Shopify SHOP is seeing strong growth in its business-to-business (B2B) commerce operations. B2B Gross Merchandise Volume (GMV) grew 76% year over year in the second quarter of 2026, well above Shopify’s overall GMV growth of 32%. The growth also continued from the prior quarter, showing that B2B is becoming an important part of Shopify’s business.
Shopify is also expanding its B2B offering to support this growth. During the second quarter, the company extended its native B2B capabilities beyond Shopify Plus for the first time. This allows more merchants to manage wholesale and direct-to-consumer operations through the same Shopify admin. The company believes this can reduce the need for separate tools and custom workflows.
Another factor supporting B2B growth is Shopify’s ability to sell more products to existing merchants. Arhaus, for example, started with Shopify online and has since expanded into point-of-sale, B2B and Shopify Payments. Management stated that it is seeing more success with this type of cross-sell model as merchants add more channels and services over time.
Large retailers could also provide room for further B2B growth as large and complex retailers are the company’s fastest-growing segment. Shopify continues to add well-known brands to its platform, which should help the company benefit from merchants that are increasingly looking for a unified system that can support different sales channels.
Sustaining 76% B2B GMV growth could become difficult as the business gets larger. Still, the expansion of B2B tools beyond Plus, growing adoption among larger retailers and increased cross-selling across Shopify’s platform provide support for continued growth. With total GMV reaching $116 billion in Q2, B2B could become an increasingly important contributor to Shopify’s overall growth if these trends continue.
Shopify Faces Tough Competition
Shopify faces stiff competition from the likes of eBay EBAY and Etsy ETSY in the e-commerce industry.
eBay is working to make its marketplace more attractive to sellers and buyers through AI, shipping and payments. Its AI-powered listing tools are helping sellers create listings faster, while agentic search is being tested to improve product discovery across more than 2.6 billion listings. eBay delivered strong second-quarter 2026 results, with GMV rising 14% year over year to $22.4 billion and revenues increasing 14% to $3.13 billion. Its growth was supported by focused categories, C2C and recommerce, which together accounted for more than 70% of GMV and each grew more than 20%.
