And again, back to that business model, a comment I made a couple of minutes ago, when our merchants succeed, we succeed. And so we think that leveraging the power of AI to get every entrepreneur incredible superpowers is going to be really incredible, and it’s something we’re very excited by. And you’ll see more of that roll out in the next couple of weeks.
Carrie Gillard: Thanks, Andrew. Our next question comes from Kevin Krishnaratne at Scotiabank.
Kevin Krishnaratne: Good evening. Just on the Shop case trend, I think $11 billion of the $55 billion in GMV, it just keeps tracking higher. How do we think about the opportunity there and maybe thoughts on penetration of Plus versus SMB and how much of the GMV it can drive? It also just seems like pay is something to stimulate GMV. So also wondering how it’s helping to influence a merchant same-store sales growth. Thanks.
Jeff Hoffmeister: Thanks for the question, Andrew (ph). Yes, for the quarter, I mean, Shop Pay facilitated about $11 billion of GMV. That’s up 37% year-on-year. And now as of today, we’ve now surpassed $100 billion, in cumulative dollars, which is an incredible milestone for the company. But the most important part of it is that it is the highest converting accelerated checkout on the Internet. It’s also the most popular accelerated checkout on Shopify. And so actually, a study that we recently did with a big 3 consulting firm shows that the mere presence of showing Shop Pay adds a 5% boost in terms of funnel conversion. And when it is used, the conversion can be as much as 50% versus guest checkout. So it is something that a lot of merchants want.
And that is not necessarily just small merchants. It is also very large merchants, large brands want that. One of the reasons that we think Shopify Commerce Components are so important is because it allows us — if a large brand that’s not ready to migrate entirely over to Shopify, but wants to begin a business relationship with us, things like checkout as a commerce component is a great way for us to do so. But again, this incredible way to check out for consumers around the world is only available on Shopify, which means that if you want to be able to offer that to your consumer, you have to be on our platform.
Carrie Gillard: Thank you for your question. Our next question will come from Michael Morton at Moffett Nathanson.
Michael Morton: Hi. Thank you for the question. As Shopify is starting to approach the 1-year point from when you began entering the partnerships with the large system integrators. We were wondering if you could provide an update on how these relationships are materializing and if they’re contributing to the funnel for enterprise commerce players. And like following through with that, like you’ve discussed 2023 being an investment year for the enterprise. It would be great to hear how you view the enterprise sales team and if there’s an opportunity for additional investment around that channel. Thank you so much.
Jeff Hoffmeister: Yeah. Thanks for the question on that. More — unequipped, more large retailers are coming to Shopify. I mentioned some household names like Dollar Shave Club and Ricci and then Sage at Beverly Hills, but also Hunter Boots and Meta signing for the quarter. So in that way, we are certainly seeing more large brands, more large merchants come to the platform that obviously helps us sign even further. As of now, we have signed partnership agreements with Deloitte, EY, KPMG, Accenture, last earnings call, we mentioned IBM Consulting, Cognizant. So they continue to build practices around Shopify and Shopify Plus and Commerce Components inside of their own sales teams. And what we’ve been spending time on is training them up to how to best sell Shopify most effectively.
In some cases, it’s actually leading to really wonderful new brands. On the international side, like New Era, for example, or [Indiscernible] Israel from Nestle. So we are working hand in hand with a lot of these systems integrators. A lot of these sales cycles are a little bit longer than traditionally we are used to, but they do bring on very, very large brands and merchants to Shopify. So we’re really excited about that. In terms of the go-to-market, I think it’s really important. We have been transforming this go-to-market engine at Shopify for a number of years. But this is really led by Bobby, our Chief Revenue Officer. And over the past year or so, that team has been working to implement new tactics, new KPIs, but really focusing on not just bringing on large merchants to Shopify, but also ensuring that we also cross-sell.
And this end-to-end sales process and methodology, it’s really designed for us to increase the pace, and frankly, the velocity of bringing on these larger merchants. But the end result is in the last 2 quarters alone, we have seen sales volumes across key products like Capital, Retail and Payments, gain momentum, which has actually led to some of the highest cross-sell volumes we have ever achieved. So the team is working tirelessly, they’re executing it really effectively. But this go-to-market engine is now starting to crank. And the results, as we mentioned today, are more merchants coming to Shopify, much larger merchants coming to Shopify. But the end result is in the last two quarters alone we’ve seen sales volumes across key products like capital retail and payments gain momentum, which has actually led to some of the highest cross-sell volumes we have ever achieved.
