Shopify Inc (SHOP) 2021 Q2 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. This is the conference operator. Welcome to the Shopify Second Quarter 2021 Financial Results Conference Call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

    謝謝你的支持。這是會議接線員。歡迎參加 Shopify 2021 年第二季度財務業績電話會議。 (操作員說明)正在錄製會議。 (操作員說明)

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

    我現在想將會議轉交給投資者關係總監 Katie Keita。請繼續。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Thank you, operator, and good morning, everyone. We are glad you can join us for Shopify's Second Quarter 2021 Conference Call.

    謝謝接線員,大家早上好。我們很高興您能加入我們的 Shopify 2021 年第二季度電話會議。

  • We are joined this morning by Tobi Lütke, Shopify's CEO; Harley Finkelstein, Shopify's President; and Amy Shapero, our CFO. After their prepared remarks, we will open it up for your questions.

    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。在他們準備好的評論之後,我們將打開它來回答您的問題。

  • 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. We undertake no obligation to update these statements except as required by law. You can read about these assumptions, risks and uncertainties in our press release this morning as well as in our filings with U.S. and Canadian regulators.

    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。除法律要求外,我們不承擔更新這些聲明的義務。您可以在我們今天上午的新聞稿以及我們向美國和加拿大監管機構提交的文件中了解這些假設、風險和不確定性。

  • Note that adjusted financial measures we speak to today are non-GAAP measures, which are not a substitute for GAAP financial measures. Reconciliations between the two can be found in our earnings press release. And finally, we report in U.S. dollars. So all amounts discussed today are in U.S. dollars, unless otherwise indicated.

    請注意,我們今天談到的調整後財務指標是非公認會計原則指標,不能替代公認會計原則財務指標。兩者之間的和解可以在我們的收益新聞稿中找到。最後,我們以美元報告。因此,除非另有說明,否則今天討論的所有金額均以美元為單位。

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

    有了這個,我把電話轉給了哈利。

  • Harley Michael Finkelstein - President

    Harley Michael Finkelstein - President

  • Thanks, Katie, and good morning.

    謝謝,凱蒂,早上好。

  • Shopify's momentum continued in our second quarter, as strong commerce trends prevailed and more merchants joined and succeeded on our platform. In fact, GMV reached its highest level ever as physical stores in more regions reopen their doors in the early days of the post-pandemic recovery, and as buyers continue to value the convenience that online tools bring to shopping.

    隨著強勁的商業趨勢盛行,更多商家加入並在我們的平台上取得成功,Shopify 的勢頭在第二季度繼續保持。事實上,隨著更多地區的實體店在大流行後復蘇初期重新開業,以及買家繼續重視在線工具為購物帶來的便利,GMV 達到了有史以來的最高水平。

  • Case in point, in places that have begun to reopen, like the U.K., GMV grew faster than our overall GMV in the quarter year-over-year, indicating that online and in-store commerce are no longer mutually exclusive. And while we did start to see a shift in some consumer spend back to services and recreation towards the end of the quarter, which we expected, all regions remain at GMV levels above pre-COVID levels. This may be why Shopify remains the go-to platform for entrepreneurs around the world to launch and to grow their businesses as they sell directly to their customers.

    舉個例子,在英國等已經開始重新開放的地方,GMV 在本季度的同比增長速度超過了我們的整體 GMV,這表明在線和實體店商務不再相互排斥。雖然我們確實開始看到一些消費者支出在本季度末開始轉向服務和娛樂,這是我們預期的,但所有地區的 GMV 水平仍高於 COVID 之前的水平。這可能就是為什麼 Shopify 仍然是全球企業家在直接向客戶銷售產品時推出和發展業務的首選平台。

  • Merchants using Shopify are exceptionally well prepared to make commerce happen on every surface area that it needs to, whether it's online, in-store or through your favorite apps. Our brick-and-mortar merchants illustrated this as they adapted to the accelerated shift to digital commerce in 2020 and are now navigating the early stages of returning to in-store selling. Retail point-of-sale GMV is nearly back to pre-COVID levels as a percentage of overall GMV even on these higher GMV levels as physical stores reopen and merchants are better equipped with our upgraded hardware and software.

    使用 Shopify 的商家已經做好了充分的準備,無論是在線、店內還是通過您最喜歡的應用程序,都可以在其需要的每個表面區域開展商務活動。我們的實體商家在適應 2020 年加速轉向數字商務的過程中說明了這一點,現在正處於恢復到店內銷售的早期階段。即使隨著實體店重新開業和商家更好地配備我們升級的硬件和軟件,零售點 GMV 佔整體 GMV 的百分比也幾乎回到了 COVID 之前的水平。

  • More locations adopted Point-of-sale Pro in our second quarter for its modern omnichannel features like buy online, pick up in store, which was adopted by 63% of brick-and-mortar merchants in English-speaking geographies at the end of June. This is up from just 2% in February last year. Social commerce is another way that merchants are expanding their presence and succeeding. In fact, in Q2, year-over-year GMV growth from Facebook and Google channels were several times that of the online store.

    在我們的第二季度,更多的地點採用了 POS Pro 以實現其現代全渠道功能,例如在線購買、店內提貨,截至 6 月底,英語地區 63% 的實體商家採用了這一功能.這比去年 2 月的 2% 有所上升。社交商務是商家擴大影響力並取得成功的另一種方式。事實上,在第二季度,Facebook 和谷歌渠道的 GMV 同比增長是在線商店的數倍。

  • With consumers spending more time than ever on apps, we continue to expand key partnerships. We deepened our partnership with Google in Q2, making it easier for our merchants to sell on Google through a simplified onboarding process and extending our accelerated checkout, Shop Pay, to all U.S. merchants selling on Google, whether they use Shopify or not. Buyers love using Shop Pay to check out. The speed and ease of making a purchase strengthens the relationship between merchants and their buyers, which is why we are bringing Shop Pay to more surfaces.

    隨著消費者在應用程序上花費的時間比以往任何時候都多,我們將繼續擴大關鍵合作夥伴關係。我們在第二季度深化了與 Google 的合作夥伴關係,通過簡化的入職流程讓我們的商家更容易在 Google 上進行銷售,並將我們的加速結賬 Shop Pay 擴展到所有在 Google 上銷售的美國商家,無論他們是否使用 Shopify。買家喜歡使用 Shop Pay 結賬。購買的速度和便利性加強了商家與其買家之間的關係,這就是我們將 Shop Pay 帶到更多平台的原因。

  • Shop Pay is available now to U.S. merchants on Facebook and will be available to Shopify and non-Shopify merchants selling on Facebook and Google in the U.S. later this year. We're seeing early traction for Shop Pay on Facebook and Instagram with more buyers opting in and a larger share of GMV through these surfaces since we announced the integration in February. We remain on track to add Shopify Payments as the processor for all Shopify merchant transactions on Facebook properties by year-end.

    Shop Pay 現在可供 Facebook 上的美國商家使用,並將於今年晚些時候面向在美國在 Facebook 和 Google 上銷售的 Shopify 和非 Shopify 商家提供。自從我們在 2 月份宣布整合以來,我們看到 Shop Pay 在 Facebook 和 Instagram 上的早期牽引力,越來越多的買家選擇加入,並且通過這些平台獲得了更大的 GMV 份額。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。

  • As global retail e-commerce sales are expected to continue shifting to mobile devices, mobile shopping from Shopify merchants has to keep getting easier and more fun if they're to compete. Our online shopping assistant, Shop, is built for easy shopping on mobile with buyer-friendly features like order tracking and Shop Pay. Starting in Q2, merchants can manage how they show up in Shop by customizing their store profile in the app. They can also track the impact of Shop on their business from a new analytics dashboard, while driving repeat purchases from customers through automated marketing tools.

    隨著全球零售電子商務銷售預計將繼續轉向移動設備,Shopify 商家的移動購物必須變得更輕鬆、更有趣,如果他們要競爭的話。我們的在線購物助手 Shop 專為在移動設備上輕鬆購物而設計,具有訂單跟踪和 Shop Pay 等買家友好功能。從第二季度開始,商家可以通過在應用中自定義他們的商店資料來管理他們在 Shop 中的顯示方式。他們還可以通過新的分析儀表板跟踪 Shop 對其業務的影響,同時通過自動化營銷工具推動客戶的重複購買。

  • Shop now supports in-app purchases, allowing customers to add to cart and check out with Shop Pay within the app. In Q2, we also introduced new filters for discovery on Shop for local businesses, LGBTQ+ owned businesses and indigenous-owned businesses. At the end of Q2, Shop had more than 118 million registered users, including both buyers that have opted into Shop Pay, as well as users of the app, of which approximately 23 million were monthly active users.

    Shop 現在支持應用內購買,允許客戶添加到購物車並在應用內使用 Shop Pay 結賬。在第二季度,我們還為本地企業、LGBTQ+ 擁有的企業和土著擁有的企業引入了新的 Shop 發現過濾器。截至第二季度末,Shop 擁有超過 1.18 億註冊用戶,包括選擇了 Shop Pay 的買家以及該應用的用戶,其中約 2300 萬為月活躍用戶。

  • At the end of June, Shop Pay had facilitated nearly $30 billion in cumulative GMV since its launch in 2017. The increasing complexity that comes with selling everywhere makes Shopify and our suite of solutions even more valuable. As a result, merchants are making greater use of our merchant solutions.

    自 2017 年推出以來,截至 6 月底,Shop Pay 已促成近 300 億美元的累計 GMV。隨處銷售所帶來的日益複雜性使得 Shopify 和我們的解決方案套件變得更加有價值。因此,商家正在更多地使用我們的商家解決方案。

  • Shopify Capital is a great example. We funded more merchants than ever this past quarter and directed more capital to them than ever, a record $363 million. This is 137% more funding than in last year's second quarter and represents record growth for us in capital, bringing us to over $2.3 billion in cumulative capital funded since we launched it in 2016.

    Shopify Capital 就是一個很好的例子。上個季度,我們資助的商家比以往任何時候都多,向他們提供的資金也比以往任何時候都多,達到創紀錄的 3.63 億美元。這比去年第二季度多出 137% 的資金,代表著我們的資本創紀錄增長,自 2016 年推出以來,我們的累計資金已超過 23 億美元。

  • Not only does Shopify Capital help fuel our merchants' growth. Our data tells us that merchants that accept Capital stay with Shopify longer as they succeed on the platform and take more of Shopify's other solutions, namely Shopify Shipping, Apps, themes and domains and maybe most importantly, extending capital when their business needs it, reinforces the trusted relationship that we have with our merchants, one that goes beyond what they have with their bank or any other vendor.

