The number of merchants on Shopify has steadily increased every quarter. There is a consistent seasonality to the growth; higher growth during the holiday season followed by a dip in Q1. However, there is a general slowdown in the growth of the number of Shopify merchants since Q1 2018 and the YoY growth is diverging from the usual trend. We suspect the YoY growth rate for Q3 2019 could be lower than that of Q1 and Q2.
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