Unsurprisingly, Shopify (SHOP) is a clear COVID success story. The company has been on a tear since the pandemic, which sent demand for eCommerce solutions through the roof. Indeed, total revenue in Q3 was $767M, a 96% increase from the same quarter in 2019. Shares in SHOP are now up 172% on a one-year basis.

But can the company, which enables anyone to set up and maintain an online store, sustain such dramatic growth? Ahead of Shopify's earnings report on Feb. 17, we take a sneak peek into its key Q4 digital data points. For a company like Shopify, digital performance represents a powerful indicator of bullish or bearish consumer trends in near real-time.

According to our alternative data, SHOP is poised to produce another quarter of exceptionally strong growth in 4Q20. For 4Q20, the Street is modeling gross merchandise value (GMV) at $38.B, or 87% growth, a significant +20ppt sequential deceleration from the blowout third quarter. However, Similarweb numbers paint a more positive picture than consensus might suggest.