    Shopify Capital 不僅有助於推動我們商家的增長。我們的數據告訴我們,接受 Capital 的商家會在 Shopify 上停留更長時間,因為他們在平台上取得了成功,並且會更多地使用 Shopify 的其他解決方案,即 Shopify 運輸、應用程序、主題和域,也許最重要的是,在他們的業務需要時擴展資金,強化我們與商家之間的信任關係超越了他們與銀行或任何其他供應商之間的關係。

  • When we talk about Shopify's flywheel, this is exactly what we mean. Shopify Shipping and Shopify Fulfillment Network complete the cart-to-door experience for our merchants' buyers. In Q2, label volume for Shopify Shipping increased quarter-over-quarter, and we focused on transitioning merchants who are a good fit from Shopify Shipping to Shopify Fulfillment Network to benefit from our full-service fulfillment offering.

    當我們談論 Shopify 的飛輪時,這正是我們的意思。 Shopify Shipping 和 Shopify Fulfillment Network 為我們的商家買家提供了從購物車到門的體驗。在第二季度,Shopify Shipping 的標籤數量環比增長,我們專注於將非常適合 Shopify Shipping 的商家過渡到 Shopify Fulfillment Network,以從我們的全方位履行服務中受益。

  • Merchants and their buyers are also making use of our newer merchant solutions. In June, we made our buy now, pay later product, Shop Pay Installments, available to all eligible merchants in the U.S., with the product automatically enabled for new merchants signing up for Shopify Payments and simple self-serve onboarding available to existing merchants.

    商家及其買家也在使用我們更新的商家解決方案。 6 月,我們向美國所有符合條件的商家推出了先買後付產品 Shop Pay 分期付款,該產品會自動為註冊 Shopify Payments 的新商家啟用,現有商家也可以使用簡單的自助入職。

  • While early, GMV transacting through Shop Pay Installments more than tripled in Q2 over the prior quarter as more buyers are using our product to check out. We are pretty excited about the potential here over the long term. And more merchants are signing on to Shopify Balance, which is in early access until later this year.

    在早期,隨著越來越多的買家使用我們的產品結賬,第二季度通過 Shop Pay 分期付款進行交易的 GMV 比上一季度增加了兩倍多。我們對這裡的長期潛力感到非常興奮。越來越多的商家正在簽約 Shopify Balance,該服務在今年晚些時候之前處於搶先體驗階段。

  • Shopify Plus had another great quarter as large brands continue to turn to Shopify Plus to help make the complex simple. In Q2, more merchants on standard plans upgraded to Shopify Plus and more international brands joined Shopify Plus to grow their businesses.

    隨著大品牌繼續轉向 Shopify Plus 來幫助簡化複雜的業務,Shopify Plus 又迎來了一個偉大的季度。在第二季度,更多使用標準套餐的商家升級到 Shopify Plus,更多國際品牌加入 Shopify Plus 以發展業務。

  • The list of brands that launched in Shopify Plus recently is stellar. Global entertainment platform, Netflix; luxury fashion designer, Diane von Furstenberg; world-renowned winery, Robert Mondavi; people footwear from well-known shoe company, ALDO; global fashion brand and a huge personal favorite of mine, James Perse; indie and vintage clothing retailer, ModCloth; famous coffee brands, Stumptown Coffee and Peet's Coffee; children's clothing brand, Justice; and more CPG brands from Nestlé and McCormick.

    最近在 Shopify Plus 中推出的品牌列表非常出色。全球娛樂平台,Netflix;奢侈時裝設計師黛安·馮芙絲汀寶;世界知名酒廠,羅伯特·蒙大維;來自知名鞋業公司 ALDO 的人鞋;全球時尚品牌和我個人的最愛,James Perse;獨立和復古服裝零售商 ModCloth;著名咖啡品牌,Stumptown Coffee 和 Peet's Coffee;童裝品牌,正義;以及更多來自雀巢和味好美的 CPG 品牌。

  • Shopify is leveraging the entire ecosystem to create a global retail operating system for the future of commerce. More than 22,000 viewers tuned in to this year's virtually held developer-focused partner conference, Shopify Unite, where we announced major upgrades to our platform on which we are building the Internet's commerce infrastructure. These include Online Store 2.0, a flexible and customizable storefront, so our merchants can build their stores quickly without touching code while giving max code access to developers, allowing them to extend and customize both the storefront and the checkout. Powerful new APIs and developer tooling that gives our partners and merchants more creative control without sacrificing speed or scalability. A faster and more powerful checkout designed to give each individual shop the ability to handle as much sales volume as we serve across all of Shopify at the peak of Black Friday, Cyber Monday in 2020. And a scalable payments platform, enabling partners to build third-party payment gateways as apps.

    Shopify 正在利用整個生態系統為未來的商業創建一個全球零售操作系統。超過 22,000 名觀眾收看了今年虛擬舉行的以開發者為中心的合作夥伴大會 Shopify Unite,我們在大會上宣布對我們正在構建互聯網商務基礎設施的平台進行重大升級。其中包括在線商店 2.0,這是一個靈活且可定制的店面,因此我們的商家無需接觸代碼即可快速建立自己的商店,同時為開發人員提供最大代碼訪問權限,允許他們擴展和自定義店面和結賬。強大的新 API 和開發者工具,讓我們的合作夥伴和商家在不犧牲速度或可擴展性的情況下進行更多的創造性控制。更快、更強大的結賬功能旨在讓每個單獨的商店能夠在 2020 年黑色星期五、網絡星期一的高峰期處理與我們在整個 Shopify 中服務的一樣多的銷售量。以及一個可擴展的支付平台,使合作夥伴能夠建立第三個方支付網關作為應用程序。

  • We also announced a 0% rev share for app and theme store developers on their first $1 million of revenue annually starting in Q3 2021, making it even more attractive for tech talent to want to build the future of commerce with Shopify.

    我們還宣布,從 2021 年第三季度開始,應用程序和主題商店開發人員每年的前 100 萬美元收入將獲得 0% 的收入分成,這使得希望通過 Shopify 構建商業未來的技術人才更具吸引力。

  • Our teams at Shopify have been heads down innovating over the past year to bring the platform updates announced at Shopify Unite to Life. Their incredible work has formed an even stronger commerce infrastructure for developers to build on. We look forward to seeing the hard problems they will help us solve for our merchants.

    在過去的一年裡,我們 Shopify 的團隊一直致力於創新,以將 Shopify Unite 上宣布的平台更新變為現實。他們令人難以置信的工作為開發人員構建了一個更強大的商業基礎設施。我們期待看到他們將幫助我們為商家解決的難題。

  • As we double down on our efforts to make Shopify the best place to build, our partner ecosystem continues to grow. In Q2, the number of partners sending business to us continued to expand as over 46,000 partners referred at least 1 merchant on Shopify over the past 12 months, up 53% year-over-year. As the post-pandemic future emerges, it is clear that retail has changed forever. Shopify is making sure those changes are for the better. Entrepreneurship remains strong and opportunities to thrive in a modern retail era with the right tools are boundless.

    隨著我們加倍努力使 Shopify 成為最佳構建場所,我們的合作夥伴生態系統繼續發展。在第二季度,向我們發送業務的合作夥伴數量繼續增加,在過去的 12 個月中,超過 46,000 個合作夥伴在 Shopify 上推薦了至少 1 個商家,同比增長 53%。隨著大流行後未來的出現,很明顯零售業已經發生了永遠的變化。 Shopify 正在確保這些更改變得更好。企業家精神依然強大,在現代零售時代,借助正確的工具蓬勃發展的機會是無限的。

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • Thanks, Harley. Merchant success combined with sustained e-commerce tailwinds and strong execution by Shopify contributed to a fantastic second quarter. Revenue in our second quarter was up 57% year-over-year to $1.1 billion, marking the first time Shopify exceeded $1 billion in a single quarter. This was driven by strong performance from both our Subscription Solutions and Merchant Solutions segments. Subscription Solutions revenue increased 70% over the same period last year to $334.2 million, largely due to strong growth in monthly recurring revenue.

    謝謝,哈利。商家的成功與持續的電子商務順風以及 Shopify 的強大執行力共同促成了第二季度的出色表現。我們第二季度的收入同比增長 57% 至 11 億美元,這是 Shopify 首次在一個季度內超過 10 億美元。這是由我們的訂閱解決方案和商家解決方案部門的強勁表現推動的。訂閱解決方案收入比去年同期增長 70% 至 3.342 億美元,主要是由於每月經常性收入的強勁增長。

  • MRR growth accelerated to 67% year-over-year to $95.1 million as more merchants join the platform and the number of retail locations using POS Pro increased. Remember, MRR in the second quarter of last year was impacted by the 90-day free trial on standard plans offered until May 31, and that we experienced a double cohort effect in our third quarter last year as users from the 90-day free trial and 14-day free trial converted into paying merchants in that quarter. Compared with Q1, MRR added in Q2 was more normalized as economies reopen.

    隨著越來越多的商家加入該平台以及使用 POS Pro 的零售店數量增加,MRR 同比增長 67% 至 9510 萬美元。請記住,去年第二季度的 MRR 受到了 5 月 31 日之前提供的標準計劃的 90 天免費試用的影響,並且我們在去年第三季度作為 90 天免費試用的用戶經歷了雙重群組效應14 天免費試用在該季度轉化為付費商家。與第一季度相比,隨著經濟重新開放,第二季度增加的 MRR 更加正常化。

  • Shopify Plus contributed $25.2 million or 26% of MRR compared with 29% in Q2 of 2020 when standard merchant MRR was impacted by the extended free trial I just mentioned. While Shopify Plus MRR grew significantly this past quarter, non-Plus MRR grew faster, benefiting from a significantly higher number of merchants on standard plans joining the platform in 2020 and new incremental revenue from our Shopify POS Pro subscription offering over the same period last year.

    Shopify Plus 貢獻了 2520 萬美元,即 MRR 的 26%,而 2020 年第二季度標準商家 MRR 受到我剛才提到的延長免費試用期的影響時為 29%。雖然 Shopify Plus MRR 在上個季度顯著增長,但非 Plus MRR 增長更快,這得益於 2020 年加入該平台的標準計劃商家數量顯著增加,以及去年同期我們的 Shopify POS Pro 訂閱產品帶來的新增量收入.

  • Merchant Solutions revenue grew 52% over Q2 2020 to $785.2 million. This growth was driven primarily by GMV expansion, which was up 40% year-over-year to a record $42.2 billion. The strong growth in merchant sales, combined with increased GMV penetration of Shopify Payments, merchant adoption of Shopify Capital and Shipping and partner-related revenue compared with the same period last year, drove revenue from these solutions higher.

