Shopify's surprising 34% price hike in 2024

As we step into 2024, Shopify has announced a significant adjustment to its pricing model, marking a pivotal moment for both existing and prospective merchants. With an increase of approximately 34.48% for its Basic plan and 32.91% for the Shopify plan, the community is buzzing with questions about the impact of these changes.

The significant adjustments to Shopify's pricing model reveal a leap from $29/month to $39/month for the Basic plan, representing a 34.48% increase. Similarly, the standard Shopify Plan now sits at $105/month, up from $79, indicating a 32.91% price increase.

Shopify Plus pricing has risen from $2,000 to $2,500/month, making it a 25% increase. Customers can also choose a three-year term that offers a reduced rate of $2,300 monthly. The changes highlight the importance of evaluating the total cost of ownership, especially with added transaction fees for non-Shopify Payments users. 

The price increase presents a challenge, particularly for small businesses, raising questions about affordability and the overall cost-benefit balance of sticking with Shopify. Adjusting to higher operational costs may necessitate budget reallocations from crucial areas like product development, customer support and marketing to cover the escalated Shopify fees.

The increase shows the need for smaller and larger businesses to seek for efficient, scalable eCommerce solutions that align with their operational needs and financial planning. 

In a notable shift, Shopify has removed the option of staff accounts for its Starter and Basic plans, a feature that once permitted the addition of 2 staff members. This change may complicate store operations for small businesses, forcing them to work within tighter constraints.

Shopify has drastically reduced the number of custom markets from 50 to 3 for all plans. To surpass this limit, merchants must opt for the Advanced plan and incur an additional $59/month for each market beyond three.

This revision imposes a considerable constraint on businesses aiming to diversify their global reach and tailor their offerings to multiple regions. 

This change not only affects the scalability of businesses on Shopify but also introduces a steep financial hurdle for those aiming to maintain or expand their international footprint.

Shopify's decision to increase its prices significantly in 2024 is a wake-up call for many in the eCommerce community. It highlights the importance of continually assessing the value and cost-effectiveness of the tools and platforms businesses rely on. For those affected, this may be an opportune moment to explore the landscape for alternatives that align more closely with their business model, financial constraints, and growth aspirations.

If the recent pricing updates have you questioning your current e-commerce solution's value and scalability, contact us to book a 30-minute chat with our expert. Let's explore efficient and scalable alternatives tailored to your business needs.