Shopify told merchants on Thursday that prices would be going up for its more expensive Plus plan, according to screenshots viewed by Business Insider.
The change comes one year after Shopify raised prices for its base subscription plan. That change has positively impacted Shopify's bottom line. Wall Street analysts have since been looking for the company to raise prices for Plus, which is geared toward larger merchants.
Prices for Plus are increasing from $2,000 to $2,500 a month for merchants on a one-year term. The price change represents a 25% increase. If merchants sign up for a three-year term, they will be charged $2,300 monthly.
Merchants can keep their current rates if they opt into a three-year contract by April 24.
Third-party transaction and variable platform fees for online sales will also go up slightly, as will rates for Shopify Payments. There is also a new 0.18% fee for B2B orders.
A Plus subscription gives merchants access to more features and services, like Shopify's B2B tools and its customer-acquisition product Shopify Audiences.
In a comment provided to BI, a Shopify spokesperson said that the price it charges for Plus has "remained largely unchanged since 2017, even in the face of inflation."
"Today's pricing update allows us to continue to solve the most difficult problems in the industry and empower more businesses to scale to their full potential, and to do it at a pace that's necessary to make commerce better for everyone," the spokesperson said.
"Our mission is to build the best commerce operating system for the millions of brands, developers, and shoppers who use our platform. That's why we've released hundreds of product features and updates in the last 2 years, including B2B on Shopify, AI commerce tools, and the world's highest converting checkout."
At the time of publishing, Shopify's stock is up 3% to around $88 a share compared to an opening price of $85.
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