Advertiser Budget Share DeclineAnalyst observes third-party attribution data indicating a decline in the company's share of advertiser budgets, which could create uncertainty around near-term revenue trends.
Client Attrition And Limited PenetrationAnalyst cites third-party data showing a modest drop in e-commerce clients and very low penetration across the broader Shopify merchant base, suggesting limited near-term upside from small merchants.
Geographic Concentration RiskAnalyst warns the product's customer base is heavily concentrated in the United States, limiting geographic diversification and increasing sensitivity to domestic ad-spend cycles.