Shopify vs. DoorDash: Which E-Commerce Stock Has an Edge Now?
- DASH
- SHOP
Shopify SHOP and DoorDash DASH are major players in the e-commerce space. While Shopify is growing its presence in the e-commerce domain by offering user-friendly tools and an extensive app marketplace, DASH dominates food delivery with its restaurant partnerships and expanding grocery delivery services.
Shopify or DASH — Which of these e-commerce stocks has the greater upside potential? Let’s find out.
The Case for SHOP Stock
Shopify is benefiting from robust e-commerce demand, growing merchant adoption and expanding penetration across online, offline, B2B and international commerce. In the second quarter of 2026, gross merchandise volume (GMV) jumped 32% year over year to $115.6 billion, while revenues increased 34% to $3.58 billion. Merchant Solutions revenues rose 37%, supported by strong GMV growth and greater Shopify Payments penetration. Subscription Solutions revenues increased 22% to $802 million, reflecting healthy merchant additions and strength across Standard and Shopify Plus plans.
The company is also gaining from broad-based demand across geographies and channels. International GMV grew 37%, offline GMV rose 32% and B2B GMV jumped 76% in the second quarter of 2026. Shopify is attracting larger brands while deepening relationships through point-of-sale, B2B, payments and unified commerce capabilities.
Artificial intelligence (AI) could provide another growth avenue. AI-driven traffic and orders to Shopify stores tripled year over year, while new-buyer orders from AI channels were nearly twice those from other channels. Shopify’s Catalog, Sidekick and agentic-commerce infrastructure are helping merchants improve discovery and conversion.
Momentum is expected to continue, with Shopify projecting low-30% revenue growth for the third quarter of 2026 and a high-teens to low-20s free cash flow margin. Sustained e-commerce growth, rising payments penetration, international expansion and AI-driven commerce therefore provide meaningful support for Shopify’s growth prospects.
The Case for DASH Stock
DoorDash is benefiting from growing e-commerce demand as consumers increasingly use its platform beyond restaurant delivery for grocery, retail and other local-commerce needs. The company’s expanding selection, improving delivery quality and rising adoption of DashPass are strengthening engagement across categories. In the second quarter of 2026, Total Orders increased 27% year over year to 970 million, Marketplace GOV surged 36% to $33.1 billion and revenues climbed 36% to $4.45 billion.
DashPass is further strengthening DoorDash’s e-commerce ecosystem. DashPass members accounted for approximately 75% of Total Orders in U.S. grocery and retail categories during the second quarter. The company added more U.S. paid DashPass members in the 12 months through the quarter than during the preceding 24 months combined. Higher membership penetration is supporting retention, order frequency and spending across restaurants, grocery, and retail.
DoorDash is also expanding its merchant-services footprint. Its digital-ordering service is used by more than 150,000 merchants, and revenues from the offering increased more than 40% year over year, while new signed SevenRooms venues more than doubled. AI-based tools such as DoorDash Ask, which helps consumers discover restaurants and build grocery baskets, could further reduce purchasing friction and support incremental orders.
DoorDash is poised for further upside as it continues to expand its marketplace and enhance its services. For the third quarter of 2026, DoorDash expects Marketplace GOV between $33 billion and $34 billion.