    商戶解決方案收入比 2020 年第二季度增長 52%,達到 7.852 億美元。這一增長主要由 GMV 擴張推動,同比增長 40%,達到創紀錄的 422 億美元。與去年同期相比,商家銷售的強勁增長,加上 Shopify Payments 的 GMV 滲透率提高、商家採用 Shopify Capital 和 Shipping 以及與合作夥伴相關的收入,推動這些解決方案的收入更高。

  • $20.3 billion of GMV was processed on Shopify Payments in Q2, up 51% versus the same quarter last year. Shopify Payments penetration of GMV was 48% versus 45% in Q2 2020. This increase was driven by GMV penetration gains through online and retail POS channels while Shopify Plus and international merchants expanded their share of GPV year-over-year.

    第二季度,Shopify Payments 處理了 203 億美元的 GMV,比去年同期增長 51%。 Shopify Payments 的 GMV 滲透率為 48%,而 2020 年第二季度為 45%。這一增長是由在線和零售 POS 渠道的 GMV 滲透率增長推動的,而 Shopify Plus 和國際商家在 GPV 中的份額同比擴大。

  • Merchant Solutions revenue also benefited from the recognition of revenue in Q2 associated with noncash consideration or warrants we received from our strategic partnerships with Affirm and Global-e, relating to performance obligations with respect to our Shop Pay Installments and cross-border commerce offerings, respectively. The warrants associated with these partnerships were valued at the start of the respective commercial contracts are deferred and then recognized into revenue ratably over the expected life of the contracts.

    Merchant Solutions 收入還受益於第二季度與我們從與 Affirm 和 Global-e 的戰略合作夥伴關係中收到的非現金對價或認股權證相關的收入確認,這些收入分別與我們的 Shop Pay 分期付款和跨境商務產品的履約義務有關.與這些夥伴關係相關的認股權證在各自商業合同開始時進行估值,然後遞延,然後在合同的預期期限內按比例確認為收入。

  • While there are other revenue components to these products, the noncash consideration component from those commercial agreements added approximately 3 percentage points to our year-on-year Merchant Solutions revenue growth. Adjusted gross profit dollars grew 64% over last year's second quarter to $627 million, and outpaced revenue growth primarily due to the larger mix of Subscription Solutions gross profit relative to last year's mix which was suppressed by the extended free trial.

    雖然這些產品還有其他收入組成部分,但這些商業協議中的非現金對價部分為我們的商戶解決方案收入同比增長增加了大約 3 個百分點。調整後的毛利潤美元比去年第二季度增長 64% 至 6.27 億美元,並且超過了收入增長,這主要是由於訂閱解決方案的毛利潤組合相對於去年的組合更大,但受到延長的免費試用期的抑制。

  • The combined strength in revenue, improved margin profile and lower overall OpEx spend as a percent of revenue contributed to strong adjusted operating earnings in Q2 compared to the same period last year. Adjusted operating income was $236.8 million in the second quarter compared with adjusted operating income of $113.7 million in the second quarter of 2020, as our revenue growth outpaced growth in spend.

    與去年同期相比,收入的綜合優勢、利潤率的改善以及整體運營支出佔收入的百分比降低,促成了第二季度調整後的營業收入強勁。第二季度調整後營業收入為 2.368 億美元,而 2020 年第二季度調整後營業收入為 1.137 億美元,因為我們的收入增長超過了支出增長。

  • Adjusted net income for the quarter was $284.6 million or $2.24 per diluted share compared with adjusted net income of $129.4 million or $1.05 per diluted share in last year's second quarter. Adjusted net income in Q2 2021 excludes a $778 million unrealized net gain on our equity investments, including Global-e, which we wrote up to its fair value upon and subsequent to the company's IPO.

    本季度調整後的淨收入為 2.846 億美元或稀釋後每股收益 2.24 美元,而去年第二季度的調整後淨收入為 1.294 億美元或稀釋後每股收益 1.05 美元。 2021 年第二季度的調整後淨收入不包括我們股權投資的 7.78 億美元未實現淨收益,包括 Global-e,我們在公司首次公開募股時及之後將其寫入其公允價值。

  • Finally, our cash, cash equivalents and marketable securities balance was $7.76 billion on June 30 compared with $6.39 billion at year-end. Our healthy balance sheet gives us optionality that we believe increases our competitive advantage. To retain this financial flexibility, we filed yesterday to increase the registered room on our base shelf prospectus.

    最後,我們在 6 月 30 日的現金、現金等價物和有價證券餘額為 77.6 億美元,而年底時為 63.9 億美元。我們健康的資產負債表為我們提供了我們認為可以增加競爭優勢的選擇權。為了保持這種財務靈活性,我們昨天提交了增加基本貨架招股說明書的註冊空間。

  • With so many merchants now building their businesses on Shopify, our job is to make entrepreneurship easier and help our merchants succeed. This is reflected in our 3 key areas of investment in 2021: Shopify Fulfillment Network, Shop and international expansion.

    現在有這麼多商家在 Shopify 上開展業務,我們的工作是讓創業更容易並幫助我們的商家取得成功。這反映在我們 2021 年的 3 個關鍵投資領域:Shopify Fulfillment Network、Shop 和國際擴張。

  • First, we're heads down building the foundation of Shopify Fulfillment Network so that our merchants can access simple, fast and affordable fulfillment. In Q2, we introduced features that help merchants manage and organize the products fulfilled by our network via the merchant admin and improved shipping, speed and accuracy. We also added the ability for merchants to manage preferences like staff notifications. Our focus remains on building a product that offers merchants a delightful experience and optimizes our network of nodes and partners. 6 River Systems, which had another strong quarter, continued to deploy its fulfillment technology into our partner nodes and customer warehouses, increasing the efficiency of their fulfillment operations.

    首先,我們正在全力打造 Shopify Fulfillment Network 的基礎,以便我們的商家能夠獲得簡單、快速和負擔得起的履行。在第二季度,我們推出了一些功能,幫助商家通過商家管理員管理和組織由我們的網絡配送的產品,並提高了運輸、速度和準確性。我們還增加了商家管理員工通知等偏好的功能。我們的重點仍然是打造能夠為商家提供愉快體驗並優化我們的節點和合作夥伴網絡的產品。 6 River Systems 的另一個季度表現強勁,繼續將其履行技術部署到我們的合作夥伴節點和客戶倉庫中,提高了他們的履行運營效率。

  • Our second key area of investment is Shop. As Harley outlined, we continue to invest in developing new features that add value to our merchants and give buyers a great mobile shopping experience.

    我們的第二個重點投資領域是商店。正如 Harley 所述,我們將繼續投資開發新功能,為我們的商家增加價值並為買家提供出色的移動購物體驗。

  • Our third key area of investment is international expansion. We introduced new retail POS hardware that is integrated with Shopify Payments in the U.K. and Ireland in Q1 and in Australia in May. This is helpful to gross payments volume as POS Pro locations and POS GMV trend upward and, more importantly, helpful to merchants who are benefiting from our leading POS capabilities. We plan to expand our integrated POS offering to additional regions in the coming months.

    我們的第三個主要投資領域是國際擴張。我們於第一季度在英國和愛爾蘭以及 5 月在澳大利亞推出了與 Shopify Payments 集成的新零售 POS 硬件。隨著 POS Pro 位置和 POS GMV 呈上升趨勢,這有助於總支付量,更重要的是,有助於從我們領先的 POS 功能中受益的商家。我們計劃在未來幾個月內將我們的集成 POS 產品擴展到其他地區。

  • As we expand our commercial efforts into regions, we are localizing our support efforts alongside them. That merchants are able to reach a human who can help them navigate an issue or leave them to the best next steps is an important differentiator for us. And when our support team is armed with data superpowers and speaking our merchants' language, merchants everywhere can go farther faster.

    隨著我們將商業努力擴展到地區,我們正在與他們一起本地化我們的支持工作。商家能夠聯繫到可以幫助他們解決問題或讓他們進入最佳下一步的人,這對我們來說是一個重要的差異化因素。當我們的支持團隊擁有數據超級大國並使用我們商家的語言時,各地的商家都可以更快地走得更遠。

  • And a quick note on our equity holdings in companies like Global-e, Affirm and others. We remained active in Q2, pursuing partnerships that position us to work with innovative teams that can help us solve hard problems for our merchants and to continue building the future of commerce.

    簡要介紹一下我們在 Global-e、Affirm 等公司的股權持有情況。我們在第二季度保持活躍,尋求合作夥伴關係,使我們能夠與創新團隊合作,幫助我們為商家解決難題並繼續建設商業的未來。

  • Turning to our outlook. Our outlook for the remainder of 2021 is consistent with our assumptions in February. We've seen an improvement in the overall economic environment through the first half of this year, consumer spending beginning to rotate back to services and offline retail and e-commerce growing at a more normalized pace relative to 2020. In view of these factors and Shopify's performance year-to-date, we continue to expect to grow revenue rapidly in 2021, but at a lower rate than in 2020.

    轉向我們的前景。我們對 2021 年剩餘時間的展望與我們在 2 月份的假設一致。今年上半年,我們看到整體經濟環境有所改善,消費者支出開始轉向服務業,線下零售和電子商務相對於2020年以更加正常的速度增長。鑑於這些因素和Shopify 年初至今的表現,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: 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. The growth rates of Subscription Solutions and Merchant Solutions revenues to be more similar to each other than in the recent past as we do not expect the surge in GMV that drove Merchant Solutions in 2020 to repeat. 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 growing menu of merchant solutions, including established offerings such as Shopify Payments, Shopify Shipping and Shopify Capital, both geographically and as merchants grow into them while newer solutions such as Shopify Fulfillment Network and 6 River Systems contribute nascent but incremental revenue in their early stages.

    對於 2021 年全年,我們繼續預計: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。增長率訂閱解決方案和商家解決方案的收入將比最近更相似,因為我們預計 2020 年推動商家解決方案的 GMV 激增不會重複。商戶解決方案收入增長將由現有商戶的 GMV 持續增長、新商戶加入平台以及 Shopify 不斷增長的商戶解決方案菜單的廣泛採用推動,包括 Shopify Payments、Shopify Shipping 和 Shopify Capital 等既定產品,無論是在地理上還是在地理位置上商家逐漸融入其中,而 Shopify Fulfillment Network 和 6 River Systems 等較新的解決方案在早期階段貢獻了新生但增量的收入。

  • We expect that the first quarter will likely still contribute the smallest share of full year revenue and the fourth quarter the largest, and that the revenue spread will be more evenly distributed across the 4 quarters than it has been historically. 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 in Q3 and again in Q4.

