Shopify's Web Traffic Is Booming - Is the Stock a Buy?

June 17, 5:33 pm

Shopify (SHOP), the backbone of e-commerce for millions of businesses, is trading at $106 per share. The stock has dipped 2.4% in the past month, but it's still up 65% year over year. That performance alone signals investor confidence - but the real story lies in Shopify’s explosive digital footprint.

New data shows that Shopify's web traffic is surging like never before, and for investors, that could be the clearest indicator yet that this company is far from done growing.

220 Million Visits in May - A New All-Time High

According to our data, Shopify.com recorded over 220 million visits in May 2025, the highest monthly traffic the company has ever seen. This isn't a fluke or seasonal bump. It’s the continuation of a powerful trend that’s been building for years.

Web traffic to shopify.com

Since we began tracking Shopify’s web traffic in 2020, monthly visits have more than tripled. And in just the past 12 months, web traffic has grown an estimated 54% year over year - a staggering figure for a company already operating at massive scale.

This kind of growth is typically reserved for fast-moving startups, not established tech firms with a $100+ share price. But Shopify is clearly gaining ground, and this surge in web traffic tells us a lot about what’s happening under the hood.

Why Web Traffic Growth Matters

For a company like Shopify, which earns revenue primarily through subscriptions and transaction fees from merchants, a rise in web traffic is more than a vanity metric. It’s a leading indicator of business performance.

Here’s what that kind of growth usually signals:

• New merchant signups: More traffic often means more businesses exploring and joining the platform.
• Increased platform usage: Returning visits suggest higher engagement among existing users - merchants and buyers alike.
• Brand momentum: A growing digital presence points to broader adoption and stronger mindshare in the competitive e-commerce space.

Paired with the fact that Shopify’s mobile app downloads are also near all-time highs, the web traffic data becomes even more convincing. Together, these metrics strongly suggest that Shopify’s ecosystem is expanding - organically and at scale.

Shopify Doubles Down on Innovation

To support its growing user base, Shopify is also pushing forward with product innovation. The latest announcement: merchants can now accept USDC stablecoin payments via the Base network - directly integrated into existing checkout flows.

No extra plugins. No new gateways. Just seamless crypto payments powered by Shopify’s existing partnership with Stripe. For merchants, this means the ability to reach global customers without exchange fees. For customers, it adds another secure and fast payment option.

It’s another step toward making Shopify the default infrastructure for internet commerce, regardless of payment rails or borders.

Alternative Data Backs the Bullish Case

At AltIndex, we track over 25 alternative data points to help investors spot companies gaining traction. For Shopify, the signals are clear.

On June 16, our AI-driven model assigned a target price of $113.37 to SHOP based on:

• The strong increase increase in web traffic
• A month-over-month spike in sentiment on stock forums
• Sustained growth in mobile app downloads
• A rise in social media engagement, including Instagram followers
• Solid financials with year-over-year revenue growth

All these trends point in the same direction: Shopify is gaining momentum, not losing it.

The Bottom Line: Is Shopify a Buy?

Shopify’s recent dip might tempt some to second-guess the stock. But when you zoom out and look at the underlying signals - particularly the surge in web traffic - it’s clear the company is expanding its footprint and drawing in more merchants and users.

For growth-focused investors, that’s a strong signal.

Web traffic may not appear on the income statement, but it's one of the most reliable early indicators of future business performance. And right now, Shopify is setting records.

Explore more web traffic trends using our alternative data stock screener.

Disclaimer: The information provided is for educational and informational purposes only and should not be construed as financial or investment advice. All investments involve risk, and you should conduct your own research or consult a qualified professional before making any investment decisions.

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