Top 10 Most PROFITABLE Shopify Stores Making Millions Online

Have you ever wondered what the most profitable Shopify stores are and how they make so much money?

Today I’m going to share with you the Top 10 Most Profitable Shopify Stores that are Making Millions Online. 

Shopify is one of the biggest e-commerce platforms out there right now. With over 1 million active users, Shopify powers over $100 billion in sales annually. 

However, not all Shopify stores are created equal. While some entrepreneurs struggle to get their shops off the ground, others are raking in millions. I wanted to uncover the secrets of the top money-making stores.

In this article, I’ll be ranking the 10 most lucrative Shopify businesses. From major brands like Gymshark and Fashion Nova to smaller startups, these stores are absolutely crushing it in profits.

We’ll look at:

• Their winning product niches
• How much revenue they generate
• Their startup costs and operational costs
• Their profit margins
• Marketing Tactics and branding
• Scaling challenges and exit strategies

I’ll also spotlight different types of million-dollar Shopify stores, from clothing to makeup to tech.

By the end, you’ll discover exactly what makes these stores so successful – and how you can model their strategies in your own Shopify business.

Let’s dive in.

Top 10 Most Profitable Shopify Stores – A Quick Look

• #10. Kylie Cosmetics 
• #9. BoAt 
• #8. Skims
• #7. Alo Yoga
• #6. ColourPop 
• #5. JB Hi-Fi 
• #4. Fashion Nova 
• #3. Steve Madden
• #2. Gymshark
• #1. Canada Goose 

Top 10 Most Profitable Shopify Stores by Ranking

** (Ranking may vary over time)

10. Kylie Cosmetics

You’ve definitely heard of the Jenner sisters. But did you know the younger sis Kylie Jenner founded her own cosmetics company that’s now worth over $900 million?

Kylie Cosmetics started out in 2015 as a simple Shopify store selling Kylie’s signature lip kits. But thanks to Kylie’s amazing influencer marketing on Instagram, the products went viral.

Soon Kylie was breaking revenue records, selling over $630 million worth of makeup in just 18 months. Her Lip Kits alone racked up over $400 million.

Today, Kylie Cosmetics offers not just lips but a full range of color cosmetics and skincare. With Kylie’s star power behind it, this Shopify business is hugely successful. Let’s check out some key stats:

• Monthly website visits: 1.2 million
• Products available: 300+
• Average order value: $90
• Annual revenue: $200 million (estimated)

Kylie Cosmetics proves the power of influencer marketing to quickly scale a Shopify store. Combined with a hot product in lips kits, Kylie’s business became incredibly lucrative.

9. BoAt

Think Shopify stores are just popular in America? Think again. This next company hails from India.

BoAt sells headphones, earphones, smartwatches, and other electronics. It’s one of the top Shopify stores in India.

Founded in 2016 by Aman Gupta and Sameer Mehta, BoAt exploded thanks to slick marketing and branding. Their products have a cool, youthful vibe that resonates across India.

Some key stats on this electronics Shopify business:

• Monthly website visits: 500,000
• Products available: 500+
• Average order value: $50
• Annual revenue: $100 million

BoAt’s success proves that Shopify stores can thrive outside Western markets. The co-founders tapped into a need for stylish, affordable tech accessories in India.

8. Skims

Kim Kardashian turned her fame into a hugely profitable shapewear line called Skims. The company used Shopify to power its online store.

Launched in 2019, Skims took off thanks to Kim’s celebrity status and influencer marketing. The brand offers shape-enhancing undergarments and loungewear.

Let’s look at some Skims stats:

• Monthly website visits: 7 million
• Products available: 200+
• Average order value: $85
• Annual revenue: $145 million

Skims is projected to earn over $400 million in 2022. Kim’s star power makes this Shopify store incredibly lucrative.

You may also like to read:

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• How to Fulfill Dropshipping Orders on Shopify

7. Alo Yoga

This LA-based brand made its name with stylish, comfortable yoga wear.

