些品牌。

  • But when you see these more established brands that are migrating from existing -- company like Dockers, for example, or Kenneth Cole or Spanx or L'Occitane, they want to make sure that they can everything they need to do with Shopify and not have to look elsewhere.

    但是,當您看到這些更成熟的品牌正在從現有的公司遷移時——例如 Dockers 或 Kenneth Cole、Spanx 或 L'Occitane 等公司,他們希望確保他們能夠使用 Shopify 做所有需要做的事情,而沒有去別處看看。

  • And so these ERP integrations simply allow larger brands to more easily migrate out to Shopify, and that's happening now at an amazing pace.

    因此,這些 ERP 集成只是讓較大的品牌更容易遷移到 Shopify,而這正在以驚人的速度發生。

  • So all these things are meant to make it easier for small business to get bigger, but it's also meant that larger businesses continue to future-proof their business and do it all with Shopify.

    因此,所有這些事情都是為了讓小企業更容易做大,但這也意味著大企業繼續在未來證明他們的業務,並通過 Shopify 完成這一切。

  • Operator

    Operator

  • Our next question comes from Siti Panigrahi of Mizuho.

    我們的下一個問題來自瑞穗的 Siti Panigrahi。

  • Sitikantha Panigrahi - MD

    Sitikantha Panigrahi - MD

  • I want to ask you about the social commerce growth this quarter.

    我想問一下本季度社交商務的增長情況。

  • And also, you talked about the social networks as a good channel for your merchants to onboard their buyers.

    此外,您還談到社交網絡是商家吸引買家的好渠道。

  • So since we heard recently, these challenges from privacy so with Apple ATT changes, that's even making it difficult for social platform for targeted ads and your merchants rely on those platform and third-party data for customer acquisition, so how should we think about the impact on your merchant traffic due to these challenges?

    因此,由於我們最近聽說,這些來自隱私的挑戰,因此隨著 Apple ATT 的變化,這甚至使社交平台難以進行定向廣告,而您的商家依賴這些平台和第三方數據來獲取客戶,那麼我們應該如何考慮這些挑戰對您的商戶流量有何影響?

  • And how could you -- what could you do to help your merchants circumvent this challenge?

    你怎麼能——你能做些什麼來幫助你的商家規避這個挑戰?

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • Thanks, Siti.

    謝謝,西蒂。

  • So I think it's quite clear at this point that at Shopify, really, we believe the future of commerce is going to be everywhere.

    所以我認為在這一點上很清楚 Shopify,真的,我們相信商業的未來將無處不在。

  • And the demand for more services to conduct commerce will continue to grow.

    對開展商業的更多服務的需求將繼續增長。

  • And so as entrepreneurs grow and succeed, they will need multiple channels.

    因此,隨著企業家的成長和成功,他們將需要多種渠道。

  • We are seeing more commerce happen through Shopify on social channels.

    我們看到更多的商業通過 Shopify 在社交渠道上發生。

  • That includes Facebook channels, Pinterest, TikTok, Snap as well.

    這包括 Facebook 頻道、Pinterest、TikTok 和 Snap。

  • And actually, the GMV contribution from social channels grew year-over-year.

    實際上,來自社交渠道的 GMV 貢獻同比增長。

  • GMV attributed to social channels grew several times out of online channels, and more shops were successful in making sales to those channels in Q3 this year versus Q3 of last year.

    歸因於社交渠道的 GMV 數倍於在線渠道增長,與去年第三季度相比,今年第三季度更多商店成功通過這些渠道進行銷售。

  • Part of the reason also we're introducing things like TikTok shopping is that it's not just a new channel, but it allows organic product discovery right into the shopping -- right into the videos and also created new shopping tabs.

    我們引入 TikTok 購物之類的部分原因是它不僅僅是一個新渠道,而且它允許有機產品發現直接進入購物 - 直接進入視頻並創建新的購物標籤。

  • So you will see Shopify show up in more of these surfaces where commerce can be conducted.

    因此,您會看到 Shopify 出現在更多可以開展商業活動的平台上。

  • In terms of the -- on the ad side of things, look, near term, these changes, they may reduce the efficacy of ads.

    就廣告方面而言,近期來看,這些變化可能會降低廣告的效果。

  • We think that these changes will further incentivize merchants to try other ways to connect with their buyers on top of ads, of course, getting crazily expensive.

    我們認為這些變化將進一步激勵商家嘗試其他方式在廣告之上與買家建立聯繫,當然,這些方式會變得非常昂貴。

  • I think Google's earnings on Tuesday made it very clear that there are still very effective ways for merchants to find buyers.

    我認為谷歌週二的財報非常清楚地表明,商家仍有非常有效的方法來尋找買家。

  • Longer term, we expect the merchants are actually going to benefit from further embedding in commerce itself into other surfaces and from things like retargeting tools like Shop, for example, that give more control to the buyer.

    從長遠來看,我們預計商家實際上將受益於將商業本身進一步嵌入其他表面,以及從諸如 Shop 之類的重定向工具之類的東西中受益,例如,這些工具可以為買家提供更多控制權。

  • And that's why we continue to announce new partnerships.