    我們預計,第一季度在全年收入中的份額可能仍然最小,而第四季度的份額最大,並且四個季度的收入分佈將比以往更加均勻。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,第三季度和第四季度運營費用的同比增長加速。

  • Hiring momentum picked up in our second quarter as we nearly doubled the number of new hires joining Shopify quarter-over-quarter, bringing on more engineers and commercial talent to support our growth initiatives. In addition to increasing our commercial talent, we expect to ramp up our go-to-market programs and events in the second half of 2021 as regions reopen. Finally, we expect stock-based compensation and related payroll taxes to be $425 million and amortization of acquired intangibles to be $21 million for 2021.

    隨著我們加入 Shopify 的新員工人數環比增加了近一倍,招聘人數在第二季度有所回升,從而吸引了更多的工程師和商業人才來支持我們的增長計劃。除了增加我們的商業人才外,我們預計隨著地區重新開放,我們將在 2021 年下半年增加我們的上市計劃和活動。最後,我們預計到 2021 年,基於股票的薪酬和相關工資稅將達到 4.25 億美元,收購的無形資產攤銷將達到 2100 萬美元。

  • Due to the sustained momentum of digital commerce trends in the first half of 2021, combined with the U.S. stimulus distributed in March and April this year, Shopify generated higher-than-anticipated revenue while incurring lower-than-planned OpEx spend as a percent of revenue in the first half of 2021. As a result, we now expect full year 2021 adjusted operating income to be above the level we achieved in 2020.

    由於 2021 年上半年數字商務趨勢的持續勢頭,再加上美國在今年 3 月和 4 月發布的刺激措施,Shopify 產生了高於預期的收入,同時導致運營支出低於計劃的百分比2021 年上半年的收入。因此,我們現在預計 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。

  • In closing, Shopify is investing in the future of commerce, and we're taking a multipronged approach, leveraging technology and talent by building the commerce infrastructure of the Internet, innovating new and improved products and expanding our relationships with a diverse community of partners. We are creating a global retail operating system that will help our merchants succeed in the years ahead and make commerce better for everyone.

    最後,Shopify 正在投資於商業的未來,我們正在採取多管齊下的方法,通過構建互聯網的商業基礎設施、創新新產品和改進產品以及擴大我們與多元化合作夥伴社區的關係來利用技術和人才。我們正在創建一個全球零售操作系統,這將幫助我們的商家在未來幾年取得成功,並使每個人的商業都變得更好。

  • 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. Before we open the call up for questions, I'll remind you to limit yourself to a single question. That way, more people will get a chance to ask a question on the call this morning.

    謝謝,艾米。在我們打開問題電話之前,我會提醒您將自己限制在一個問題上。這樣,更多的人將有機會在今天早上的電話會議上提問。

  • Arielle, can you take the first question, please?

    Arielle,你能回答第一個問題嗎?

  • Operator

    Operator

  • (Operator Instructions) Our first question comes from Craig Maurer of Autonomous Research.

    (操作員說明)我們的第一個問題來自 Autonomous Research 的 Craig Maurer。

  • Craig Jared Maurer - Partner, Payments and Financial Technology

    Craig Jared Maurer - Partner, Payments and Financial Technology

  • Yes. So two questions, one around payments. Regarding the Shop Pay announcement you guys had during the quarter around making the Shop Pay button available on non-Shopify platform to non-Shopify platform merchants. Is there an opportunity to take the Shop Pay button to a full stack processing solution and connecting with Stripe on the back end to be a full stack PayPal competitor?

    是的。所以有兩個問題,一個是關於付款的。關於你們在本季度發布的關於在非 Shopify 平台上向非 Shopify 平台商家提供 Shop Pay 按鈕的 Shop Pay 公告。是否有機會將 Shop Pay 按鈕用於全棧處理解決方案並在後端連接 Stripe 以成為全棧 PayPal 競爭對手?

  • And secondly, we heard that Shopify is now powering a large global brand in Brazil, as that large global brand pulled you into Brazil. And I was wondering what growth opportunities are for Shopify going forward in that region?

    其次,我們聽說 Shopify 現在正在為巴西的一個大型全球品牌提供動力,因為這個大型全球品牌將您吸引到了巴西。我想知道 Shopify 在該地區的發展機會是什麼?

  • Harley Michael Finkelstein - President

    Harley Michael Finkelstein - President

  • It's Harley. I'll take that question. On the international side, I mean, as Amy discussed in her remarks as well, international remains an important part of our business and our growth story. In fact, merchants from outside North America grew as a percentage of our total merchant mix in Q2 year-over-year. And year-over-year GMV growth in the rest of world actually outpaced North America in Q2 2021. So we're seeing more international merchants that are joining and are succeeding on Shopify. And obviously, we're stepping up our growth marketing, our sales and our support efforts in places like Brazil and all over the world.

    是哈利。我會回答這個問題。在國際方面,我的意思是,正如 Amy 在她的講話中所討論的那樣,國際仍然是我們業務和增長故事的重要組成部分。事實上,北美以外的商家在第二季度占我們總商家組合的百分比同比增長。 2021 年第二季度,世界其他地區的 GMV 同比增長實際上超過了北美。因此,我們看到越來越多的國際商家加入並在 Shopify 上取得成功。顯然,我們正在巴西和世界各地加強我們的增長營銷、銷售和支持工作。

  • So it isn't necessarily any particular focus on Brazil per se, but there are merchants around the world who want -- are looking for a retail operating system and Shopify certainly is a favorite of theirs. And we're able to help them sell in the way that they want.

    因此,它不一定特別關注巴西本身,但世界各地的商家都想要——正在尋找零售操作系統,而 Shopify 無疑是他們的最愛。我們能夠幫助他們以他們想要的方式進行銷售。

  • In terms of sort of the Shop Pay question. Look, I mean, the ability -- we think Shop Pay is the best way to check out on the Internet. It's fast, it's secure. Merchants love it because it helps with conversion rates. Consumers love it because it allows them to check out really, really quickly. So making that available on more surfaces, whether it's on Facebook or it's on Google or Instagram to Shopify merchants and also to non-Shopify merchants, we just think that's the right thing to advance commerce.

    就 Shop Pay 問題而言。看,我的意思是能力——我們認為 Shop Pay 是在互聯網上結賬的最佳方式。它很快,很安全。商家喜歡它,因為它有助於提高轉化率。消費者喜歡它,因為它可以讓他們非常非常快速地結賬。因此,無論是在 Facebook 上,還是在 Google 或 Instagram 上,Shopify 商家和非 Shopify 商家都可以在更多平台上使用它,我們只是認為這是促進商業發展的正確做法。

  • Tobias Lütke - Founder, Chairman & CEO

    Tobias Lütke - Founder, Chairman & CEO

  • This is Tobi. I think your question is specifically about how -- how we can take this beyond the Shopify platform. I think the reason why Shop Pay has been so successful is that it's highly bespoke to particular -- to the Shopify platform like we can build in based on assumptions that we can make about the merchants and their capabilities because they are -- like because of the vertical integration. We have no -- like we -- I think if we go beyond the ramp of a platform for its customers, then we would have to lose a lot of the differentiation there. So there's no -- that would be an adjacency for the product, and we have no such plans.

    這是托比。我認為您的問題具體是關於我們如何將其超越 Shopify 平台。我認為 Shop Pay 之所以如此成功,是因為它是高度定制的——對於 Shopify 平台,我們可以根據我們可以對商家及其能力做出的假設來構建,因為他們是——比如因為縱向一體化。我們沒有 - 像我們一樣 - 我認為如果我們為客戶超越平台的坡道,那麼我們將不得不失去很多差異化。所以沒有 - 這將是產品的鄰接,我們沒有這樣的計劃。

  • Operator

    Operator

  • Our next question comes from Thomas Forte of D.A. Davidson.

    我們的下一個問題來自 D.A. 的 Thomas Forte。戴維森。

  • Thomas Ferris Forte - MD & Senior Research Analyst

    Thomas Ferris Forte - MD & Senior Research Analyst

  • Great. So I want to know what the financial implications are of not collecting a commission on the first $1 million of revenue for developers on Shopify and lowering your take rate after the first 1 million to 15% from 20%.

    偉大的。所以我想知道在 Shopify 上不對開發者的前 100 萬美元收入收取佣金並將前 100 萬美元後的佣金率從 20% 降低到 15% 的財務影響是什麼。

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • Yes. The change in the App Store and theme revenue models that was announced at Unite are not material to Shopify's results in the back half of this year or for the full year. And I want to emphasize that while it's not material for us, it is material for our developer partners. And we are committed to our developers and believe this is the right long-term benefit for our merchants and our partners to help them be more innovative and creative on behalf of our merchants and to keep more of the dollars in their pockets. And so any short-term loss of revenue in the back half is immaterial to us and well worth the long-term benefits.

    是的。在 Unite 上宣布的 App Store 和主題收入模式的變化對 Shopify 在今年下半年或全年的業績並不重要。我想強調的是,雖然這對我們來說並不重要,但對我們的開發合作夥伴來說卻很重要。我們致力於我們的開發人員,並相信這對我們的商家和我們的合作夥伴來說是正確的長期利益,可以幫助他們代表我們的商家更具創新性和創造力,並將更多的錢留在他們的口袋裡。因此,後半部分的任何短期收入損失對我們來說都是無關緊要的,而且非常值得長期收益。

  • 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

  • This one's up for Tobi or Harley. Just over the past months, the company has introduced search and Shop app, conversion of ads in the partner app store. And we've seen theoretical headlines like an audience network out there. How are you thinking about advertising as a product category? And what areas do you think makes sense for Shopify to potentially monetize on those products?

    這個適合托比或哈雷。就在過去的幾個月裡,該公司推出了搜索和 Shop 應用,在合作夥伴應用商店中進行廣告轉換。我們已經看到了像觀眾網絡這樣的理論頭條新聞。您如何看待廣告作為一個產品類別?您認為 Shopify 在哪些領域可以通過這些產品獲利?

  • Tobias Lütke - Founder, Chairman & CEO

    Tobias Lütke - Founder, Chairman & CEO

  • Yes. There's no one like approach. I think what you're hearing about is a lot of very early experimentation. The nature of advertising is like it's very hard to conduct a test that no one sees because I don't think that would lead to any useful data. So there's a bit of learning in public going on there. And we obviously look backwards on value. Our merchants obviously want to deepen their relationship with their existing buyer base. Shop is specifically really good in which nature we -- bridging that gap is currently what we are trying to discover.

