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And then around 2012 or so, we started realizing that a lot of our merchants wanted to also sell offline. They either had a brick-and-mortar store, or they wanted to set up a pop-up store, or they wanted to maybe just do it in person, cash and carry, farmer’s market type deal. And they came to us and said, “Hey, can we also use Shopify for that?” And so around 2012, we began thinking about this idea of really moving from single-point solution e-commerce to being an omni-channel solution where you can use us to sell anywhere you want.

And we went public around 2015 on the New York Stock Exchange and the Toronto Stock Exchange. And that’s really when I think most people began to understand Shopify. I think what also happened around that time beyond just moving from [a] single-point solution to being an omni-channel solution was some of those merchants that started on Shopify around their mom’s kitchen table got really, really big.

Fast forward to today, we have about 1.7 million merchants on Shopify. They make up about 9 percent of all e-commerce in the US. In the last quarter they sold more than $30 billion worth of GMV. And as we sit here right now, every 28 seconds or so, a brand new entrepreneur gets their first sale on Shopify.

GMV is gross market value?

Gross merchandise value, so the sales on the platform. We did about $988 million for the quarter in revenue. Our merchants did about $37 billion in sales for the quarter.

And so how does Shopify make money? You take a cut of every transaction, you charge a subscription fee. Where do you take your cut?

Yeah, so two sides. One is on the subscription side. So there’s a subscription fee. Starts at $29 a month, if you’re just getting started, and goes up to $2,000 a month for some of the larger merchants. But we also have a payments business. Shopify Payments powers a majority of, particularly in our main geographies, a majority of transactions. We have a capital business. We’ve now given out more than $2 billion of capital to small businesses. We have a fulfillment business and a shipping business. Actually, this is maybe a good point to pause on for a second.

If you were to pretend that Shopify was a retailer, we’re not a retailer, but pretend we were, we would be the second largest online retailer in America, after Amazon. The reason I say that is because the second largest online retailer in America, they’re entitled to massive economies of scale. And so what we try to do is, we try to go to the shipping companies and capital companies and the payment companies, and we negotiate as if we were the second largest retailer, except instead of keeping those economies of scale for ourself, we di

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