    這就是我們繼續宣布新的合作夥伴關係的原因。

  • And so we actually think that by connecting more merchants on our platform with more buyers directly through these channels, they're not necessarily going to be affected by these changes in the long run.

    因此,我們實際上認為,通過這些渠道直接將我們平台上的更多商家與更多買家聯繫起來,從長遠來看,他們不一定會受到這些變化的影響。

  • Operator

    Operator

  • Our next question comes from Deepak Mathivanan of Wolfe Research.

    我們的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

  • Deepak Mathivanan - Research Analyst

    Deepak Mathivanan - Research Analyst

  • Great.

    偉大的。

  • Just one quick one.

    只是一個快速的。

  • So any color you can provide on fulfillment, what is the primary reason to keep it gated?

    因此,您可以在履行時提供任何顏色,保持它封閉的主要原因是什麼?

  • And is your $1 billion investment goal over several years still the plan for fulfillment?

    您未來幾年 10 億美元的投資目標是否仍然是實現的計劃?

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • Yes.

    是的。

  • So there's been no change in direction on Shopify Fulfillment Network.

    所以 Shopify Fulfillment Network 的方向沒有變化。

  • We continue to build fast, reliable, simple-to-use fulfillment.

    我們將繼續構建快速、可靠、易於使用的履行。

  • And we're still in the product market fit phase, as we said we would be this year, heads down building the software and optimizing the network.

    而且我們仍處於產品市場適應階段,正如我們今年所說的那樣,我們將著手構建軟件和優化網絡。

  • We've made no changes to the assumption on spend while we iterate and learn, and we've always said that we would update you if those numbers materially changed.

    在我們迭代和學習的過程中,我們沒有對支出假設進行任何更改,並且我們一直表示,如果這些數字發生重大變化,我們會更新您。

  • So we're happy with our progress, and this is -- we're not gating based on demand, and demand is there.

    所以我們對我們的進步感到滿意,這是 - 我們不是根據需求來設門的,需求就在那裡。

  • We're gating on building, iterating and keeping our quality standards high and making sure that we can delight our merchants with our fulfillment offering with the right product market fit at this particular time and continue to make progress and really excited about the Black Friday, Cyber Monday preparation that's underway.

    我們正在建立、迭代和保持我們的高品質標準,並確保我們能夠在這個特定的時間為我們的商家提供合適的產品市場來滿足我們的需求,並繼續取得進展並對黑色星期五感到非常興奮,網絡星期一的準備工作正在進行中。

  • Operator

    Operator

  • Our next question comes from Samad Samana of Jefferies.

    我們的下一個問題來自 Jefferies 的 Samad Samana。

  • Samad Saleem Samana - Equity Analyst

    Samad Saleem Samana - Equity Analyst

  • So during the quarter, the company announced Shopify Markets.

    因此,在本季度,該公司宣布了 Shopify Markets。

  • I think that sounds like an exciting new way to tackle cross-border, which I think the company noted it was about $20 billion of GMV last year.

    我認為這聽起來像是一種令人興奮的解決跨境問題的新方法,我認為該公司指出去年的 GMV 約為 200 億美元。

  • How should we think about the path to monetization for Shopify Markets?

    我們應該如何思考 Shopify Markets 的盈利路徑?

  • And how does it differ from your partnership with Global-e?

    它與您與 Global-e 的合作夥伴關係有何不同?

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • So the path to monetization for Markets is there is a per order transaction type fee for the calculation of duties and taxes.

    因此,Markets 的貨幣化途徑是為計算關稅和稅款而支付每筆訂單交易類型的費用。

  • It's all on our website.

    這一切都在我們的網站上。

  • You can go see those fees.

    你可以去看看那些費用。

  • There's one fee if you're on Shopify Payments and a slightly higher fee if you're not.

    如果您使用 Shopify Payments,則需要支付一筆費用;如果您不是,則需要支付稍高的費用。

  • And then keep in mind that in the typical transaction for Shopify Markets, there's also an FX transaction fee that would go along with that as well as a payment fee.

    然後請記住,在 Shopify Markets 的典型交易中,還有一筆外匯交易費用以及支付費用。

  • And so -- and all of that is gross with an offsetting cost to serve that shows up in gross profit net.

    所以 - 所有這些都是毛的,抵消了服務成本,顯示在毛利潤淨額中。

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • Also, Samad, just to add to that, the idea here, I mentioned this earlier, but this idea of making global -- like being global by default available on Shopify, the idea is, again, we want more of our merchants to access the global consumer base.

    另外,Samad,只是補充一下,這裡的想法,我之前提到過,但是這種使全球化的想法——就像在 Shopify 上默認提供的全球性一樣,這個想法是,我們希望更多的商家能夠訪問全球消費群。

  • And so things like local currencies and payment methods, things like local languages, things like local domains with automatic SEO optimization, duties, import taxes on behalf of the buyer, all these things are really important if you want to be default global when you sign up with Shopify and launch your store.

