Good morning or good afternoon. Thank you for joining Shoper's conference call. My name is Tomasz Pokora from Investor Relations in company. It's my pleasure to have with us the management board, who will discuss the second quarter and first half of the year financial results and key events. After their prepared remarks, we will open up for your questions. I turn the call over to CEO Marcin Kusmierz.
Thank you, Tomasz, for the introduction. Good morning or good afternoon. I have a privilege to be host of today's meeting and today's presentation, so let's start. On today's presentation, we have all board members of Shoper, including Anna Miśko, Chief People Officer, Piotr Bieczysko, Chief Financial Officer, and Paweł Rybak, who is in charge of all commercial operations at Shoper. Of course, on today's meeting, we will present you in detail results from Q2 and the first half of 2023, but also some highlights regarding Shoper and our operations and our development, and outlook for the next couple of months this year and 2024. We will finish this meeting, this presentation with Q&A.
Q&A session. If you will have any questions regarding operations at Shoper and the market we operate in, you are warmly welcome to discuss with us. Let's start with highlights. We have great quarter and we have great first half of the year 2023. You know that we operate on very unstable market, in very unstable environment, we were able to achieve absolutely unique results in comparison to anyone from the e-commerce industry. Our growth on the revenue side was close to 30% year-over-year after the great for the e-industry, the pandemic period and post-pandemic world. We see results of our investments from the past.
We see that our team is stronger and more creative, and it allows us to reach absolutely the top level of revenue growth, thanks to new initiatives, new projects, new products, and smarter people in the team. As you see, the unstable market affected the GMV growth. We grew by 11% in second quarter of 2023. Thanks to high inflation, thanks to rising costs of operations, it was pretty challenging period for not only providers of e-commerce platforms or providers of e-commerce services, but mainly for consumers. They were reducing their purchases. They were reducing their purchasing activities in this period. We were quite strong supporting growth of our merchants, addressing changing needs of consumers on the market.
Finally, we achieved very nice growth on the GMV side. We are very proud of growth of EBITDA in the second quarter of 2023. As you see, it is very nice. It is very high, 41% year-over-year in this so demanding period of time. Thanks to having costs under control, thanks to investing in the past in new projects, and thanks to improving efficiency of the whole company, we are able to be a very profitable company and also to increase profitability level to almost 33%. We are proud of this growth because it shows how we are able to generate free cash to the further investment to the future. Thanks to that, we are stronger and stronger.
Let's look on key highlights from the second quarter and from the first half of the year. We continued development of the offer. We invested a lot in all four pillars, including financial services and payments, omnichannel, logistic services, and also digital ads. We introduced several new products, completely new in our portfolio. We also launched completely new financing options to our merchants, but also for our consumers. It was very special. It was very important for them in challenging times. We firstly use new artificial intelligence using ChatGPT technology in the first product at Apilo, our provisioning platform, to make descriptions of products.
We are proud because Apilo and Shoper, we were absolutely the first platform on the Polish market, having so smart solutions using, in commercial ways, artificial intelligence. In the same time, we decided to make our sales team much stronger. We invited to the company a new sales team, and we established new branch in Bydgoszcz, to be well-prepared, to be better prepared for the future demand of the rising market. We also established the first competence center based in Szczecin, in Poznań, mainly specialized in digital ads, in sales processes, but also in product development, and we believe that this kind of investment will give you nice return next couple of quarters.
In the second quarter, we also established or we make stronger our partnerships with global players, including Microsoft. You know that Microsoft is a great IT, great tech company, mainly famous for delivering, you know, services like Office 365 or Windows or other professional solutions. Microsoft is also very strong and very important player on the global advertising market. We were one of the first partners in Poland, in this part of Europe, cooperating with Microsoft. We are very happy doing business together because we see increasing demand from our customers, from merchants, to use alternative method of advertising, and including Microsoft network, including LinkedIn or other Microsoft tools. We also closer cooperate with alibaba.com.
You know, this is the biggest, the most important player on B2B market globally, selling goods worldwide. We do cooperate with this player to make our merchants stronger, to give them new possibilities to sell their goods globally. We are happy after a couple of months of cooperation, and we see that this market is very promising. We also implemented new service, buy now, pay later from Klarna, the global leader from this segment of the market. This is product competitive to the Polish leader called PayPo. We see that Klarna gives our merchants absolutely the top quality and more functionalities in the product, we are happy cooperate with them, and now we are in discussion how we can extend our partnership.