    是的。沒有人喜歡的方法。我認為你聽到的是很多非常早期的實驗。廣告的本質就像是很難進行沒有人看到的測試,因為我認為這不會產生任何有用的數據。因此,那裡有一些公開學習。我們顯然會向後看價值。我們的商家顯然希望加深與現有買家群的關係。商店在我們的性質中特別好——彌合這一差距是我們目前正在努力發現的。

  • And we are taking advantage of some opportunities. Again, companies are journeys, products are journeys. Sometimes you don't quite know where it leads. Certainly, when I started, I thought that we would be building fulfillment warehouses or do loans to a degree, and that bonds us to the degree that we're doing now. So again, I think you'll see a very early representation of early attempts there. And we really have no line of sight on what that does to revenue. And this is certainly not why we are trying any of those things. We are figuring out what the right mix of products is for a new merchant who is trying to build a business and reach for independence. And if advertising from us, however in some means, is part of that, we will hopefully know this over the next years.

    我們正在利用一些機會。同樣,公司是旅程,產品是旅程。有時你並不完全知道它通向何方。當然,當我開始時,我認為我們會在一定程度上建立履行倉庫或提供貸款,這將我們與現在所做的程度聯繫在一起。再說一次,我認為你會在那裡看到早期嘗試的早期表現。我們真的對這對收入的影響一無所知。這當然不是我們嘗試這些事情的原因。我們正在為試圖建立業務並爭取獨立的新商人找出正確的產品組合。如果我們的廣告,無論以某種方式,是其中的一部分,我們希望在未來幾年知道這一點。

  • 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

  • It's impressive to see this record GMV. I know you guys don't disclose much sense, but do you see the trends in GMV per merchant trend this year? And also, especially in July, what are you seeing? And what's your expectation on that trend for the remaining of the year?

    看到這個創紀錄的 GMV 令人印象深刻。我知道你們並沒有透露太多意義,但是你們看到今年每個商家的 GMV 趨勢了嗎?而且,尤其是在七月,你看到了什麼?您對今年剩餘時間的這種趨勢有何期望?

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • Yes. The productivity of our merchants has remained strong on the platform. As Harley said in our opening remarks, the $42 billion of GMV on the platform was a record. And so GMV per merchant remains strong year-over-year. And it's really the combination of what Harley talked about. POS, our physical retail GMV, has had 4 consecutive quarters of acceleration, it's now back to the percentage mix pre-COVID on much higher GMV levels. So we're seeing strong productivity there. And with respect to online GMV, we do believe that it has reset at a higher level and it's now just growing at a more normalized level.

    是的。我們商家的生產力在平台上保持強勁。正如 Harley 在我們的開場白中所說,該平台上 420 億美元的 GMV 是創紀錄的。因此,每個商家的 GMV 同比保持強勁。這真的是哈雷所說的結合。 POS 是我們的實體零售 GMV,已經連續 4 個季度加速增長,現在又回到了 COVID 之前的百分比組合,GMV 水平要高得多。因此,我們在那裡看到了強大的生產力。關於在線 GMV,我們確實認為它已經重置在一個更高的水平,現在它只是在一個更正常的水平上增長。

  • And so we use the U.K. as an example of one of the economies that reopened first, and our U.K. GMV grew faster than our average, suggesting that when we equip merchants with multichannel, they do better in a very fluid commerce environment. We also saw social GMV increase substantially. It's still small as a percentage of our mix, but the growth quarter-over-quarter and year-over-year was significant. And so these are all things with the multichannel approach that we expect will help continue to keep GMV per merchant strong.

    因此,我們以英國作為最先重新開放的經濟體之一,我們的英國 GMV 增長速度高於我們的平均水平,這表明當我們為商家配備多渠道時,他們在非常流動的商業環境中會做得更好。我們還看到社交 GMV 大幅增加。它在我們的組合中所佔的百分比仍然很小,但環比和同比增長顯著。因此,這些都是多渠道方法的全部內容,我們預計這將有助於繼續保持每個商家的 GMV 強勁。

  • Operator

    Operator

  • Our next question comes from Trevor Young of Barclays.

    我們的下一個問題來自巴克萊的 Trevor Young。

  • Trevor Vincent Young - VP

    Trevor Vincent Young - VP

  • Can you talk a little bit about the impact, either qualitatively or quantitatively, that merchants are seeing from their ability to use Facebook and Instagram ad targeting, just in light of IDFA. We're hearing a lot of noise around this, and it would just be helpful to hear how it's impacting your merchants and, by extension, of your GMV growth and then how you're adapting to enable that targeted advertising.

    您能否談談商家根據 IDFA 使用 Facebook 和 Instagram 廣告定位的能力所產生的影響,無論是定性的還是定量的。我們聽到了很多關於這方面的噪音,了解它如何影響您的商家,進而影響您的 GMV 增長,以及您如何適應以啟用有針對性的廣告,這將很有幫助。

  • Harley Michael Finkelstein - President

    Harley Michael Finkelstein - President

  • So I think we mentioned this on previous earnings calls, but just -- in the near term, we do think it will reduce the efficacy of some ads, but I think it further will incentivize merchants to look for new ways and multiple ways to connect with buyers on top of ads getting increasingly expensive. So longer term, we expect merchants will benefit from further embedding commerce itself into surface areas across the Internet and in person, whether that's retargeting or it's apps like Shop that give more control to the buyer who's actually opted in. Merchants on Shopify have always been resilient, whether it's through the pandemic or through different technological changes, and we think they'll continue to be resilient and find ways to connect with buyers.

    所以我認為我們在之前的財報電話會議上提到了這一點,但只是 - 在短期內,我們確實認為它會降低一些廣告的效果,但我認為它會進一步激勵商家尋找新的方式和多種連接方式隨著廣告之上的買家變得越來越昂貴。所以從長遠來看,我們預計商家將受益於進一步將商業本身嵌入互聯網和個人的表面區域,無論是重新定位還是像 Shop 這樣的應用程序可以讓實際選擇加入的買家獲得更多控制權。Shopify 上的商家一直是彈性,無論是通過大流行還是通過不同的技術變革,我們認為他們將繼續保持彈性並找到與買家聯繫的方式。

  • Operator

    Operator

  • Our next question comes from Matt Few Pfau of William Blair.

    我們的下一個問題來自 William Blair 的 Matt Few Pfau。

  • Matthew Charles Pfau - Research Analyst

    Matthew Charles Pfau - Research Analyst

  • Just wanted to ask a question on the impressive point-of-sale uptake that you're seeing. Do you think that this is more tied to economies reopening and physical stores reopening? Or is it more driven by some of the product enhancements that you've made around point-of-sale?

    只是想問一個關於您所看到的令人印象深刻的銷售點吸收的問題。您是否認為這與經濟重新開放和實體店重新開放更相關?還是更多地受到您圍繞銷售點所做的一些產品改進的推動?

  • Harley Michael Finkelstein - President

    Harley Michael Finkelstein - President

  • So I think, a couple of things. So in terms of retail point-of-sale GMV, we are seeing that it is nearly back to pre-COVID levels as a percentage of overall GMV, which again, as Amy mentioned on the last question, is a much higher GMV. So as physical stores reopen and merchants are better equipped with our upgraded hardware and software, they're going to sell more. We did do -- we did roll out also an all-new Shopify point-of-sale with new hardware and integrated payments in places in new geographies like places like Australia, and we're making great progress in places like U.K. and Ireland as well.

    所以我想,有幾件事。因此,就零售點 GMV 而言,我們看到它佔總 GMV 的百分比幾乎回到了 COVID 之前的水平,正如 Amy 在最後一個問題中提到的那樣,這又是一個更高的 GMV。因此,隨著實體店重新開業,商家更好地配備了我們升級的硬件和軟件,他們的銷量就會增加。我們確實做到了——我們也推出了全新的 Shopify 銷售點,在澳大利亞等新地區的新硬件和集成支付系統中,我們在英國和愛爾蘭等地取得了巨大進展好吧。

  • So we're trying to enable merchants in these regions to seamlessly bridge their online business and their offline commerce. And to Amy's point earlier, that they should not be mutually exclusive. We also saw that 63% of our brick-and-mortar merchants in English-speaking geographies are now using some form of local in-store curbside pickup and delivery solutions. That's compared to like 2% at the end of February 2020. So that's -- part of what we're going to see as reopenings continue to happen, but also as retail has been reset through COVID is that it will be retail everywhere. And Shopify is a platform that powers retail everywhere, whether it's online or offline.

    因此,我們正在努力使這些地區的商家能夠無縫地將他們的在線業務和他們的離線商務聯繫起來。對於艾米早些時候的觀點,它們不應該相互排斥。我們還看到,我們在英語地區 63% 的實體商家現在正在使用某種形式的本地店內路邊取貨和送貨解決方案。相比之下,到 2020 年 2 月底,這一比例約為 2%。因此,隨著重新開放的繼續發生,我們將看到的部分情況是零售業已通過 COVID 重置,它將在任何地方都是零售業。 Shopify 是一個平台,可為任何地方的零售業提供支持,無論是線上還是線下。

  • Tobias Lütke - Founder, Chairman & CEO

    Tobias Lütke - Founder, Chairman & CEO

  • I'm going to just add that there's another tech there too that just the point-of-sale product is now very, very good. It was -- previously, it's most differentiated feature was just that it both attached and writes to the same real-time database as an online store, which was very valuable and so on, right? But like we really took that product seriously. I think we're on rewrite number 4 at this point since we started just because there's just a lot of learning. And our initial vision of point-of-sale were absolutely oriented with what the point-of-sale industry has been doing previously, like better implementation, I think, than of the existing patterns.

    我要補充一點,那裡還有另一種技術,即銷售點產品現在非常非常好。它是 -- 以前,它最大的不同之處在於它既可以附加也可以寫入與在線商店相同的實時數據庫,這非常有價值等等,對嗎?但就像我們真的認真對待那個產品一樣。我認為自從我們開始以來,我們現在正在重寫第 4 次,只是因為有很多學習。我們最初的銷售點願景完全以銷售點行業以前所做的為導向,我認為比現有模式更好地實施。

  • I think one effect you're seeing in a lot of spaces is that sort of second, third, fourth wave of software ends up being more digitally native, like let's actually use exactly what like the power of software, power of Internet, power of touch devices in the use case to enable exactly what they can bring instead of just making a touch version of a -- or a text-based point-of-sale system. I'm very, very happy with the point-of-sale. It's really, really ready to be adopted on the platform. And I think that is an additional accelerant there, too.