    因此,諸如本地貨幣和支付方式之類的東西,諸如本地語言之類的東西,諸如具有自動 SEO 優化功能的本地域之類的東西,關稅,代表買方的進口稅,如果您想在簽名時默認為全球性,所有這些都非常重要與 Shopify 並啟動您的商店。

  • And all of this, I think, also complements the Global-e offering for merchants as well.

    我認為,所有這些也補充了 Global-e 為商家提供的產品。

  • So what you're seeing here, again, is the theme where we believe that commerce is going to happen everywhere in every country across every border, but also in every surface online and off-line.

    因此,您在這裡再次看到的主題是,我們相信商業將在每個國家/地區的任何地方發生,跨越每個邊界,而且在線和離線的每個表面都將發生。

  • And that's the reason why we continue to make these things much easier.

    這就是為什麼我們繼續讓這些事情變得更容易的原因。

  • Tobias Lütke - Founder, Chairman & CEO

    Tobias Lütke - Founder, Chairman & CEO

  • And sorry to pile on or for you as one more question.

    很抱歉,又是一個問題。

  • But like it's a really good example here like a lot of -- of course, the market is monetized in the bundle of a subscription fee.

    但就像這裡的一個很好的例子一樣——當然,市場是通過訂閱費來貨幣化的。

  • But like this is a wonderful example of where our company's alignment, the growth of Shopify and the growth of all our merchandise super aligned.

    但這樣的例子很好地說明了我們公司的一致性、Shopify 的增長和我們所有商品的增長超級一致。

  • Of course, the best way to monetize anything on is to help all of our meters to be more successful and for opportunity, especially for smaller businesses earlier to -- in the more formative times to learn how to service the rest of the planet and how to make strategic decisions about which strategy you're doing in which territories and being able to take advantage of sets of interest in markets that you might not have imagined would be markets for your product.

    當然,將任何東西貨幣化的最佳方式是幫助我們所有的儀表更加成功並獲得機會,特別是對於更早的小型企業 - 在更成熟的時期學習如何為地球其他地方提供服務以及如何就您在哪些地區採取的戰略做出戰略決策,並能夠利用您可能沒有想到的市場中的一系列利益,這些市場將成為您的產品的市場。

  • Obviously, things are going to be now happening earlier, we hope, and therefore, become more part of the fulfillment of the business strategy, and we are going to make that simpler and therefore, be more successful.

    顯然,事情現在會發生得更早,我們希望,因此,更多地成為實現業務戰略的一部分,我們將使其變得更簡單,從而更成功。

  • And that's when we also, of course, participate because of the merchant services.

    當然,那時我們也因為商家服務而參與其中。

  • That's a wonderful illustration of the core concept of the company.

    這是對公司核心理念的精彩詮釋。

  • Operator

    Operator

  • Our next question comes from Colin Sebastian of Baird.

    我們的下一個問題來自 Baird 的 Colin Sebastian。

  • Colin Alan Sebastian - Senior Research Analyst

    Colin Alan Sebastian - Senior Research Analyst

  • I wanted to ask you about Shop Pay and the digital wallet space, your ambitions for the product.

    我想問你關於 Shop Pay 和數字錢包領域的問題,以及你對產品的抱負。

  • On one hand, we're seeing 3 to 4 digital wallet options to check out on many Shopify sites.

    一方面,我們在許多 Shopify 網站上看到 3 到 4 個數字錢包選項可供查看。

  • So there's clearly a lot of competition there.

    所以那裡顯然有很多競爭。

  • But I know we're also going to see Shop Pay off of the Shopify platform as well, which opens up TAM.

    但我知道我們也將看到 Shopify 平台的 Shop Pay,它打開了 TAM。

  • So maybe if you could sort out a bit the competitive landscape, the differentiation and then plans to drive usage of Shop Pay both on and off platform.

    因此,如果您可以梳理一下競爭格局、差異化,然後計劃在平台內外推動 Shop Pay 的使用。

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • Hey, Colin, so just to kind of level set.

    嘿,科林,所以只是為了某種水平設置。

  • So by the end of September, Shop Pay had facilitated more than $35 billion in cumulative GMV since its launch, which happened in 2017.

    因此,截至 9 月底,自 2017 年推出以來,Shop Pay 已促成超過 350 億美元的累計 GMV。

  • But really, this is a primary tool for our merchants to increase conversion.

    但實際上,這是我們的商家提高轉化率的主要工具。

  • It's now available in the U.S., of course, but also to merchants on Facebook, Instagram, whether they're on Shopify or not.

    當然,它現在可以在美國使用,但也適用於 Facebook、Instagram 上的商家,無論他們是否在 Shopify 上。

  • We are seeing early traction with the number of buyers checking out with Shop Pay on Facebook and Instagram growing and orders continue to ramp up on these services again for both Shopify and non-Shopify merchants.

    我們看到,在 Facebook 和 Instagram 上使用 Shop Pay 結賬的買家數量不斷增加,Shopify 和非 Shopify 商家的訂單繼續增加。

  • But the idea is, we think that Shop Pay is just a wonderful way for consumers to check out.

    但我們的想法是,我們認為 Shop Pay 只是消費者結賬的絕佳方式。

  • If anyone on this call has used it, you know that there really is no better way to do it.