Founded in 2007, Alo Yoga has expanded into off-the-mat athleisure too. Their clothes seamlessly transition from studio to street.

Some key stats:

• Monthly website visits: 1.5 million
• Products available: 1,000+
• Average order value: $110
• Annual revenue: $150 million

Alo Yoga built an aspirational, influencer-powered brand. Celebs like Kendall Jenner and Taylor Swift love rocking the look. This allowed Alo to charge premium prices and create an ultra-profitable Shopify store.

6. ColourPop Cosmetics

This cosmetics company is another Shopify success story. Founded by siblings Laura and John Nelson in 2014, ColourPop’s playful, affordable makeup became a Gen Z sensation.

Some stats on their business:

• Monthly website visits: 5.3 million
• Products available: 1,600+
• Average order value: $30
• Annual revenue: $160 million

ColourPop keeps prices low by making products in California and selling direct-to-consumer. Their approach has earned them a huge, loyal following.

5. JB Hi-Fi

This Australian electronics retailer operates over 200 physical stores but also uses Shopify to power its online store.

Since moving to Shopify in 2018, JB Hi-Fi has grown into one of the biggest Shopify businesses. Some stats:

• Monthly website visits: 13 million
• Products available: 5,000+
• Average order value: $500
• Annual revenue: $300 million online

Thanks to the smart use of Shopify and high order values, JB Hi-Fi is massively successful online. Their e-commerce profit margins are likely very healthy.

4. Fashion Nova

This ultra-fast fashion brand took Instagram by storm. Their website runs on Shopify and moves millions in sales.

Founded in 2006 by Richard Saghian, Fashion Nova is now a social media juggernaut. They use influencer marketing and viral content to promote their clothes.

Let’s look at some key Fashion Nova stats:

• Monthly website visits: 26 million
• Products available: 5,000+
• Average order value: $40
• Annual revenue: $500 million+

With their instant-friendly styles and a flood of new designs, Fashion Nova built a highly lucrative Shopify business. Their marketing formula is genius.

3. Steve Madden

The popular shoe brand Steve Madden operates 100+ brick-and-mortar stores. But Shopify powers its booming e-commerce channel.

Founded in 1990, Steve Madden sold over $1.5 billion in shoes last year. A large chunk of those sales happened online.

Here are some Steve Madden web stats:

• Monthly website visits: 4.5 million
• Products available: 1,500+
• Average order value: $90
• Annual online revenue: $250 million

With celebrity collaborations and on-trend styles, Steve Madden is a trailblazer in fashion e-commerce. Their Shopify store earns millions annually.

2. Gymshark

Founded in the UK in 2012, Gymshark has become the #1 online fitness apparel brand. This athleisure giant runs its operations entirely on Shopify.

Their stats are pretty mind-blowing:

• Monthly website visits: 7.5 million
• Products available: 500+
• Average order value: $100
• Annual revenue: $500 million+

Gymshark uses influencer marketing and excellent brand-building. Their clothes have reached cult status among workout buffs. It’s one of the most successful apparel Shopify businesses ever.

1. Canada Goose

Topping our list is Canada Goose, the luxury outerwear brand known for those stylish Arctic parkas.

Globally valued at over $6 billion, Canada Goose sells high-ticket coats for $1000+ apiece. A huge chunk of sales happens through their Shopify-powered website.

Let’s look at their insane stats:

• Monthly website visits: 4.2 million
• Products available: 200+
• Average order value: $900+
• Annual revenue: $750 million+ online

With brilliant branding and global demand, Canada Goose built the most lucrative Shopify store on our list. Their cold-weather gear is wildly profitable.

There you have it – the top 10 most profitable Shopify stores ranked. As you can see, their winning niches run the gamut from makeup to athleisure to winter jackets. But certain strategies unite them all.