    我認為你在很多領域看到的一個影響是,第二、第三、第四波軟件最終變得更加數字化,就像讓我們真正使用軟件的力量、互聯網的力量、互聯網的力量用例中的觸摸設備,以準確啟用它們可以帶來的功能,而不僅僅是製作觸摸版本——或基於文本的銷售點系統。我對銷售點非常非常滿意。它真的,真的準備好在平台上採用了。我認為這也是一個額外的促進劑。

  • 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 wonder if you could expand a bit on plans for Shopify Plus, maybe where you're focused in terms of product road map to drive more merchant adoption? And how much of that is geared towards the enterprise tier versus the mid-market?

    我想知道您是否可以擴展一點 Shopify Plus 的計劃,也許您在產品路線圖方面專注於推動更多商家採用?其中有多少是面向企業層而不是中端市場的?

  • Harley Michael Finkelstein - President

    Harley Michael Finkelstein - President

  • Thanks for the question. So I mentioned in my prepared remarks, but Q2 was a great quarter for Plus. More merchants on standard plans upgraded to Shopify Plus. We also saw more international brands joining Plus to grow their business.

    謝謝你的問題。所以我在準備好的評論中提到,但第二季度對 Plus 來說是一個很好的季度。更多使用標準計劃的商家升級到 Shopify Plus。我們還看到更多國際品牌加入 Plus 以發展業務。

  • In terms of upgrades versus net new, we're seeing both. On the upgrade side, with adding more than 700,000 merchants in 2020, that really does feed the pipeline for upgrades. And obviously, CAC in that case is incredibly favorable. On the net new and on the competitive front, it's important to remember the size of our base relative to others. We add more merchants in a quarter than some of the other enterprise platforms have in total.

    在升級與全新方面,我們都看到了。在升級方面,2020 年將增加超過 700,000 家商家,這確實為升級提供了渠道。顯然,在這種情況下,CAC 非常有利。在新的網絡和競爭方面,重要的是要記住我們的基礎相對於其他人的規模。我們在一個季度增加的商家數量超過了其他一些企業平台的總數量。

  • And so the Shopify brand affiliation -- the Shopify Plus brand affiliation keeps getting stronger. It's now easier to make changes quickly, which is something that a lot of merchants want, even the largest of merchants. And also the total cost of ownership is still lower relative to most others.

    因此,Shopify 品牌從屬關係——Shopify Plus 品牌從屬關係不斷增強。現在更容易快速進行更改,這是很多商家想要的,即使是最大的商家。而且相對於大多數其他公司,總擁有成本仍然較低。

  • In terms of the features and functionality, we continue to add more functionality. We announced a number of new APIs and new ways that you can actually get into the code base of Shopify and be able to customize it to do exactly what you want. That came out at Shopify Unite. So generally, Shopify Plus is really becoming a favorite for the mid-market, but also for some very large merchants.

    在特性和功能方面,我們將繼續添加更多功能。我們宣布了許多新的 API 和新方法,您可以實際進入 Shopify 的代碼庫並能夠對其進行自定義以完全按照您的意願行事。那是在 Shopify Unite 上發布的。所以總的來說,Shopify Plus 確實成為中端市場的寵兒,但也受到一些非常大的商家的青睞。

  • I've been working on my favorite T-shirt retailer, James Perse, for about 6 years to migrate over to Shopify Plus. And now it was finally the right time for them to do it. So we think that Shopify Plus is really well positioned to keep not only having more homegrown stories migrate from our basic plan, but also migrations from other enterprise platforms in the future.

    我已經在我最喜歡的 T 卹零售商 James Perse 工作了大約 6 年,以遷移到 Shopify Plus。現在終於到了他們這樣做的正確時機。因此,我們認為 Shopify Plus 確實處於有利地位,不僅可以讓更多本土故事從我們的基本計劃遷移,而且還可以在未來從其他企業平台遷移。

  • 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 maybe just on the cross-border side of the business. I was wondering if you could maybe share anything around cross-border volumes going to Shopify merchants? And how we should think about the cross-border opportunity in the installed base, especially with that Global-e partnership?

    所以也許只是在業務的跨境方面。我想知道您是否可以與 Shopify 商家分享有關跨境交易量的任何信息?以及我們應該如何考慮已安裝基礎中的跨境機會,尤其是與 Global-e 合作夥伴關係?

  • Harley Michael Finkelstein - President

    Harley Michael Finkelstein - President

  • I mean I think commerce in 2021 is cross-border. That's how it operates. When -- in the early days of Shopify, you started to sell in your own backyard, in your own country, in your own region. That's not the case. And so whether it's with partnerships with Global-e or it's more functionality to do currency conversion, things of that nature, we think that in order for us to be the platform of choice for the most important merchants and brands in the world, they, by default, need to sell internationally. And we've been working on international, whether it was things like activating new partnerships with new agencies, new developers in different countries to make sure that our product is well localized or it's new languages or it's new payment, pushing Shopify Payments into more geographies.

    我的意思是,我認為 2021 年的商業是跨境的。它就是這樣運作的。當 - 在 Shopify 的早期,您開始在自己的後院、自己的國家、自己的地區進行銷售。事實並非如此。因此,無論是與 Global-e 的合作夥伴關係,還是進行貨幣轉換的更多功能,諸如此類的事情,我們認為,為了讓我們成為世界上最重要的商家和品牌的首選平台,他們,默認情況下,需要國際銷售。我們一直致力於國際化,無論是與新機構、不同國家的新開發人員建立新的合作夥伴關係,以確保我們的產品很好地本地化,還是新語言或新支付方式,將 Shopify Payments 推向更多地區.

  • We're a global company, and our merchants are also global companies. And so the way for us to maintain our position -- the leadership position of being the retail operating system for the best brands is to make sure they can sell wherever they want.

    我們是一家全球性公司,我們的商家也是全球性公司。因此,我們保持地位的方式——成為最佳品牌零售操作系統的領導地位是確保他們可以在任何他們想要的地方銷售。

  • Operator

    Operator

  • Our next question comes from Josh Beck of KeyBanc.

    我們的下一個問題來自 KeyBanc 的 Josh Beck。

  • Josh J. Beck - Senior Research Analyst

    Josh J. Beck - Senior Research Analyst

  • I wanted to triangulate on a couple of the data points you shared. So the social channels seem to have been very strong. It sounds like there was multiples levels types of growth. And then point-of-sale also rebounded close to pre-COVID level. So I'm just curious, if you play out both of those trends say 3 to 5 years, do you see the social channel starting to approach maybe the contribution to your business within point-of-sale? Just curious if you're maybe revisiting that equation on the other side of COVID here.

    我想對你分享的幾個數據點進行三角測量。因此,社交渠道似乎非常強大。聽起來有多個層次的增長類型。然後銷售點也反彈到接近 COVID 之前的水平。所以我很好奇,如果你在 3 到 5 年內將這兩種趨勢都發揮出來,你是否看到社交渠道開始接近可能在銷售點對你的業務的貢獻?只是好奇你是否可能在這裡重新審視 COVID 另一邊的那個等式。

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • Yes. Listen, I think social channels are becoming increasingly important part of the way commerce is happening and will happen. The rank order of our GMV mix continues to be the online store, offline POS as second and then all social channels and marketplaces, third. And the social channels and marketplaces today represent a small percentage of the mix, but growing very rapidly. So it will take some time before it becomes a significant part of our GMV mix.

    是的。聽著,我認為社交渠道正成為商業正在發生並將發生的方式中越來越重要的一部分。我們 GMV 組合的排名順序仍然是在線商店,線下 POS 排在第二位,然後是所有社交渠道和市場,排在第三位。今天的社交渠道和市場只佔一小部分,但增長非常迅速。因此,它需要一段時間才能成為我們 GMV 組合的重要組成部分。

  • But having said that, I mean, I think that's the beauty of Shopify and the multichannel aspect is we can be anywhere commerce moves to in the future to be flexible on behalf of our merchants in order to provide additional ways to access buyers. And so I view it as a positive that we have multichannels and every merchant is going to use those channels in a slightly different way that benefits their business the best. And so our aim over time will be to offer multiple channels that you see today and new ones that are created over time.

    但話雖如此,我的意思是,我認為這就是 Shopify 的美妙之處,多渠道方面是我們可以在未來商業移動到的任何地方代表我們的商家靈活地為我們的商家提供更多的方式來接觸買家。因此,我認為我們擁有多渠道是積極的,每個商家都將以稍微不同的方式使用這些渠道,從而最大程度地造福於他們的業務。因此,隨著時間的推移,我們的目標將是提供您今天看到的多個頻道以及隨著時間的推移創建的新頻道。

  • 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

  • Just a follow-up question on international. Just with regards to your international strategy, what priority are you putting on securing additional partnerships or building out your partnerships with local marketplaces in channels? And in a bigger picture, to what degree can you scale and decentralize your support for more marketplaces and channels?

    只是關於國際的後續問題。就您的國際戰略而言,您在獲得更多合作夥伴關係或在渠道中與當地市場建立合作夥伴關係方面優先考慮什麼?從更大的角度來看,您可以在多大程度上擴展和分散您對更多市場和渠道的支持?

  • Harley Michael Finkelstein - President

    Harley Michael Finkelstein - President

  • So whether it's a place like Europe -- Western Europe for example, places like Germany and France or it's other geographies around the world in APAC. Part of making sure that we have a global retail operating system is to make sure that we not only have local partnerships in terms of app partners, theme partners that are building software on top of Shopify that actually is relevant and valuable for merchants in that geography. But it's also making sure that the surfaces that consumers in those geographies want to buy on are integrated into Shopify.

    因此,無論是像歐洲這樣的地方——例如西歐,還是像德國和法國這樣的地方,還是亞太地區的世界其他地區。確保我們擁有全球零售操作系統的一部分是確保我們不僅在應用程序合作夥伴、主題合作夥伴方面擁有本地合作夥伴關係,這些合作夥伴在 Shopify 之上構建實際上對該地區的商家相關且有價值的軟件.但它也確保將這些地區的消費者想要購買的表面整合到 Shopify 中。

  • So the partnership strategy around international has always been a part of what we said we were going to do. Just building software and translating is not sufficient. We also need to make sure that it's properly localized. In some geographies, there are marketplaces that -- Rakuten, for example, we're integrated with in Japan, would not be relevant as a marketplace in another geography, in Latin America. So that localization actually is really important. And the good news is that because we do have demand from merchants in all of these geographies, it's becoming easier for us to develop these relationships with both app developers, theme developers, but also these marketplace partners.

