Shopify's Q3 call: Merchants' budget commitments on Campaigns increased ninefold compared to the previous quarter.

Recently, Shopify (SHOP.US) held a FY25Q3 financial report conference call. The company stated that two years ago, they launched the AI assistant, idekick, and this quarter, 750,000 stores used it for the first time, with 8 million conversations in the single month of October. Since January of this year, AI-driven store traffic has increased by about 7 times, attributed to AI search order growth of about 11 times. A survey of Black Friday/Cyber Monday consumers showed that about 64% of shoppers may use AI during the purchasing process. Company executives stated that "customer acquisition" remains one of the biggest challenges for businesses, and the company's strategy is to "reinvest the profits from advertising revenue back into business growth" - ensuring that both the advertising inventory and business scale continue to expand. As of this quarter, there has been a 9-fold increase in budget commitments by merchants on Campaigns compared to the previous year; when comparing the third quarter of 2024 to the third quarter of 2025, the adoption rate of Campaigns by merchants has increased four times. At the branch and product level, merchant solutions revenue increased by 38%, with the majority of the growth contributed by strong GMV growth. The penetration rate of Shopify Payments has increased slightly to 65% this quarter. Regarding ShopPay performance, in the third quarter, ShopPay processed nearly $29 billion GMV, a 67% year-on-year increase. When discussing the impact of tariffs, the company stated that the core measure of "consumer confidence" is the "checkout conversion" - and data shows that consumers on the Shopify platform continue to make continuous purchases and repurchases across channels and categories, showing resilience. Q&A: Q: Your integration with OpenAI has started. Please share your initial observations, incremental contributions compared to other channels, and expected ways to increase volume through the AI platform in the future. A: Since January of this year, store traffic driven by AI has increased by about 7 times, with orders attributed to AI search growing by about 11 times. Our survey before Black Friday/Cyber Monday shows that about 64% of shoppers may use AI during the purchasing process. We are laying the groundwork for the "agency e-commerce" and have partnered with leading players in the field to ensure that Shopify merchants are better prepared and benefit first. Our business model is highly aligned with merchant success - the more merchants sell, the more we share in the increase through GMV and Payments. Our collaboration with OpenAI in conversational commerce is just another new "surface" for merchants to reach customers. Q: In the "instant checkout" scenario, there are many accelerated checkout solutions in the market. How do you think these solutions are prioritized? And as a merchant platform, how do you make Shop Pay stand out in this scenario? A: The core lies in the value of Shopify and these partnerships. Whether it's OpenAI, Microsoft Corporation, or Perplexity, the reason we can become priority partners with these intelligent agent products is that these platforms require access to "premium brands," and all premium brands are on Shopify. As for Shop Pay's performance: in the third quarter, Shop Pay processed nearly $29 billion GMV, a 67% year-on-year increase, with total processed transaction volume exceeding $280 billion. As the top-ranked accelerated checkout tool on the Shopify platform, Shop Pay is favored by consumers who have a high recognition of their desired brands - which happen to be on Shopify. Q: Regarding the balance between market expenditure/marketing efficiency and growth; and your views on future l...