Written by
Arjun RamDate published
April 5, 2023
Fascinating statistics about commerce on the internet from Stripe. Some highlights from their annual update
- Collectively, businesses built on Stripe processed more than $817 billion in total volume in 2022, up 26% from the prior year.
- More than 100 companies now handle more than $1 billion in payments with Stripe every year.
- In total, the number of new businesses coming to Stripe increased by 19% in 2022, with an average of more than 1,000 new ventures launched every day. While the US is currently our largest market, 55% of the businesses that joined Stripe last year were based outside of the US. Stripe now supports businesses in more than 50 countries.
- According to the US Census, the rate of business formation has increased by 44% since 2019. Delaware, similarly, saw 24% more incorporations in 2022 than in 2019.
- Stripe Atlas, our service for helping startups get off the ground, saw a remarkable 155% more new companies started in 2022 than in 2019.
- As a consequence of tightening conditions, we are seeing startups monetize earlier and in more way
- Knowledge workers will become more productive. Labor-intensive tasks, from quality assurance to bookkeeping, will see more automation
- In the three years before the pandemic, 63% of the new breakouts that we saw in the San Francisco Bay Area were based in the city of San Francisco itself. Since 2020, only 46% have been
- In order, the top startup hubs in the US are: the Bay Area, New York, Los Angeles, Miami, and Austin. Miami's growth has indeed been quite striking in our data: detected breakout companies are up by 89% in 2021/2022 as compared to 2016/2017.
- Outside the US, the top hubs in our data are (in order): London, Singapore, Paris, Tokyo, and Toronto. (Of these, Tokyo is growing fastest on a relative basis.) French entrepreneurial dynamism particularly stands out: the top three countries are the US, the UK, and France.
- Stripe grew up with companies in the technology sector, and we're increasingly their platform of choice— we power 75% of the 2022 Forbes Cloud 100 and many of the largest internet companies, from Amazon to Zoom
- We focus on two key metrics: conversion rate (the fraction of user sessions that complete a purchase) and authorization rate (the fraction of attempted transactions that actually succeed).
- In 2022, we reviewed thousands of checkout flows from businesses around the world. We found that 95% contained five or more unforced errors—barriers like asking customers to painstakingly scroll through dates to input card expiry.
- Our API reliability is now consistently in excess of 99.999%, and, during the peak week of Black Friday and Cyber Monday, exceeded six nines (that is, 99.9999%)—the equivalent of around 600 milliseconds of unavailability. (It takes about 300 milliseconds for a human to blink.)
- Stripe now comprises more than 50 million lines of code. Each change is verified within 15 minutes by running a battery of tests that would take 50 days to run on a single CPU
- In 2022, we deployed our core payments APIs 5,978 times (16.4times a day on average). 1,100 of those deploys failed to meet our acceptance criteria, and were rolled back automatically.