And so we’ll provide that also. And I think that as Markets Pro, which I think in Q4, 14% of our GMV was cross-border, you’re seeing more and more merchants think about their business as a global business, which, again, in order to have that, you have to be on Shopify. So I think both from a merchant acquisition perspective, but also helping merchants sell to more customers from a GMV perspective, both things are working really, really well. And we’ll continue to focus on international, we think we’re still underpenetrated there.
Carrie Gillard: Thank you for your question. Our next question will come from Paul Treiber at RBC Capital.
Paul Treiber: Thanks very much and good morning. Just wanted to have a question on advertising and specifically in regards to Shopify Campaigns, you effectively entered the advertising market on behalf of your merchants. What do you see as the value proposition to merchants and advertising? And what was your considerations that you took into account before moving into that segment?
Harley Finkelstein: Yes. I mean, obviously, we talked a lot about audiences in the past, which I’m happy to mention as well or talk about too. But in terms of Shop Campaigns, which sort of formerly known as Shop Cash offers, it went into GA in June 2023. And really, the idea is buyers earn Shop Cash when they use Shop Pay at checkout. So this way is — this is a way for us to actually establish Shop Cash as a key buyer acquisition tool and it allows merchants to provide everything they need to have great increased revenue through higher visibility, much better conversion. And we want to see more and more of our brands use it. We think it’s a wonderful way for them to get a very strong return on ad spend. And we’re already seeing big brands like MrBeast, for example, now using it for a lot of his brands on the Shop App.
So we’ll continue to do so. Right now, we know that it drive — it could drive up to 24% new customer growth, and it’s already helped merchants find over 1 million new buyers. So given that it’s still fairly a new product we’re really quite ambitious with where it’s going. We think more of our merchants will use it. And again, it’s one of those things that as it gets better, it’s another reason that you choose Shopify because in order to use it, you have to be on Shopify, but we think Shop Cash can be a key buyer acquisition tool.
Carrie Gillard: And our last question will come from Richard Tse at National Bank.
Richard Tse: Yes. Can you hear me?
Carrie Gillard: Yes.
Richard Tse: Yeah, I know you don’t specifically talk about churn, but I was wondering if you can maybe talk about the order of magnitude of the churn rate over the past few years as you become what seems to be incredibly more efficient at deploying capital here?
Jeff Hoffmeister: Yes. I mean, I’ll start. I think from a traditional perspective in terms of what has been our starting point, our core base of small and medium businesses, our churn has been very, very strong industry-leading in terms of what we’re seeing versus what some other players are seeing that serve the small and medium business segment. And obviously, as we do more in enterprise, as you know, as you look across all of software providers, generally, on the enterprise side, you see less churn. It takes a little bit longer to get them on platform. But if you can deliver a great solution for them, they stay on platform longer. So I think our churn is going to get even better. So you’re right, we haven’t given exact numbers, Richard, in terms of how we talked about it.
But I would tell you in terms of what we see, we’ve had strong success there. And obviously, we continue to grow the number of merchants that we have on platform every single year, not only in North America, but obviously, as Harley just talked about in terms of what we’re doing in Europe. So it is, of course, something that we think about on track, but our success rate there has been very high.
Harley Finkelstein: Thanks, Jeff. I think just before I close, thanks for joining the call, everyone. I think 2023 was an exceptional year for Shopify and our merchants. I think we’re operating with greater discipline. We’re delivering strong top line and improving profitability. Brands of all sizes and from all industries are now turning to Shopify to power their commerce offerings in-store everywhere in between. And I think Shopify’s future is not just e-commerce. We are competing and we are winning in every part of the evolving commerce landscape, and we’re not slowing down. So thank you for your time today, and we’ll see you soon.
Carrie Gillard: This concludes our fourth quarter 2023 conference call. Thank you for joining us. Goodbye.