    因此,圍繞國際的合作夥伴戰略一直是我們所說的我們將要做的事情的一部分。僅僅構建軟件和翻譯是不夠的。我們還需要確保它已正確本地化。在某些地區,有些市場——例如,我們在日本整合的樂天,與拉丁美洲的另一個地區的市場無關。因此,本地化實際上非常重要。好消息是,因為我們確實有來自所有這些地區的商家的需求,所以我們與應用程序開發人員、主題開發人員以及這些市場合作夥伴建立這些關係變得越來越容易。

  • Operator

    Operator

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

    我們的下一個問題來自 ROTH Capital Partners 的 Darren Aftahi。

  • Darren Aftahi - MD & Senior Research Analyst

    Darren Aftahi - MD & Senior Research Analyst

  • You brought on a lot of merchants as COVID kind of hit last second quarter in that ramp. I'm just kind of curious as we kind of anniversary that, what the sort of sense of retention is amongst those new merchants that were brought on.

    你帶來了很多商家,因為 COVID 在上個第二季度在那個坡道上受到了打擊。我只是有點好奇,因為我們是周年紀念日,那些新加入的商人有什麼樣的留存感。

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • Yes. The retention of the merchants that have been brought on over the past year plus through COVID has actually been very strong, especially the cohorts that came on at the height of COVID, especially into Q3 as the 90-day free trial converted. They were -- those cohorts were more established businesses rushing to get online as the mix was. As we've moved through COVID, the mix has now shifted back more towards pre-COVID levels with a mix of established businesses and entrepreneurs coming to us. But the retention rates have been stronger than pre-COVID levels over the last several quarters.

    是的。過去一年加上通過 COVID 吸引的商家的保留率實際上非常強,尤其是在 COVID 高峰期出現的同夥,尤其是在 90 天免費試用轉換後的第三季度。他們是——這些群體是更成熟的企業,他們急於上網。隨著我們在 COVID 中的發展,現在的組合已經更多地回到了 COVID 之前的水平,既有的企業和企業家都來找我們。但在過去幾個季度中,保留率一直高於 COVID 之前的水平。

  • Operator

    Operator

  • Our next question comes from Ygal Arounian of Wedbush Securities.

    我們的下一個問題來自 Wedbush Securities 的 Ygal Arounian。

  • Ygal Arounian - Research Analyst

    Ygal Arounian - Research Analyst

  • I want to ask about Online Store 2.0 and the impact of having customizable storefronts. How much of a pain point was that for merchants that this was a big focus for you guys? Is it -- do you see it more of a contributor to Shopify Plus or overall maybe on the conversion from the base tiers to Shopify Plus? Can you just talk a little bit more about your expectations on how that can drive merchant growth and retention?

    我想問一下在線商店 2.0 以及擁有可定制店面的影響。對於商家來說,這是你們關注的重點,這對他們來說有多大的痛點?是不是 - 您是否認為它更多地是 Shopify Plus 的貢獻者,或者總體上可能是從基礎層到 Shopify Plus 的轉換?您能否多談談您對如何推動商家增長和保留的期望?

  • Tobias Lütke - Founder, Chairman & CEO

    Tobias Lütke - Founder, Chairman & CEO

  • Yes. The growth of around -- I'm not so such but there was a lot of things rolled into the same thing. I wouldn't put it in terms of that it made anything new possible. Like the inventory are launched, it launched of a template language which allowed for the kind of people who can design HTML and ACS and these kind of things to really build any kind of store. This is where the great variety comes from. And like the reason why Shopify store, you might use -- basically, it's very hard to tell that it's a Shopify store behind what you're currently on. So that was always there.

    是的。周圍的成長——我不是這樣,但有很多東西都捲入了同一件事。我不會說它使任何新事物成為可能。就像庫存推出一樣,它推出了一種模板語言,允許那種可以設計 HTML 和 ACS 的人真正建立任何類型的商店。這就是種類繁多的來源。就像 Shopify 商店的原因,您可能會使用 - 基本上,很難說它是 Shopify 商店,落後於您當前的商店。所以那一直都在。

  • The thing that shifted with the Online Store 2.0 is how much of that is possible to do without reaching into code. So it's really a step function in how many people can engage in this branding customization and dialing in the online store, just so to tell the story that you want to tell and your brand wants to tell. There's now a more like a better mix between what the designers and the theme designers and the theme ecosystem can do, another app ecosystem can do and how they all deliver their extensions to Shopify. And then people can pick and choose how they would like to shop, put it all together and then most importantly, make this all happen very fast.

    在線商店 2.0 發生的變化是在不涉及代碼的情況下可以做到多少。因此,有多少人可以參與這種品牌定制並在網上商店撥號,這實際上是一個階梯函數,只是為了講述你想要講述的故事和你的品牌想要講述的故事。現在,設計師和主題設計師以及主題生態系統可以做的事情、另一個應用程序生態系統可以做的事情以及它們如何向 Shopify 提供擴展程序之間存在一種更好的組合。然後人們可以選擇他們想要的購物方式,把它們放在一起,然後最重要的是,讓這一切發生得非常快。

  • So one aspect before that was a challenge is that this very open nature of Shopify, like this is why we gave people a lot of rope and some managed to hang on to it. It's -- there was very big performance issues that came from certain apps, for instance.

    因此,在此之前的一個方面是一個挑戰,Shopify 的這種非常開放的性質,這就是為什麼我們給了人們很多繩索,有些人設法堅持下去。例如,某些應用程序會出現非常大的性能問題。

  • This is all a little bit more managed now. It allows us to monitor this. It allows us to have conversations with the app ecosystem about the performance impact of their particular solutions. And the new themes that we launched are just extremely fast. In the world of commerce, it's quickly loading sites really, really leads to better conversion.

    現在這一切都得到了更多的管理。它允許我們對此進行監控。它使我們能夠與應用生態系統就其特定解決方案的性能影響進行對話。我們推出的新主題非常快。在商業世界中,它確實可以快速加載網站,真正帶來更好的轉化。

  • It's a little bit weird to talk about it. But like -- I liken it -- like if you go in an actual physical store, in a boutique, let's say, and the floors are squeaky or like -- it's just like -- there is this subtle human things about that just kind of makes the experience in there not good. Like slow load times of app on the Internet. So they matter if you're trying to build a relationship with this new business that you've discovered.

    談論它有點奇怪。但是就像——我把它比作——就像你走進一家真正的實體店,比方說在精品店裡,地板吱吱作響,或者就像——就像——那種微妙的人性化的東西of 使那裡的體驗不好。就像互聯網上應用程序的緩慢加載時間一樣。因此,如果您想與您發現的這個新業務建立關係,它們就很重要。

  • So Online Store 2.0 is basically -- like there's underneath there was 20, 30 different projects around edge hosting and new VMs and whatnot. The entries out of it is just it's now really, really easy to just show up in what we think is best possible way for the millions of businesses that are on Shopify. So I hope that answers the question.

    所以在線商店 2.0 基本上是——就像下面有 20、30 個圍繞邊緣託管和新虛擬機等不同的項目。它的條目只是現在真的非常容易以我們認為對 Shopify 上的數百萬企業來說最好的方式出現。所以我希望這能回答這個問題。

  • Operator

    Operator

  • Our next question comes from Chris Merwin of Goldman Sachs.

    我們的下一個問題來自高盛的 Chris Merwin。

  • Christopher David Merwin - Research Analyst

    Christopher David Merwin - Research Analyst

  • I just wanted to ask about the adoption of payments among Shopify Plus customers. I think historically, that's run a little bit below what you've seen with core and just curious how the 3P payment gateways might be helping to this end?

    我只是想問一下 Shopify Plus 客戶採用付款方式的情況。我認為從歷史上看,這比您在核心上看到的要低一點,只是好奇 3P 支付網關如何幫助實現這一目標?

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • The Shopify Payments adoption for Plus and GPV penetration has continued to increase over time as we've added more value on top of Shopify Payments including the accelerated checkout with Shop Pay as well as multicurrency and other things. So it is -- it continues to be a major contributor to the reason why our GPV numbers and penetration have been increasing over time, and it's increasing in mix year-over-year. So that should give you some view. It's growing nicely.

    隨著我們在 Shopify Payments 之上增加更多價值,包括使用 Shop Pay 加速結賬以及多幣種和其他功能,Shopify Payments 的 Plus 和 GPV 滲透率持續增加。所以它仍然是我們的 GPV 數量和滲透率隨著時間的推移而增加的主要原因,並且它的組合逐年增加。所以這應該給你一些看法。它長得很好。

  • Operator

    Operator

  • Our next question comes from Brian Peterson of Raymond James.

    我們的下一個問題來自 Raymond James 的 Brian Peterson。

  • Brian Christopher Peterson - Senior Research Associate

    Brian Christopher Peterson - Senior Research Associate

  • I don't know if this is for Tobi or Harley, but you announced some big partnership agreements this quarter. I'm curious, what is the North Star for us to think about in terms of partner or build or buy as you guys have scaled? Just curious to get an update on that.

    我不知道這是否適用於 Tobi 或 Harley,但您在本季度宣布了一些大型合作協議。我很好奇,隨著你們的規模擴大,我們在合作夥伴或建造或購買方面考慮的北極星是什麼?只是好奇想了解一下最新情況。

  • Harley Michael Finkelstein - President

    Harley Michael Finkelstein - President

  • Well, in terms of how we make a decision on what to build, who to partner with and kind of what to buy. Look, we want to be the most important piece of software that our merchants use. We are that centralized operating system. I think some of the partnerships you're referring to are companies like Google and Facebook, for example.

    好吧,就我們如何決定建造什麼、與誰合作以及購買什麼而言。看,我們想成為我們商家使用的最重要的軟件。我們就是那個集中的操作系統。我認為你提到的一些合作夥伴是谷歌和 Facebook 等公司。

  • Again, going back to what we said at the beginning of the call, commerce is now happening absolutely everywhere, and we want to make sure that the merchants that use Shopify can sell absolutely everywhere. And the town squares of modern day are social media and are on the Internet and are offline as well, and they're everywhere. And so it's important that wherever consumers could be potentially looking to purchase that Shopify merchants show up there. And from a merchant perspective, that it all neatly feeds back into a centralized back office where they can run their business. So whether it's Google Search or it's on Instagram or it's on all the other channel integrations we have, that is really important.

    再次回到我們在電話會議開始時所說的內容,現在商業無處不在,我們希望確保使用 Shopify 的商家可以在任何地方進行銷售。而現代的城鎮廣場是社交媒體,在互聯網上和線下,它們無處不在。因此,重要的是,無論消費者可能希望購買 Shopify 商家出現在哪裡。從商家的角度來看,這一切都巧妙地反饋到一個集中的後台辦公室,他們可以在那裡開展業務。因此,無論是 Google 搜索、Instagram 還是我們擁有的所有其他渠道集成,這都非常重要。

  • Now again, over time, you are going to see more of these surfaces show up where commerce is happening, and it's our responsibility to make sure that we're integrated there to make sure that merchants can access those customers. And of course, as more of those services come to life, that increased the complexity of commerce and running a business, a modern day business, and that also increased the value that I think that Shopify provides to our customers.

