Physical-product B2B outpaces SaaS: Shopify +34%, Toast +23%, Samsara +30%

While AI pressure hammers seat-based SaaS, B2B platforms serving physical commerce are posting growth rates that make CRM vendors look flat.

Shopify reported Q2 revenue of $3.6 billion, up 34% YoY, with GMV of $115.6 billion up 32%. That is the fifth straight quarter above 30% GMV growth. The company's B2B GMV grew 76% in the quarter, driven by the expansion of wholesale tools beyond enterprise customers. Shopify opened core B2B features to standard plans in 2026, lowering the barrier for smaller merchants and manufacturers. The stock jumped nearly 20% on the print.

Toast added a record 9,500 net new restaurant locations in one quarter. Revenue hit $1.91 billion (+23%), ARR reached $2.4 billion (+25%), and recurring gross profit grew 28%, faster than topline. The company raised full-year recurring gross profit guidance from 21-23% to 23-25%.

Samsara, selling to connected transportation and logistics, posted ARR of $1.99 billion (+30%) and revenue up 31%. Net new ARR of $101 million was itself up 30% YoY. ARR from customers spending $1M+ grew 62% and has accelerated for four straight quarters. Third consecutive quarter of GAAP profitability.

For context, the median public B2B software company is growing around 13%. Salesforce's most recent quarter was up 13%, with roughly 4 points from the Informatica acquisition. Full-year guide is 11%.

Why the gap? Two factors. First, pricing models: Shopify, Toast, and Samsara tie revenue to GMV, transactions, or connected devices, not seats. When a customer grows, revenue follows without a sales motion. Second, and more important: their customers' end products are not the ones AI is eating. A restaurant still needs a POS. A truck fleet still needs tracking. A merchant still needs checkout infrastructure.

Shopify competes with BigCommerce, Adobe Commerce, Salesforce Commerce Cloud, and Amazon's ecosystem. In ANZ, Shopify has material merchant penetration through online and POS channels, though the company does not break out regional headcount.

The takeaway for sales professionals: if you are evaluating B2B roles, look at what the product touches. If it is workflow software sold per seat, ask hard questions about AI exposure and pricing model durability. If it is infrastructure tied to physical commerce or operations, growth tailwinds look stronger.