Hello, Paweł Rybak here, thank you as always for taking the time to find out what's new in Shoper. I'll do my best to guide you through our business development. First of all, I would like to briefly remind you what we do, mostly by implementing our strategy based on our four main pillars. Our company specializes in providing comprehensive e-commerce solutions, primarily for small and medium-sized enterprises. We create an full ecosystem of tools and services that help our clients easily develop their online businesses. As I mentioned, our development is based on our key four pillars. First of those four pillars is omnichannel. In this segment, we develop products for which we are currently best known, such as software for running an online store, Shoper, or tools for omnichannel sales, like Apilo.
Thanks to these tools, but also support and services that we give in this category, we help our clients reach their customers on various platforms, both in their own online store and hundreds of marketplaces in Poland and worldwide. In the area of digital ads, we offer tools and campaign management to help our clients increase the visibility of their products online, attract new customers, but what's most important, increase their sales levels. In finance and payments, here we provide solutions that facilitate the processing of online payments, obtaining financing for growing the business, and many, many more financial services that help our merchants grow. The last pillar is logistics, where constantly developed tools help optimize all delivery related processes, which of course translates into final customer satisfaction, business efficiency, and usually much lower logistic costs.
Thanks to our commitment to developing innovative solutions in each of these pillars, we are always ready for dynamic development and further strengthening our position in the e-commerce market. Now, let's discuss the basic parameters of each category, and I will tell you what's new in each pillar and what we will focus in the forthcoming months. In the omnichannel sales, our company is constantly developing our sales strategy, which is confirmed by the dynamic growth in revenues in the first six months, which amounted to as much as 27% growth. When it comes to the development of the range of the services, we are soon implementing a revolutionary Storefront that will significantly improve the shopping experience of our customers and contribute to increasing their conversion rate.
Thanks to this, we will be ready to serve the largest merchants, which opens up completely new market opportunities for us. Our strategy also includes a store optimization in terms of search engine optimization and advertising campaigns, which will allow us to reach even wider group of potential customers. Even though our software has been ranking always the highest since many years in search engine friendliness rankings for many previous years, we do not rest a second and are constantly developing it to be just the best. We, of course, are increasingly using advanced solutions based on artificial intelligence, including well-known ChatGPT, to generate product descriptions, but not only in Poland, in Polish that it used to be a couple of months ago, but also now in many other languages, which is super convenient for our merchants.
In addition, we plan to use a app to mark product categories and their features, which will significantly improve the management of merchants' inventory and adapt it to the requirements of multiple markets, including international marketplaces, like Amazon, for example. All this together creates a really coherent strategy that allows us not only to maintain our strong position on the market, but also develop much faster than other players. Now let's take a closer look at one of the major pillars of our development in Shoper Group, that is digital advertising. It's super important that our merchants sell. Our strategy in this area brings fantastic results, as evidenced by an impressive increase of 31% from the last year, very high base.
We strive to constantly develop and expand our offer in this area, which allows us to effectively support our clients in building online visibility, increasing their sales. As part of this process, we have introduced several key initiatives. For example, providing our clients with new advertising platforms, such as Amazon Ads or eMAG Ads. This opens up new opportunities for them to reach a wide group of customers on these marketplaces. We have expanded our campaigns with Google Performance Max. This allows us for even more effective management of advertising on Google, reaching potential customers at their right moments. Our offer in the area of Microsoft Ads is also expanding, thanks to new functionalities that make it easier for our clients to achieve great results.
We are also in the final preparation stage to launch our digital advertising platform on the Romanian market. This is a very important step in our international development strategy. The fourth quarter will be the first in which the effects of our projects with a partner from Romania, company Gomag, will start to bring visible results. Of course, our philosophy is not only advertising, but all above advertising that brings really material results. That's why we focus on measuring and optimizing the results for our campaigns, because we see a constant increase in interest in performance campaigns that focus on specific business results. In the near future, we will see a dynamic development of campaigns using video formats, which are becoming more and more popular and effective.
In digital advertising, the use of artificial intelligence to better predefine target groups allows us to reach the right people with ads in even more effective way. To wrap up, in summary, our digital advertising business is growing really rapidly, delivering great results for our merchants and us Shoper as well. We are ready for new challenges, because this market is changing constantly, but we have also lots of ideas for further development in this area. Now, I would like to share with you some of the fascinating aspects of what we do in the field of financial services and payments. Our strategy brings truly fantastic results, as evidenced by the dynamic growth in revenues, which amounted to an impressive 32%.