Key Success Factors – What makes Shopify stores so ridiculously profitable

So what makes these Shopify stores so ridiculously profitable? How do they rake in millions annually?

After analyzing the top stores, I found 5 key factors that set these businesses apart:

Effective Marketing

Winning marketing is crucial for any top Shopify store. Tactics like:

• Influencer marketing: Getting celebs and social media stars to promote your products can instantly scale a business. From Kylie Jenner to Kim K, influencers took brands like Kylie Cosmetics and Skims to the next level.
• Social media marketing: Leveraging platforms like Instagram and TikTok with viral content marketing helps stores like Fashion Nova acquire customers cheaply.
• Affiliate marketing: Using content creators, bloggers, and other affiliates to promote products to their audiences allows stores to tap into existing followings. Brands like Gymshark use affiliates to great effect.
• Email marketing: Building an email list allows Shopify stores to bring back repeat customers. Ongoing email campaigns help with retention.
• PPC advertising: Many top stores use Google and Facebook ads to drive targeted traffic to their storefronts. Dynamic remarketing helps turn window shoppers into buyers.

High-Demand Niche

The top stores all tap into niches and products with proven demand:

• Fashion stores like Fashion Nova and Steve Madden capitalize on people’s desire for stylish, trendy clothing and footwear.
• Cosmetics shops like Kylie Cosmetics and ColourPop cater to the massive makeup and beauty market.
• Activewear brands like Gymshark and Alo Yoga profit from the health and athleisure boom.
• Luxury coats from Canada Goose tap into demand for status symbols and quality winter wear.

Picking a niche and products that are already in demand significantly boosts chances of success.

Quality Branding

Building a strong, recognizable brand is make or break. Top Shopify stores all have first-class branding:

• Stores like Canada Goose are experts in premium branding. Their parkas became coveted status symbols, letting them charge $1000+ per jacket.
• Gymshark built a brand influencers want to associate with. Top athletes and fitness people proudly wear Gymshark clothes.
• Skims leveraged Kim Kardashian’s brand. Her sense of style and massive fanbase fueled Skims’ success.
• Kylie Cosmetics capitalized on Kylie Jenner’s youth-oriented brand and 62 million Instagram followers.

Premium branding allows these companies to sell products at high markups. Their brand reputation is invaluable.

Customer Service

Providing awesome customer service helps turn Shopify stores into powerhouses. Canada Goose offers lifetime repairs on its pricey jackets. BoAt has 24/7 live chat to resolve issues instantly.

Fast shipping, easy returns, loyalty programs, and responsive support teams all enhance the shopping experience. This keeps customers coming back for more.

Site Optimization

Behind the scenes, technical optimizations power profits:

• Stores like Gymshark use fast Shopify themes for speedy load times. Quick-loading pages improve conversions.
• Tools like product reviews and AI recommendations make stores more sticky. Abandoned cart recovery apps also help.
• SEO optimizes stores for Google so they rank highly in relevant search results. High organic traffic can lower ad costs.

Optimizing technical elements like load speed, UI/UX, security, SEO, and conversions directly impact a store’s bottom line.

There you have it – 5 core factors that make top Shopify businesses massively successful.

Between leveraging influencers, choosing hot niches, building desirable brands, optimizing stores, and providing awesome service, these companies created incredible profits.

Their strategies and secrets to success can be modeled by any ambitious entrepreneur.

Business model break-down of profitable Shopify stores

Alright, we’ve seen what makes these stores so successful. Now let’s dive into the nitty gritty details of their business models.

Understanding the costs, profit margins, challenges, and exit strategies can help you model your own lucrative Shopify business.

