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Shopify (NASDAQ:SHOP) is finding a different way to monetize artificial intelligence: instead of charging merchants directly for AI tools, it is using AI to drive more commerce through its platform and collecting a larger share of transaction revenue. That model could prove increasingly important as Shopify expands internationally and relies more heavily on Merchant Solutions, which now accounts for roughly 78% of total revenue.
Shopify provides the infrastructure merchants use to build online stores, process payments, sell in physical locations and manage cross-border commerce. Revenue comes from subscription plans as well as transaction-based services including Shopify Payments, currency conversion, lending and point-of-sale products.
The company’s growth is increasingly tied to how much merchants sell rather than simply how many subscribe. International gross merchandise volume rose 37% in the latest quarter, outpacing North America’s 28% growth. B2B volume jumped 76%, while offline GMV increased 32%.
Shopify Payments now processes about 68% of total GMV, giving the company substantial exposure to every incremental dollar flowing through merchant stores.
AI could amplify that transaction model. Shopify offers tools including Sidekick, which assists merchants with onboarding and business operations, without currently requiring a separate AI subscription.
Adoption is accelerating. Shopify President Harley Finkelstein said daily active merchants using Sidekick were up 3.6x year-over-year, and daily sessions with Sidekick were up 4.8x.
Rather than monetizing those sessions directly, Shopify benefits if AI improves merchant conversion, retention and sales volumes.
Investor Takeaway On Shopify Stock
For investors, the central question is whether AI-driven discovery translates into measurable GMV growth.
Watch international GMV, Shopify Payments penetration, Merchant Solutions revenue growth and adoption of Sidekick. Continued strength across those metrics would support the argument that Shopify can monetize AI indirectly without depending on premium AI subscriptions.
International expansion may add another tailwind because lower interchange costs in some overseas markets could improve payment economics.
The risk is that transaction-heavy revenue also makes Shopify more sensitive to merchant spending. If consumer demand weakens or AI traffic fails to convert into purchases, the company’s increasing dependence on Merchant Solutions could magnify the slowdown.
