Shopify (SHOP.US): Key Takeaways from Platinum Partner Call w/Zettler Digital; AI Channels Power 2-3% of Traffic But Could Approach 10%+ Over Time; Sidekick, Enterprise, SMBs, & Pricing In Focus

J.P. Morgan hosted the second installment of Talking Shop with Smilek, featuring Zettler Digital, a Shopify Platinum Partner that has helped 400+ e-commerce brands scale and specializes in performance marketing, retention and website optimization, with core merchants at ~$1M-$30M annualized sales. Zettler believes AI-driven traffic remains in the early innings, with most AI channels driving ~2-3% of observed traffic and a similar share of GMV, but could power 10%+ of traffic over the next 1-2 years as LLM adoption, AI-based search, better attribution and improved agentic commerce transaction flows take hold. Sidekick engagement continues to improve, with analytics a meaningfully higher share of usage than the ~40%+ cited by SHOP for tenured merchants, and use cases should expand into operational workflows, catalog management, bulk actions and product information updates. Shop Pay, merchant ownership of customer relationships and trust underpin SHOP's SMB moat, while Enterprise adoption