Startup Costs

First, how much does it cost to start one of these million-dollar companies? Here are typical startup costs:

• Shopify subscription: $29-299 per month for the platform. The higher tiers unlock more advanced features.
• Domain name: $10-20 per year usually. You want a short, brandable domain name.
• Shopify theme: Either free or paid themes which run $60-180 on average. Paid themes offer more customization.
• Branding: Logo design, branding work, etc can cost $500-1500+ to get done professionally.
• Inventory: For brands making their own products, creating the first production batches can cost thousands in manufacturing. For dropshippers, inventory costs are low.
• Marketing: Budget at least $500-1000 to test various marketing strategies and campaigns. Significantly more if doing paid ads.

So realistically, startup costs can range from $1000-10,000+. For less than ten grand, it’s possible to get a great Shopify store up and running. Compared to brick-and-mortar retail startups costing hundreds of thousands, Shopify’s model is super capital efficient.

Monthly operational costs are also very reasonable:

Operational Costs

• Shopify subscription: Starting at $29/month for Shopify Lite. The $299/month Shopify plan unlocks maximum features.
• Theme subscription: $9-39 per month typically for paid themes. Gives access to support and updates.
• Apps and integrations: Anywhere from $0 if only using free apps, up to $300/month depending on which tools you use.
• Shipping: Shipping costs will vary widely based on product size, weight, and order volumes. Could be as low as $2 per order.
• Credit card fees: Around 2-3% of revenue gets paid in credit card processing fees.
• Advertising: Budget anywhere from $0 (for organic marketing only) up to thousands per month depending on paid ad campaigns.
• Salaries: If you hire a support team, expect payroll expenses in the thousands per month.

So realistically, expect to have at least $100/month in operational costs, going up to thousands if you have advertising or staff. Still very capital-efficient for the scale you can achieve.

Next, let’s look at the profit margins for top Shopify stores…

Profit Margins

Profit margins vary across niches, price points, and business models:

• Private label brands have margins around 60-80%. Manufacturing your own products keeps costs low. Gymshark and Skims achieve high margins.
• Dropshipping stores average margins of 20-50% on retail prices. Letting suppliers handle fulfillment improves margins.
• Electronics stores like BoAt see margins around 10-25% due to supply chain costs. But high order values compensate.
• Branded resellers like Steve Madden and Canada Goose have 50-70% margins. Strong branding lets them mark up heavily.

No matter the niche, profit margins of 30-60% are achievable on Shopify with the right strategies.

Here are tips to improve margins:

• Keep the cost of goods low by manufacturing smartly or dropshipping
• Build a premium brand image so you can markup prices
• Sell additional products with high margins to balance out low-margin ones
• Offer excellent customer service to discourage returns and refunds
• Optimize conversions to earn more revenue from traffic
• Reduce operating costs like advertising and payment processing where possible

With the right optimization, Shopify stores can be extremely profitable.

Some downsides and challenges include:

Scaling Challenges

Despite the huge potential, scaling a Shopify business has challenges:

• Managing explosive demand and order volumes smoothly
• Maintaining product quality and brand reputation at scale
• Delivering excellent service under pressure
• Staying lean and avoiding bloat as team and costs grow
• Continuing innovation and growth after the initial phase
• Beating copycats and competition
• Inventory/capital costs climbing quickly
• Potential technology and platform growing pains

The most ambitious entrepreneurs overcome these hurdles through smart management. But scaling too fast can also sink businesses. Controlled, optimized growth is key.

Finally, all good things come to an end. Let’s examine exit strategies:

Exit Strategies

Even hugely successful Shopify stores eventually get sold or closed. Owners have several exit options:

• Selling the business – Shopify stores can sell for big multiples of their profit. Usually 20-50x earnings. For a store profiting $1 million a year, an exit could easily yield $20-50 million+.
• Taking the company public – Less common, but some Shopify stores like Canada Goose have IPO’d, turning founders into billionaires.
• Remaining private – Founders may choose to never sell or go public if they want to retain control. Tough to cash out big though.
• Liquidating inventory – Selling all product inventory and shutting down. Easier exit but won’t earn massive payouts.
• Selling assets piecemeal – Domain names, websites, branding, trademarks, etc can be sold off individually for moderate payouts.
• Shutting down – Simply closing up shop without major financial gain. Sometimes founders get too burnt out.

