Shopify Inc. SHOP is gaining stronger traction in business-to-business commerce, with first-quarter B2B momentum strengthening the company’s case for a larger enterprise opportunity.
In the first quarter of 2026, B2B gross merchandise volume (or GMV) increased 80% year over year. The company reported growth across both new and established merchants. It also made several B2B features available to most standard subscription plans, giving merchants the ability to manage wholesale and direct-to-consumer needs side by side in one place. This broadens access to tools that support more complex merchant workflows and expands Shopify’s relevance beyond traditional consumer-facing storefronts.
Shopify’s enterprise opportunity is also supported by larger-merchant momentum. The company noted that the number of merchants generating more than $100 million in GMV on Shopify has nearly doubled over the past two years. As these merchants adopt more of Shopify’s unified commerce tools, B2B functionality becomes an increasingly important part of the platform’s enterprise proposition.
For SHOP, the next phase of the enterprise growth story likely depends on B2B adoption converting into broader platform engagement. The company has expanded access to B2B features across most standard subscription plans, but the pace at which merchants use those tools to manage wholesale and direct-to-consumer operations in one system will be the key execution metric. If adoption continues to build, Shopify’s B2B offering could provide a stronger base for enterprise expansion and long-term platform monetization.
Peer Comparisons: Amazon & Wix
Amazon.com, Inc. AMZN offers a scale-based comparison for Shopify’s enterprise ambitions. Amazon’s commerce operation is built around a large marketplace, fulfillment infrastructure and seller-services ecosystem, giving it significant reach with merchants and buyers. That model differs from Shopify’s B2B focus, where the opportunity is tied to helping merchants run wholesale and direct-to-consumer activity through their own commerce infrastructure.
Wix.com Ltd. WIX provides a different point of comparison because it serves many small businesses and online creators, but its commerce footprint is still more limited. The company reported first-quarter 2026 gross payment volume of $3.8 billion, up 12% year over year, and noted that GPV remained soft as SMB customers faced macro pressure. Its current strategy is also closely tied to AI-powered creation tools, including Harmony and Base44.
Against this backdrop, Shopify’s B2B opportunity is distinct from Amazon’s marketplace-led scale and Wix’s website-creation focus. SHOP’s advantage is that B2B is being added to a platform already expanding across multiple merchant use cases, including online commerce, POS, payments, international selling and AI-enabled discovery. That broader commerce stack gives Shopify a wider transaction base through which B2B adoption can build over time.
SHOP’s Price Performance, Valuation & Estimates
Shares of Shopify have declined 10.7% in the past three months against the industry’s 24.8% growth.
SHOP’s Stock Three-Month Price Performance
Image Source: Zacks Investment Research
SHOP stock is currently trading at a discount. It is currently trading at a forward 12-month price-to-sales (P/S) multiple of 8.63, above the industry average of 8.46.
SHOP’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for SHOP’s 2026 earnings implies a year-over-year increase of 53.9%. Estimates for 2026 earnings per share have increased in the past 30 days.
EPS Trend of SHOP Stock
Image Source: Zacks Investment Research
SHOP stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power .
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
See Top Quantum Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Amazon.com, Inc. (AMZN): Free Stock Analysis Report
Wix.com Ltd. (WIX): Free Stock Analysis Report
Shopify Inc. (SHOP): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).