    如果本次通話中的任何人使用過它,您就會知道確實沒有更好的方法可以做到這一點。

  • It's fast.

    它很快。

  • It's convenient.

    這很方便。

  • It's incredibly safe.

    它非常安全。

  • And so by expanding Shop Pay's footprint beyond just Shopify services to places like Google, which we made available later this year, and of course, on Facebook and Instagram, we think that more merchants can have more sales.

    因此,通過將 Shop Pay 的足跡從 Shopify 服務擴展到谷歌(我們在今年晚些時候推出),當然還有 Facebook 和 Instagram,我們認為更多的商家可以獲得更多的銷售額。

  • It's not only faster, but again, the conversion rate we know is also higher.

    它不僅更快,而且我們知道的轉化率也更高。

  • So I think you will continue to see Shop Pay available in more places.

    因此,我認為您將繼續在更多地方看到 Shop Pay。

  • It's also one of the reasons that I think a lot more people are beginning to realize that Shopify is the company behind their favorite brands.

    這也是我認為越來越多的人開始意識到 Shopify 是他們最喜歡的品牌背後的公司的原因之一。

  • We have been the brand behind the brand for a very long time, and we play really well in that space.

    很長一段時間以來,我們一直是品牌背後的品牌,我們在這個領域表現得非常好。

  • But now when more merchants are seeing Shop Pay available across the Internet, across their favorite buying experiences and they sort of begin to associate those brands with Shopify, it's becoming quite clear that Shopify's powering consumers favorite brands.

    但現在,當越來越多的商家在互聯網上看到 Shop Pay 可用時,通過他們最喜歡的購買體驗,他們開始將這些品牌與 Shopify 聯繫起來,很明顯,Shopify 為消費者最喜歡的品牌提供了動力。

  • So that's where we're going with that.

    所以這就是我們要去的地方。

  • And I think you'll continue to see Shop Pay available in more places.

    而且我認為您將繼續在更多地方看到 Shop Pay。

  • Operator

    Operator

  • Our next question comes from Daniel Chan of TD Securities.

    我們的下一個問題來自道明證券的 Daniel Chan。

  • Daniel Chan - Research Analyst

    Daniel Chan - Research Analyst

  • You mentioned that the share of GMV from off-line expanded.

    你提到線下的GMV份額擴大了。

  • Can you provide a little color on how much of that you think was a result of changing spending trends that you commented on?

    您能否提供一點顏色,說明您認為其中有多少是您評論的支出趨勢變化的結果?

  • And how much of that was from higher POS sales?

    其中有多少來自更高的 POS 銷售額?

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • Yes.

    是的。

  • So we did say that GMV from off-line continue to expand.

    所以我們確實說線下的GMV繼續擴大。

  • So off-line did particularly well in the third quarter as economies reopened and more in-person spending occurred.

    因此,隨著經濟重新開放和更多的個人消費出現,第三季度線下表現尤其出色。

  • And I want to just add, it did increase in our GMV mix quarter-over-quarter and year-over-year, quite substantially off of much higher aggregate levels, and that was due in part to what we saw overall in consumer spending as economies reopened.

    我想補充一點,我們的 GMV 組合環比和同比確實增加了,大大低於更高的總體水平,這部分是由於我們在消費者支出中看到的整體情況經濟重新開放。

  • And we're so -- we're just -- we're super delighted with that.

    我們是如此 - 我們只是 - 我們對此感到非常高興。

  • But also Harley mentioned all of the things that we've been doing in entering new countries, Australia, U.K., Germany, New Zealand.

    但哈雷也提到了我們在進入澳大利亞、英國、德國、新西蘭等新國家時所做的所有事情。

  • We saw more uptake in more locations.

    我們在更多地方看到了更多的吸收。

  • And so all these things played into just a spectacular quarter for off-line GMV and in particular, our POS performance.

    因此,所有這些事情都為離線 GMV 尤其是我們的 POS 表現帶來了一個壯觀的季度。

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • Just to sort of give a little more color on point of sale because I do think Q3 was our best quarter for the retail business.

    只是為了在銷售點上增加一點色彩,因為我確實認為第三季度是我們零售業務最好的季度。

  • Retail GMV had an all-time high.

    零售 GMV 創歷史新高。

  • But we are bringing Shopify is a very efficient go-to-market model to the POS industry.

    但我們將 Shopify 引入 POS 行業,這是一種非常有效的上市模式。

  • We're not leaning on established networks of partners, but rather we're doing this in a really efficient way.

    我們不依賴已建立的合作夥伴網絡,而是以一種非常有效的方式來做這件事。

  • And we're beginning to see momentum with things like Shopify Retail for Plus merchants.

    我們開始看到 Shopify Retail for Plus 商家的勢頭。

  • We're starting to see retail growing impact on the Shopify business generally.

    我們開始看到零售對 Shopify 業務的影響越來越大。

  • Again, retail GMV is the second largest contributor to overall GMV behind the online store.

    同樣,零售 GMV 是僅次於在線商店的整體 GMV 的第二大貢獻者。

  • We also saw point-of-sale with Shopify Payments continue to expand globally.

