Shopify sees big brand equity gains in Q3 2023

According to QuestBrand data, Shopify was the top growth ecommerce/retail brand from Q2 to Q3 2023 based on quarter-over-quarter brand equity growth (+5.0).

Brand equity measures the value consumers see in a brand at a particular moment of time. It is an average of four components: brand familiarity, perceived quality, purchase consideration, and perceived momentum.

Across these four components, Shopify’s familiarity (+6.4), consideration (+8.2), and momentum (+4.5) scores were significantly higher among the general population of US adults in Q3 than they had been in the prior quarter.

Want more information on retail trends? Check out our Retail & Ecommerce: An Industry Snapshot report for insights and brand rankings. 

In the third quarter, ecommerce stars Amazon and Shopify partnered to give consumers more purchasing options with Amazon’s Buy with Prime app for Shopify. If a Shopify merchant integrates the Buy with Prime app with their store, customers can enjoy Prime’s free delivery, and the ease of returns through Amazon’s fulfillment network. However, the app does not turn everything over to Amazon; payment is still completed through Shopify’s checkout system.

App-access was slowly rolled out to Shopify merchants by invite but became available to all US merchants by the end of September. Amazon has long been celebrated for their quick shipping and lenient return policy. Offering these benefits through other online vendors eases the shopping experience for customers and helps Shopify stores attract more customers who may be wary of ordering from an unfamiliar site.

“We’ve been thrilled with the feedback merchants have shared about Buy with Prime, including the increased shopper conversion and new shopper acquisition. The build of this app was a collaboration with Shopify, and we’re excited to help merchants not only grow their businesses, but also save time and resources—all while giving Prime members even more places to enjoy their shopping benefits.” – Peter Larsen, Vice President at Amazon

Shopify has a lot of exciting updates on the horizon. Beyond their partnership with Amazon, Spotify also released new AI-enabled features through Shopify Magic, which should improve the Spotify experience for both merchants and customers. As Shopify continues to innovate, we excitedly wait to see what other new product improvements and innovations they will release in 2024.