Physical Product B2B Giants Outpace SaaS: Shopify, Toast, Samsara Soar

Physical Product B2B Giants Outpace SaaS: Shopify, Toast, Samsara Soar

Aug 13, 2026
SaaStr ARMARM Gtm_strategy

The Gist

  • Shopify revenue hits $3.58B, up 34%, with GMV growth above 30% for fifth straight quarter
  • Toast adds record 9,500 net new locations, raises recurring gross profit guidance to 23-25%
  • Samsara ARR grows 30%, with $1M+ customers accelerating for fourth consecutive quarter
Key Quotes

When your pricing unit is a person, your growth is capped by their org chart. When it's a transaction, location, or vehicle, you capture the productivity gain.

Jason Lemkin

AI does not reduce the number of meals served or packages shipped. It cannot manufacture, warehouse, or put goods on a truck.

Jason Lemkin
Key Insights
  • Physical product B2B companies like Shopify, Toast, and Samsara are outpacing SaaS companies due to pricing models tied to transactions, locations, or assets rather than per-seat pricing.
  • AI is compressing growth in software categories where deliverables are text, code, or documents, but it doesn't affect physical businesses like restaurants or logistics.
  • Pricing models tied to customer throughput (e.g., GMV, locations, assets) allow companies to capture productivity gains rather than being capped by headcount constraints.
  • Shopify, Toast, and Samsara are growing 2-3x faster than median B2B companies (13%) due to their transaction-based revenue models.
  • Payments integration, though lower-margin, drives profitability by embedding software monetization within transaction flows.
  • Agentic commerce currently benefits Shopify by driving demand, whereas AI threatens software companies whose outputs can be replicated by AI agents.
Actionable Takeaways
  • Audit pricing models to align with customer throughput (transactions, locations, assets) rather than per-seat metrics to capture productivity gains.
  • For SMB-focused businesses, integrate payments or transaction-based revenue streams to embed software monetization into customer workflows.
  • Assess AI disruption risk by evaluating whether your customers' outputs can be replicated by AI agents (e.g., text/code vs. physical goods).
  • Monitor gross profit growth (not just revenue) when evaluating transaction-heavy models, as seen in Toast's 28% recurring gross profit growth.
Data Points
  • 34% (Shopify's revenue growth YoY ($3.58B))
  • 32% (Shopify's GMV growth ($115.6B))
  • 23% (Toast's revenue growth ($1.91B))
  • 9,500 (Toast's net new restaurant locations added in a quarter)
  • 30% (Samsara's ARR growth ($1.99B))
  • 13% (Median public B2B company growth rate)

RevBots.ai View:

Physical product-focused B2B companies are outpacing SaaS by 2-3x, proving AI isn't eating their lunch.

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