    我們還看到 Shopify Payments 的銷售點繼續在全球擴張。

  • Amy mentioned some of those locations.

    艾米提到了其中一些地點。

  • Point Of Sale Pro is available now across more devices like Android devices.

    Point Of Sale Pro 現在可在 Android 設備等更多設備上使用。

  • And we're beginning to see much larger physical retail businesses like Golf Magazine used us at the Ryder Cup, for example or Hickory Farms using us across 70 retail locations.

    我們開始看到更大的實體零售企業,例如 Golf Magazine 在萊德杯上使用我們,或者 Hickory Farms 在 70 個零售點使用我們。

  • So I think our point-of-sale product has gotten really, really good.

    所以我認為我們的銷售點產品已經變得非常非常好。

  • I think it's best in class.

    我認為這是班裡最好的。

  • And I think the way we're taking it to market now is being done in a very efficient way relative to pretty much every other cloud point-of-sale system.

    而且我認為,相對於幾乎所有其他雲銷售點系統,我們現在將其推向市場的方式是以非常有效的方式完成的。

  • And so I think you'll continue to see a lot of growth in that point-of-sale retail area of our business.

    因此,我認為您將繼續看到我們業務的銷售點零售領域的大量增長。

  • Operator

    Operator

  • Our next question comes from Mark Zgutowicz of Rosenblatt Securities.

    我們的下一個問題來自 Rosenblatt Securities 的 Mark Zgutowicz。

  • Mark John Zgutowicz - MD & Senior Research Analyst

    Mark John Zgutowicz - MD & Senior Research Analyst

  • I was just hoping you might be able to flush out the GMV headwinds that you witnessed in 3Q versus expectations that as we look to 4Q.

    我只是希望您能夠消除您在第三季度目睹的 GMV 逆風,而不是我們對第四季度的預期。

  • And perhaps said differently, Amy, you quantified essentially commerce mix of retail coming down in 3Q, and I was just wondering if you could quantify how much or whether you'd expect the same or greater decline in 4Q as you quantify for 3Q.

    也許換一種說法,艾米,你基本上量化了第三季度零售的商業組合,我只是想知道你是否可以量化多少,或者你是否預計第四季度的下降與第三季度相同或更大。

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • Yes.

    是的。

  • And as I said in my opening remarks, I think one of the things you have to take into consideration is that Q1 and Q2 benefited from pretty significant U.S. stimulus, and it dissipated by the time we got to Q3.

    正如我在開場白中所說,我認為您必須考慮的一件事是,第一季度和第二季度受益於美國相當重要的刺激措施,並且在我們進入第三季度時已經消散。

  • So obviously, Q4 will be similar without those tailwinds behind it.

    很明顯,第四季度將是相似的,沒有那些順風。

  • But let me just kind of step back and reiterate what I said about what happened in the quarter.

    但是,讓我退後一步,重申我對本季度發生的事情所說的話。

  • We really did mirror what happened in overall consumer spend and in particular, what happened with retail, especially in those countries that reopen like the U.S. and U.K., and I'll talk mostly about the U.S.

    我們確實反映了整體消費者支出的情況,特別是零售業的情況,尤其是在美國和英國等重新開放的國家,我將主要談論美國。

  • So what we saw is consumer spend on services and physical retail, as I just said, also expand pretty much throughout the quarter.

    因此,正如我剛才所說,我們看到的是消費者在服務和實體零售上的支出也在整個季度大幅增長。

  • As vaccine rates increased in June and July, people just moved about more often, and they spend on services, recreation, entertainment, they were back shopping in stores.

    隨著 6 月和 7 月疫苗接種率的提高,人們出行更加頻繁,他們在服務、娛樂和娛樂上花費更多,他們又回到商店購物。

  • And so as a result, in July, we saw overall retail actually dip, and that was because e-commerce dips as folks were moving about.

    因此,在 7 月份,我們看到整體零售量實際上下降了,那是因為隨著人們四處走動,電子商務下降了。

  • And our GMV, as a result, dipped in July with that e-commerce overall dip.

    結果,我們的 GMV 在 7 月份隨著電子商務的整體下滑而下降。

  • But then we saw a rebound in August for e-commerce and our GMV, which is attributed to people going back to physical workspaces and kids returning to in-person learning.

    但隨後我們看到了 8 月份電子商務和 GMV 的反彈,這歸因於人們重返實體工作空間和孩子們重返面對面學習。

  • And then we saw another uptick from August to September, and our GMV followed that trend.

    然後我們看到了從 8 月到 9 月的另一次上升,我們的 GMV 也遵循了這一趨勢。

  • And I want to just point out a couple of other points of evidence here.

    我想在這裡指出一些其他的證據。

  • In terms of consumer verticals, apparel and accessories, which is our mainstay actually performed better than our average GMV growth, and that's consistent with people refreshing their wardrobes to go back to in-person school and workplaces.

    在消費垂直領域,作為我們的支柱的服裝和配飾實際上表現優於我們的平均 GMV 增長,這與人們刷新衣櫥回到面對面的學校和工作場所是一致的。

  • So it really did follow what we saw in consumer spending.