While exiting won’t make you Jeff Bezos rich, multi-million dollar payouts are possible for seasoned Shopify store owners. Not too shabby.

And there you have the complete business model walkthrough – from startup and operating costs to profit margins, scaling difficulties, and endgame exit plans.

Just like any business, Shopify stores require grit and business acumen to reach maximum potential. But the financial rewards can be well worth the rollercoaster ride.

Spotlighting different types of lucrative Shopify stores

The top 10 stores showcase a wide variety of niches. To dive deeper, let’s spotlight some different types of wildly profitable Shopify businesses:

Spotlight: Top Clothing Store – Fashion Nova

For our clothing store spotlight, Fashion Nova is the perfect case study. This ultra-fast fashion brand brings in over $500 million annually. 

Here’s a recap of their stats:

• Niche: Trendy, sexy clothing for men and women
• Products: 5000+
• Avg Order Value: $40
• Monthly Visitors: 26 million
• Revenue: $500 million+

Fashion Nova’s formula for success:

– Ultra-fast supply chain – New styles hit their store daily, fueling addiction.

– Influencer marketing – Paying influencers on Instagram and TikTok to showcase their clothes.

– seasons. – Most fashion brands have spring and fall collections. Fashion Nova has micro-collections releasing weekly instead.

– Affordability – Keeping price points accessible helps turn customers into lifelong fans.

Fashion Nova mastered instant-gratification fast fashion. At its core, clothing hasn’t changed. They just manufacture and release styles at a pace never seen before.

For any entrepreneurs looking to break into fashion e-commerce, Fashion Nova is the blueprint.

Spotlight: Top Makeup Store – Kylie Cosmetics

In the makeup space, Kylie Jenner’s store reigns supreme. With Kim Kardashian’s fame behind it, Kylie Cosmetics scaled to $400+ million in just a few years.

Check out their stats:

• Niche: Color cosmetics
• Products: 300+
• Avg Order Value: $90
• Monthly Visitors: 1.2 million
• Revenue: $200 million

Their success boils down to:

• Leveraging Kylie’s influencer power – Instagram and Snapchat made her a household name.
• Focusing on a hero product – Lip kits were the gateway product to build a brand around.
• Expanding into a full makeup line – After lip kit dominance, they moved into eyeshadows, blushes, highlighters etc.
• Branching into skincare – Kylie Skin was a natural adjacent market.

For any cosmetics entrepreneur, Kylie’s playbook of influencer marketing and hero products is worth studying.

Spotlight: Top Tech Store – BoAt

In the electronics sector, the Indian brand BoAt is killing it. They’ve carved out a niche selling stylish, affordable audio products and smartwatches.

Let’s look at the BoAt stats again:

• Niche: Headphones, earphones, smartwatches
• Products: 500+
• Avg Order Value: $50
• Monthly Visitors: 500,000
• Revenue: $100 million+

Their success stems from:

• Tapping into India’s youth culture – Products with cool aesthetics tailored to Indian youth.
• Focusing on in-demand electronics – Headphones, smartwatches, and audio dominate their lineup.
• Affordable price points – Keeping prices accessible to Indian consumers.
• Strong marketing and branding – Partnerships with sports teams and influencers.

For any Shopify merchants selling electronics or technology, BoAt’s formula can inspire your strategy. Affordability and localizing products to culture is key.

Spotlight: Top Pet Store

Pet products represent yet another hyper-profitable Shopify niche. Brands like Chewy.com have found massive success.

One great example is PeanutButter. This monthly dog treat subscription box delivers to over 1 million pups.