    現在再一次,隨著時間的推移,您將看到更多這些表面出現在商業發生的地方,我們有責任確保我們在那裡整合以確保商家可以訪問這些客戶。當然,隨著更多這些服務的投入使用,這增加了商業和經營業務的複雜性,這是一項現代業務,這也增加了我認為 Shopify 為我們的客戶提供的價值。

  • In terms of the methodology, I mean, look, we want to provide what most merchants need most of the time. We want to do that at a world-class level. And there are some times where it's faster and better and more effective for us to partner with another technology company. We've developed a really good relationship, I think, in the market for being a company that builds incredible software and particularly have been really good partners. But there are other times where we just need to build it ourselves because it's just mission critical, and we think that we can actually deliver the best product on the planet.

    就方法而言,我的意思是,看,我們想提供大多數商家大部分時間需要的東西。我們希望在世界級水平上做到這一點。有時,我們與另一家技術公司合作會更快、更好、更有效。我認為,我們在市場上建立了非常好的關係,成為一家開發令人難以置信的軟件的公司,尤其是非常好的合作夥伴。但在其他時候,我們只需要自己構建它,因為它只是任務關鍵,我們認為我們實際上可以提供地球上最好的產品。

  • Operator

    Operator

  • Our next question comes from Keith Weiss of Morgan Stanley.

    我們的下一個問題來自摩根士丹利的 Keith Weiss。

  • Keith Weiss - Equity Analyst

    Keith Weiss - Equity Analyst

  • Excellent. Congratulations on a really strong quarter, and really, the almost awe inspiring kind of expansion of functionality you guys have been able to push into the platform over time. It's been really impressive to watch.

    優秀。祝賀一個非常強勁的季度,而且真的,隨著時間的推移,你們能夠推動平台的幾乎令人敬畏的功能擴展。觀看真的令人印象深刻。

  • I wanted to talk about kind of one of those expansion areas, Shopify Fulfillment Network and just kind of get an update on kind of where we are in terms of opening the aperture. How -- are you guys getting more comfortable with kind of program? And where are we in terms of the time line of getting more merchants in there? Because what we do hear, in terms of feedback from merchants that are using it, is very positive. It sounds like there's really good feedback on what you guys have put together so far.

    我想談談其中一個擴展領域,Shopify Fulfillment Network,只是想了解一下我們在打開光圈方面的最新情況。怎麼樣——你們是不是越來越適應這種程序了?就讓更多商家進入的時間線而言,我們在哪裡?因為我們所聽到的,就使用它的商家的反饋而言,是非常積極的。聽起來你們到目前為止所收集的內容都得到了很好的反饋。

  • Harley Michael Finkelstein - President

    Harley Michael Finkelstein - President

  • I'll start that off. So I mean, I think SFN continued -- we're continuing to build the foundation for SFN. We have been introducing features to help merchants manage product fulfilled on our network. We're also improving shipping speed. We're improving accuracy. And we're adding things and managing new preference, things like staff notifications.

    我會開始的。所以我的意思是,我認為 SFN 會繼續——我們正在繼續為 SFN 打下基礎。我們一直在引入功能來幫助商家管理在我們的網絡上配送的產品。我們也在提高運輸速度。我們正在提高準確性。我們正在添加東西並管理新的偏好,比如員工通知。

  • I think there were 3 things that were added in Q2 in particular, to SFN, which I think have added a lot of value. One is improved inventory management. Now merchants can hide products and variants that are no longer being sold or fulfilled with SFN. And so that enables merchants to keep product and variant SKUs organized. The second thing was we improved shipping accuracy and speed. We introduced new tools that validate things like shipping addresses and reduces errors. And the third piece is capabilities to manage merchant preferences. I mentioned staff notifications. But these things all -- in aggregate, all create real value.

    我認為特別是在第二季度添加了 3 項內容到 SFN,我認為這增加了很多價值。一是改進庫存管理。現在商家可以隱藏不再使用 SFN 銷售或履行的產品和變體。這使商家能夠保持產品和變體 SKU 井井有條。第二件事是我們提高了運輸準確性和速度。我們引入了新工具來驗證送貨地址等內容並減少錯誤。第三部分是管理商家偏好的能力。我提到了員工通知。但這些東西——總的來說,都創造了真正的價值。

  • We also are -- have a better sense now of who the SFN target customers are. Again, we are still in this product market phase. And so we know that self-shippers that are fulfilling between 10 and 10,000 orders a day, durable goods with pick, pack and ship needs and where brand experience is front and center and they want their brand to look good when the consumer receives it. That is really where we're spending our time right now.

    我們現在也更好地了解了 SFN 的目標客戶是誰。同樣,我們仍處於這個產品市場階段。所以我們知道,每天完成 10 到 10,000 個訂單的自發貨者,耐用品需要挑選、包裝和運輸,品牌體驗是最重要的,他們希望他們的品牌在消費者收到時看起來不錯。這確實是我們現在花費時間的地方。

  • The volumes in Q2 were similar to Q1, and we continued to add more merchants to SFN. But again, this is still a really important project for us. I think we're still in that product market phase -- product market fit phase. And over time, you'll continue to see more of these functionality come out and more merchants adopt it. But it's important we get this right.

    第二季度的交易量與第一季度相似,我們繼續向 SFN 添加更多商家。但同樣,這對我們來說仍然是一個非常重要的項目。我認為我們仍處於產品市場階段——產品市場契合階段。隨著時間的推移,您將繼續看到更多這些功能出現,更多商家採用它。但重要的是我們做對了。

  • Operator

    Operator

  • Our next question comes from Brent Bracelin of Piper Sandler.

    我們的下一個問題來自 Piper Sandler 的 Brent Bracelin。

  • Brent Alan Bracelin - MD & Senior Research Analyst

    Brent Alan Bracelin - MD & Senior Research Analyst

  • Question here for Harley on the online versus offline commerce opportunity. Vast majority of Shopify GMV is driven by powering online commerce, but you talked about kind of POS Pro being very robust, 4 quarters of accelerating offline retail GMV. And clearly, there's a blurring of the lines between kind of the digital experience that customers want online versus offline.

    在這裡向哈雷提出關於在線與離線商業機會的問題。絕大多數 Shopify GMV 是由在線商務推動的,但您談到 POS Pro 非常強大,4 個季度加速了線下零售 GMV。很明顯,客戶想要的線上和線下數字體驗之間的界限越來越模糊。

  • I guess my question to you, what is Shopify doing to capture and enable more offline commerce specifically? Is it going to be tied to the POS Pro product? Are there new products you can do to capture more offline commerce? Any thoughts there around just the opportunity and how big offline commerce can be given historically the focus has been on powering online?

    我想我的問題是,Shopify 正在做什麼來捕捉和實現更多的線下商務?它會與 POS Pro 產品相關聯嗎?您是否可以做一些新產品來吸引更多的線下商務?有沒有關於機會的想法,以及從歷史上看,線下商業的規模有多大?

  • Harley Michael Finkelstein - President

    Harley Michael Finkelstein - President

  • Yes. Remember that historically, most businesses were created offline and then moved online. That's no longer the case anymore. And so by Shopify being the place where more entrepreneurs get started every 28 seconds, a new entrepreneur gets their first sale on Shopify. Businesses are being started online and by making sure that we are that retail operating system that you're talking about. When they do decide to move offline, if a product is great, and as Tobi mentioned earlier, our point-of-sale product is great. And we've spent a lot of time and a lot of money and effort focusing on making sure that, that product is best in class.

    是的。請記住,從歷史上看,大多數企業都是離線創建的,然後轉移到線上。不再是這種情況了。因此,由於 Shopify 是每 28 秒就有更多企業家開始創業的地方,因此新企業家在 Shopify 上獲得了他們的第一筆銷售。企業正在網上開展,並確保我們是您所說的零售操作系統。當他們決定下線時,如果產品很棒,正如 Tobi 前面提到的,我們的銷售點產品很棒。我們花費了大量時間、金錢和精力來確保該產品是同類產品中最好的。

  • And so the fact that they start with Shopify, that's where their inventory is. That's where they spend their time when they go to work in the morning, they open up their laptop, where they start is the Shopify admin. It makes it a lot easier for us to be their point-of-sale partner when they decide to transition.

    因此,他們從 Shopify 開始,這就是他們的庫存所在。這就是他們早上上班時消磨時間的地方,他們打開筆記本電腦,從 Shopify 後台開始。當他們決定過渡時,這讓我們更容易成為他們的銷售點合作夥伴。

  • In terms of the legacy point-of-sale market, we are also starting to see more legacy merchants that have started offline begin to use Shopify point-of-sale as well. They're using it because the product is really good, but also because every business today and, frankly, for the next 100 years is going to be omnichannel. Talking about omnichannel going forward will be like talking about a colored television. Every business by default will be omnichannel. And Shopify is the platform that enables that.

    在傳統銷售點市場方面,我們也開始看到更多已經開始離線的傳統商家也開始使用 Shopify 銷售點。他們使用它是因為產品非常好,還因為今天的每一項業務,坦率地說,未來 100 年都將是全渠道的。談論未來的全渠道就像談論彩色電視一樣。默認情況下,每個企業都將是全渠道的。 Shopify 是實現這一目標的平台。

  • So I think the opportunity for point-of-sale is there. Again, back to Tobi's comment about the point-of-sale hardware and software and the Pro that we've put out in the last little while, it's the best we think that's out there right now. It'll continue to get better. We'll continue to add more functionality to it. But we think physical retail is a really great opportunity. And to Amy's point, it's our second largest channel and that will continue to grow.

    所以我認為銷售點的機會就在那裡。再次回到 Tobi 關於銷售點硬件和軟件以及我們在最近一段時間推出的 Pro 的評論,這是我們認為目前最好的產品。它會繼續變得更好。我們將繼續為其添加更多功能。但我們認為實體零售是一個非常好的機會。在艾米看來,這是我們的第二大渠道,而且還會繼續增長。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Thank you, Brent, and thanks, everybody, for dialing in this morning.

    謝謝你,布倫特,也謝謝大家今天早上撥通電話。

  • Operator

    Operator

  • This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

    今天的電話會議到此結束。你可以斷開你的線路。感謝您的參與,祝您有愉快的一天。