    所以它確實遵循了我們在消費者支出中看到的情況。

  • Also to add to that, in countries that didn't reopen like New Zealand and Australia -- and Australia, their GMV actually grew faster than our average GMV because they never saw that e-commerce dip.

    此外,在新西蘭、澳大利亞和澳大利亞等沒有重新開放的國家,他們的 GMV 實際上增長得比我們的平均 GMV 更快,因為他們從未見過電子商務下滑。

  • They continued in lockdowns and e-commerce remained strong.

    他們繼續處於封鎖狀態,電子商務依然強勁。

  • And actually, our POS retail GMV did well in those countries as well, further consistent that, that was the main driver of our GMV in Q3.

    實際上,我們的 POS 零售 GMV 在這些國家也表現良好,進一步一致的是,這是我們第三季度 GMV 的主要驅動力。

  • As we head into Q4, we expect our GMV to continue to grow, driven by e-commerce.

    隨著我們進入第四季度,我們預計我們的 GMV 將在電子商務的推動下繼續增長。

  • It has reset but it is growing at a more normalized pace now.

    它已經重置,但現在正以更加正常的速度增長。

  • And we expect it will continue its share gains of penetration of overall retail.

    我們預計它將繼續其在整體零售滲透率方面的份額增長。

  • We expect more in-person shopping because restrictions are lower now than they were this time last year.

    我們預計會有更多的面對面購物,因為現在的限制比去年這個時候要低。

  • And we expect our global merchant base continue to grow and be the underpinning of our GMV growth.

    我們預計我們的全球商家基礎將繼續增長,並成為我們 GMV 增長的基礎。

  • Operator

    Operator

  • Our next question comes from Tim Chiodo of Credit Suisse.

    我們的下一個問題來自瑞士信貸的 Tim Chiodo。

  • Timothy Edward Chiodo - Director

    Timothy Edward Chiodo - Director

  • I want to dig into the pricing on Shop Pay Installments, so the take rate charge to the merchants, really not the absolute level, but if you could just share how the pricing is presented to the merchants when they're opting in.

    我想深入了解 Shop Pay 分期付款的定價,因此向商家收取的費率,實際上不是絕對水平,但如果您可以分享在商家選擇加入時定價是如何呈現給商家的。

  • Is it dynamically done?

    它是動態完成的嗎?

  • Is it based on the size of the merchant, the vertical, the average order value?

    是基於商家的規模、垂直度、平均訂單價值嗎?

  • Are larger merchants, maybe negotiating this some?

    是更大的商人,也許談判這個一些?

  • How does that work mechanically?

    它是如何機械地工作的?

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • So our partner, Affirm, on Shop Pay Installments, actually manages that aspect of it, and it's based on a percentage of the sale that's charged to the merchant that's consistent with the industry.

    因此,我們的合作夥伴 Affirm,在 Shop Pay 分期付款方面,實際上管理著這方面,它基於向商家收取的與行業一致的銷售額百分比。

  • And as we've always said, we have a take rate on that, given that Affirm manages that transaction on our behalf.

    正如我們一直說的那樣,鑑於 Affirm 代表我們管理該交易,我們對此有一個收取率。

  • And it's accounted for net versus payments is gross.

    它是淨額,而付款是毛額。

  • But if you look at net to Shopify, it would be slightly higher than like a payments margin typically.

    但是,如果您查看 Shopify 的淨額,它通常會比支付保證金略高。

  • Operator

    Operator

  • Our next question comes from Josh Beck of KeyBanc Capital Markets.

    我們的下一個問題來自 KeyBanc Capital Markets 的 Josh Beck。

  • Josh J. Beck - Senior Research Analyst

    Josh J. Beck - Senior Research Analyst

  • I wanted to follow up on earlier question about the ERP integration.

    我想跟進之前關於 ERP 集成的問題。

  • Obviously, you're working with the NetSuites, Microsofts, et cetera, of the world.

    顯然,您正在與世界各地的 NetSuites、Microsoft 等合作。

  • So I'm curious, does it significantly alter your go-to-market as you think about those more established brands that might require a bit more resources, integration, maybe with other products, et cetera, as you onboard them.

    所以我很好奇,當您考慮那些可能需要更多資源、整合(可能與其他產品等)的更成熟的品牌時,它是否會顯著改變您的進入市場。

  • Just curious if there's any changes with respect to the go-to market.

    只是好奇在進入市場方面是否有任何變化。

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • Josh, it really just makes -- this offering really unlocks the seamless workflow and allows them to have greater control for these sort of high-volume merchants.

    喬希,它真的只是讓——這個產品真正解鎖了無縫的工作流程,讓他們能夠更好地控制這些大批量的商家。

  • The idea really is for them to help transform the data into actionable results that they scale on our platform.

    這個想法實際上是讓他們幫助將數據轉化為可在我們平台上擴展的可操作結果。

  • This was possible before.

    這在以前是可能的。

  • Now it's a lot easier.

    現在容易多了。

  • So what we're trying to do is reduce the amount of reasons that a big retailer -- again, century-old florists like FTD, I mean they basically created the flower delivery industry.

