Shopify Inc. or Manhattan Associates, Inc.: Who Manages SG&A Costs Better?

SG&A Cost Management: Shopify vs. Manhattan Associates

In the competitive landscape of e-commerce and supply chain solutions, managing Selling, General, and Administrative (SG&A) expenses is crucial for profitability. From 2014 to 2023, Shopify Inc. and Manhattan Associates, Inc. have shown contrasting approaches to SG&A cost management. Shopify's SG&A expenses surged by over 2,800% from 2014 to 2022, reflecting its aggressive growth strategy. In contrast, Manhattan Associates maintained a more stable increase of around 70% over the same period, showcasing disciplined cost control.

A Decade of Financial Strategy

Shopify's rapid expansion is evident in its SG&A expenses, peaking at nearly $1.94 billion in 2022. Meanwhile, Manhattan Associates' expenses reached approximately $166 million in 2023, indicating a steady growth trajectory. The absence of 2024 data for Shopify suggests a potential shift or recalibration in strategy. This analysis highlights the diverse financial strategies of two industry leaders, offering insights into their operational priorities.