• Shopify average gross margin for 2023 was 48.61%, a 4.98% increase from 2022.
• Shopify average gross margin for 2022 was 51.16%, a 5.24% decline from 2021.
• Shopify average gross margin for 2021 was 53.99%, a 1.07% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.