    因此,我們正在嘗試做的是減少大型零售商的數量 - 再說一次,像 FTD 這樣的百年花店,我的意思是他們基本上創造了鮮花遞送行業。

  • We want to make sure there are no reason for them not to use us.

    我們要確保他們沒有理由不使用我們。

  • And what we're trying to do is we want to invite them into our version of what is enterprise e-commerce.

    我們想要做的是邀請他們加入我們的企業電子商務版本。

  • We're not necessarily going to do everything for every major, large retailer, but we think that our version is something that is very appealing to them at this stage.

    我們不一定要為每個主要的大型零售商做所有事情,但我們認為我們的版本在現階段對他們非常有吸引力。

  • And one of the things that we think we could do to make it easier is integrating with Microsoft and Oracle and some of these major ERP systems that they're already using.

    我們認為我們可以做的一件事是與微軟和甲骨文以及他們已經在使用的一些主要 ERP 系統集成。

  • I think one of the reasons that I mentioned at the beginning of these calls every quarter some of the CPG brands from Nestlé and General Mills is because when they launch more brands with us, for example, Larabar was launched this past quarter on Shopify Plus, we want to make sure there is no reason why they shouldn't use us given our view of what we think enterprise e-commerce should be.

    我認為我在這些電話開始時提到的原因之一是雀巢和通用磨坊的一些 CPG 品牌每個季度都會與我們一起推出更多品牌,例如,上個季度在 Shopify Plus 上推出了 Larabar,鑑於我們認為企業電子商務應該是什麼,我們希望確保他們沒有理由不使用我們。

  • And so that's the reason why we do these ERP integrations in general.

    這就是我們通常進行這些 ERP 集成的原因。

  • I think at a higher level around Shopify Plus.

    我認為 Shopify Plus 的水平更高。

  • I mean, Shopify Plus is an incredible offering, not just from a product perspective but from the perspective of how long it gets into market.

    我的意思是,Shopify Plus 是一個令人難以置信的產品,不僅從產品的角度來看,而且從它進入市場的時間的角度來看。

  • It allows them to obviously have incredible flexibility, total -- lower total cost of ownership.

    它使他們顯然擁有令人難以置信的靈活性,總體 - 更低的總擁有成本。

  • And as things like new channels, whether it's social media or it's things like Spotify are available, they want to access them and they know that if they use Shopify, their future-proofing their retail business.

    隨著新渠道之類的東西,無論是社交媒體還是 Spotify 之類的東西都可用,他們想要訪問它們,並且他們知道,如果他們使用 Shopify,他們的零售業務將面向未來。

  • And so we're just trying to reduce the barrier to entry for these larger brands to use Shopify.

    因此,我們只是試圖降低這些大品牌使用 Shopify 的准入門檻。

  • And I think we're doing a good job of that.

    我認為我們在這方面做得很好。

  • Operator

    Operator

  • Our next question comes from Paul Treiber of RBC Capital Markets.

    我們的下一個問題來自加拿大皇家銀行資本市場的 Paul Treiber。

  • Paul Michael Treiber - Director of Canadian Technology & Analyst

    Paul Michael Treiber - Director of Canadian Technology & Analyst

  • There's just been some recent discussion in the media around potential industry consolidation along the theme of super apps.

    最近媒體上圍繞超級應用主題的潛在行業整合進行了一些討論。

  • I was just hoping to get your thoughts on what you think of the rise in super apps and what you view as Shopify's competitive position against super apps.

    我只是希望了解您對超級應用崛起的看法,以及您認為 Shopify 對超級應用的競爭地位。

  • Tobias Lütke - Founder, Chairman & CEO

    Tobias Lütke - Founder, Chairman & CEO

  • Yes, I mean that's a trend.

    是的,我的意思是這是一種趨勢。

  • We've seen super apps, especially in the east, which is incredibly e-commerce active.

    我們已經看到了超級應用程序,尤其是在東部地區,它們的電子商務非常活躍。

  • And so this is -- I think you'll see more of that in west, too, and are -- I think, observing a bunch of people launch their platforms, the economics end up being a little bit different than what we've seen in the east.

    所以這是 - 我認為你會在西方看到更多這樣的情況,而且 - 我認為,觀察一群人推出他們的平台,經濟學最終會與我們所看到的有點不同見於東方。

  • But from our perspective, like Shopify has -- like we sort of set our set of strategy that we want to make sure that entrepreneurs can build businesses, engage in retail behind ideally every item on any ordinary person's home phone screen.

    但從我們的角度來看,就像 Shopify 所做的那樣——就像我們設定了一套戰略,我們希望確保企業家能夠建立業務,在理想情況下參與任何普通人家庭手機屏幕上的每件商品的零售。

  • And so we are booking for people who are building the super apps.

    因此,我們正在為構建超級應用程序的人預訂。

  • And I mean, it turns out, obviously, the monetization of almost all these systems are advertising, which usually leads to retail products.

    我的意思是,很明顯,幾乎所有這些系統的貨幣化都是廣告,這通常會導致零售產品。

  • That's the most -- the tightest feedback loop and the most transactional environment for monetization.

