's (NYSE: SHOP) platform has been a go-to for merchants looking to set up an online storefront to expand their e-commerce presence. While online retail spending slowed significantly in 2022 as consumer spending dried up amid rising inflation, Shopify bounced back strong in 2023. Higher revenue growth pushed the stock up 124% for that year.

That said, Shopify's improving financial results led to the stock trading at an expensive valuation of 14 times trailing revenue. The company will have to execute almost flawlessly in 2024 to justify the premium.

We'll look at one factor helping Shopify's business in the short term before evaluating the shares' appeal compared other top growth stocks.

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Source Fool.com