Shopify (TSX:SHOP) is one of the biggest e-commerce platforms in the world and one of the best growth stocks Canada has to offer. Despite some underperformance in recent years, Shopify's stock price has begun to come back, with many believing new all-time highs are an eventuality moving forward.

For those taking a bullish stance on Shopify, let's dive into what may propel the stock higher over the long term, and one hidden catalyst that could take Shopify to the next level.

Harnessing its global opportunities

I think one of the keys to Shopify's long-term growth is its ability to seize market share in new markets around the world. Operating in more than 100 countries, it appears Shopify has already employed this strategy well. But in growing its global footprint relative to its dominant North American presence, Shopify could importantly diversify its revenue and earnings streams further, reducing its reliance on North American growth as the key factor investors consider.

That's not to say the U.S. market won't be a focal point for Shopify moving forward, given its 28% market share in this region. Stable cash flows provided by a transaction fee-generated model has made the U.S. among the most profitable markets for Shopify, and that's unlikely to change anytime soon.

That said, further diversification in terms of target markets, and future partnerships and growth strategies in BRICS nations could spell even greater growth moving forward.

The numbers suggest Shopify is on the right track

Assuming Shopify is able to enter and dominate the new markets it sets its sights on, I expect much more in the way of strong performance over time.

Through the second quarter of 2024, Shopify grew its Gross Merchandise Value by 22% to US$67.2 billion, with revenue rising 21% to US$2 billion. The company also announced a 25% rise in monthly recurring revenue to US$169 million and free cash flow of US$333 million.

Moreover, Shopify saw strong revenue growth of more than 50% for the second quarter, and gross profit surged by 25% to US$1 billion. So long as the long-term secular growth trends that got Shopify to the party continue, this is a stock I think is worth owning moving forward.