    這是最——最緊密的反饋循環和最交易的貨幣化環境。

  • So there's a lot of conversations that we're in.

    所以我們有很多對話。

  • You see us launch things all the time.

    你看到我們一直在推出東西。

  • And the -- I mean we really do love the open web.

    還有——我的意思是我們真的很喜歡開放網絡。

  • It is an incredible opportunity space.

    這是一個令人難以置信的機會空間。

  • It's a permissionless part of the Internet.

    這是互聯網的一個未經許可的部分。

  • It's given rise to every of -- like large companies of today.

    它催生了每一個——比如今天的大公司。

  • We hope that people will keep the browsers and the open web in their home screens in the future.

    我們希望人們在未來將瀏覽器和開放的網絡保留在他們的主屏幕上。

  • Shopify's for the online store, which is the one you access to Safari, Chrome, of course.

    Shopify 的在線商店,當然是您訪問 Safari、Chrome 的商店。

  • But Shopify's future is not dependent on this because I think we have a very good thing going on, good relationships.

    但 Shopify 的未來並不依賴於此,因為我認為我們正在做一件非常好的事情,良好的關係。

  • And of course, we are -- can act as a single integration point for millions of the best retailers in the world for the people who are bringing the super app to market.

    當然,對於將超級應用推向市場的人們,我們可以充當全球數百萬最佳零售商的單一集成點。

  • And we expect the -- our intentions to move quicker, like there's going to like a potential time like all at one point and then 5 years later, it might be a completely different one.

    而且我們期望 - 我們的意圖會更快地採取行動,就像在某個時候會喜歡一個潛在的時間,然後 5 年後,它可能會完全不同。

  • Like obviously, seen in social networks already a while ago, like the never built a MySpace channel, but we would have, it would have been building channels back then, and that would no longer be as important as it might have been during most times.

    很明顯,不久前在社交網絡中看到過,比如從未建立過 MySpace 頻道,但我們會,那時它會建立頻道,這將不再像大多數時候那樣重要.

  • So this is the way we are approaching this.

    所以這就是我們處理這個問題的方式。

  • And from our perspective, the demand and supply is clear, like the demand from the business of these apps is they would like commerce and high-quality commerce, traffic commerce and good merchants with great products on the platform, and we'll be very happy to welcome them and provide that integration.

    而且從我們的角度來看,需求和供給是明確的,就像這些應用的業務需求是他們想要商業和優質商業,流量商業和平台上有偉大產品的好商家,我們會非常很高興歡迎他們並提供這種整合。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • All right.

    好的。

  • We have probably time for just one last question, Ariel.

    我們可能只有最後一個問題的時間,Ariel。

  • Can you take our last question, please.

    請您回答我們的最後一個問題。

  • Operator

    Operator

  • Our final question comes from Mark Mahaney of Evercore ISI.

    我們的最後一個問題來自 Evercore ISI 的 Mark Mahaney。

  • Our final question comes from Darren Aftahi of ROTH Capital Partners.

    我們的最後一個問題來自 ROTH Capital Partners 的 Darren Aftahi。

  • Darren Aftahi - MD & Senior Research Analyst

    Darren Aftahi - MD & Senior Research Analyst

  • Just can you talk about the retention dynamics of the surge in merchants you guys saw in the second and third quarter of last year and kind of how that compares to historical levels?

    你能談談你們在去年第二季度和第三季度看到的商家激增的保留動態,以及與歷史水平相比如何?

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • Yes.

    是的。

  • Actually, retention rates have remained very strong.

    實際上,保留率仍然非常高。

  • We're pleased with retention rates as we've moved through 2021.

    隨著我們進入 2021 年,我們對保留率感到滿意。

  • And I also want to just emphasize that something that Harley said in his opening remarks, with respect to Plus to keep in mind, we're still seeing levels of standard merchants upgrading to Plus that are higher than pre-COVID levels.

    我還想強調一下,Harley 在開幕詞中所說的關於 Plus 的內容,請記住,我們仍然看到升級到 Plus 的標準商家的水平高於 COVID 之前的水平。

  • So those 700,000 merchants, standard merchants that joined last year, many are thriving on the platform and upgrading to Plus at very high levels.

    因此,去年加入的那 700,000 家商戶,標準商戶,很多都在平台上蓬勃發展,並以非常高的水平升級到 Plus。

  • And so we're delighted to see that and want to continue to emphasize, look at this holistically, both standard and Plus merchants together, and that we're there for the entire merchant journey.

    因此,我們很高興看到這一點,並希望繼續強調,從整體上看待這一點,包括標準和 Plus 商家,並且我們在整個商家旅程中都在那裡。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • All right.

    好的。

  • Well, I think that's it for our conference call today.

    好吧,我想這就是我們今天的電話會議。

  • Thanks to everybody for dialing in.

    感謝大家撥通。

  • Operator

    Operator

  • This concludes today's conference call.

    今天的電話會議到此結束。

  • You may disconnect your lines.

    你可以斷開你的線路。

  • Thank you for participating, and have a pleasant day.

    感謝您的參與,祝您有愉快的一天。