Let’s look at their business model:

• Niche: Pet treats and toys
• Products: Subscription boxes
• Avg Order Value: $25/month
• Revenue: $40+ million

PeanutButter’s success comes from:

• Leveraging the subscriptions model – Monthly deliveries increase retention.
• Specialization – Focusing specifically on dog treats versus general pet products.
• Convenience – Delivering to doorsteps eliminates the dependence on shopping.

The pet industry keeps booming. Following PeanutButter’s playbook can help crack this passionate market.

There you have it – deep dives into 4 extremely lucrative Shopify store types. Studying their details and strategies in your niche helps create your own winning formula.

Conclusion – Top 10 Most Profitable Shopify Stores Making Millions Online

And there you have it – a deep dive into the world of wildly successful, multi-million dollar Shopify stores. 

We covered everything from:

• The top 10 most profitable Shopify businesses
• Their winning niches and products
• Marketing tactics and branding secrets
• Startup costs and revenue numbers
• Recommendations to maximize profit margins
• Spotlights of different types of lucrative stores

The key takeaway

With the right strategies, anyone can build an extremely profitable Shopify business.

Pick a niche you’re passionate about. Leverage proven marketing tactics. Optimize conversions. Focus on high-quality branding. Roll out innovations. Deliver excellent service.

By modeling what big successful stores have done, you set yourself up for success.

Sure, scaling a huge company is challenging. But with grit and persistence, your Shopify store can go from zero to millions.

Okay, let’s end by addressing a few typical questions about “Top 10 Most Profitable Shopify Stores Making Millions Online.”

FAQs – Top 10 Most Profitable Shopify Stores Making Millions Online

What is the average profit margin for a Shopify store?

The average profit margin for a Shopify store can range quite a bit based on factors like price point, manufacturing costs, and business model. However, profit margins between 30-60% are quite achievable. For example, private label brands have margins around 60-80% since they control manufacturing. Dropshipping stores see margins around 20-50% since fulfillment is outsourced. But with optimizations to branding, conversions, and cost of goods sold, it’s possible to reach profit margins of 50% or more.

How can I find trending, high-demand products to sell on Shopify?

One strategy is to use Google Trends and search volume tools to identify rising searches and interest in specific product keywords. Social media listening can also reveal hot trends. Check out hashtags and what people are talking about online. You can also use e-commerce market intelligence tools like Helium 10’s Cerebro to analyze competitors and see which types of products are gaining popularity in various niches. Staying on top of trends takes research, but ensures you offer in-demand products.

What should I price products at for the highest profit margins?

Finding the optimal pricing balance takes testing. You want to keep margins as high as possible while still appealing to customers. One strategy is to match competitors‘ prices for hot products while keeping costs lower through smart supply chain management. You can also use premium branding to justify marking up prices 20-40% over competitors. Promotions like bundling and limited-time sales can provide flexibility for profit margins. Get a sense of customers’ price sensitivity too – some demographics will bear higher prices more easily. Pricing for margin while staying competitive is crucial.

How important are visuals and branding for a profitable Shopify business?

Extremely important. Visuals are critical for differentiating your brand and conveying quality. Invest in professional photos and graphics. Ensure your store has a cohesive look and feel. Work with talented designers to create a recognizable visual identity through logos, branding, etc. Good visuals attract the right type of customers who appreciate aesthetics and design. Photos help products convert better as well. For physical products especially, few things are more important than eye-catching photography and branding.

What should I prioritize first – marketing or a perfect store?

Marketing should take priority. Without traffic, the world’s best store is useless. Focus first on cost-effective marketing like influencers, social media, and SEO to bring in customers. Then start perfecting and optimizing the store experience to maximize conversions. Too many entrepreneurs obsess over having the perfect store before validating demand, costing them time and money. Get a basic Shopify store running, test marketing, and then refine as needed. Traffic and eyeballs are oxygen for e-commerce businesses.

That concludes the article “Top 10 Most Profitable Shopify Stores Making Millions Online”. Hope you enjoyed it. Thanks for visiting.