Shoper offer in this area is continued and developed, including partnerships with companies such as Klarna or Mokka or PragmaGo. It also includes leasing and loans, which provides our clients with extremely wide range of development financing options. The key change that we plan to implement in finance and payments are new technical, technological partners in Shoper Payments. This will also help us develop our merchants outside of Poland, but what is most important, to increase our margins on those services. When it comes to market trends, we are observing a growing share of mobile payments such as super popular Polish BLIK and wallet mobile payments like Apple Pay or Google Pay. Our solutions enable customers to pay with one click, which increases the convenience of online shopping.
This solution is really become more and more popular because it's usually increases conversions on the store in a significant way. We are also observing a strong increase in the GMV of so-called installment payments, which proves the growing popularity of these options among customers. Similarly, our buy now, pay later offer is developing very quickly. Still, we are ready for further development in this area of financial services and payments, and to continue to implement innovative solutions that really meet the expectations of our merchants, but also the customers of our merchants. Last, but not least, I would like to briefly present our activities in the area of logistic services.
Our strategy also covered here brings excellent results as evidenced by the increase in revenues in the year-on-year period by as much as 56%. What we are doing here, we are expanding our offer to include, for example, new shipments, like pallet shipments, which provides customers with an even greater variety of delivery methods. Our logistics services now include better support for companies operating in international markets. Our Shoper Returns app is constantly evolving, making returns more convenient for customers. We also monetize on this app very well. The big thing which is ahead of us, the next step in the development of our logistics pillar, will be the launch of our own brokerage services. Work is also progressing dynamically here.
What's interesting on the market, certainly, convenient and ecological solutions are becoming more and more popular. Especially here, we can mention automatic parcel machines as well as so-called PUDO, which is pick-up drop-off points. We are observing constant increase in interest in international deliveries and fulfillment services. Logistic companies and merchants care more and more about the environment. Here ESG policy in this category, which is super important because the logistics as they harm environment. Here, the ESG policy in this category is becoming increasingly important. As in all other pillars, we are super ready for further development in this area and adapting to the changing needs of the customers and of our merchants.
To conclude the business development section, I would like to share with you some of the most recent partnerships that play a key role in our continued above average growth. We are super proud of these partnerships, and we are striving to get even more. We recently announced collaboration with Microsoft, which also is a short collaboration, but we've already have been recognized in this short time with the Product Champion Award. This is a real confirmation of our commitment to innovation and developing the best solutions of our client, and it's made by, you know, one of the biggest company in the world. Also, our cooperation with alibaba.com that Marcin Kusmierz already mentions, contributes to the growing integrations of B2B markets in Central Europe, which opens new prospects for entrepreneurs.
That's a very new business. The B2B business is usually very, was really much offline. People went to trade first and such, now Alibaba really expands it into the online environment. Actually, to tell a little bit more, we were the only company from this part of Europe who had the opportunity to also participate two months ago in the global summit for the world's best partners. We're invited to China, to Hangzhou to, you know, celebrate the maybe future development and current development of this business. What's more, we are also, as I mentioned, literally weeks before official launch of the digital advertising offer with our partner in Romania, a company Gomag.
Our daughter company, Apilo, started a huge cooperation with the company called wFirma. It's a very well-known invoicing company in the industry with, you know, tens of thousands of hundreds of thousands of Customers using their software. The cooperation makes it easier for wFirma customers to handle integration with Allegro and other marketplaces, which is super crucial for our partner and its customers. Thanks to our partnership with Klarna, we have introduced the buy now, pay later options from the world's most famous brand, which is Klarna, of course, and this increases the convenience of online shopping for our customers.
We, our newly established cooperation with the company LTTM, which is, maybe not known worldwide, but it's the largest company serving influencers in Poland, like, with hundreds or thousands of influencers gathered under this roof of LTTM. This cooperation enables us to effectively use influencer marketing and video marketing. What's most important, it also allows us to acquire new interesting merchants, because now, people who are popular on, let's say, Facebook, Instagram, TikTok, YouTube, they can have their own merchandise and sell through online store. As you can see, strategic partnerships are a major key element of our development strategy and helps us meet the expectations of our customers on many, many levels. We really strive to expand the partnerships through many different other levels in the future.
Good morning, good afternoon. This is Piotr Biczysko speaking. Let's take a look at the overview of financial results of the second quarter and the first half of this year. Despite market changes related to macroeconomic situation, the Shoper Group continued strong revenue growth. Revenues in the second quarter of this year reached just over PLN 36 million, only PLN 400,000 below the record Q4 2022 results, with year-on-year growth of 27%. The solutions segment was a strong supporter of growth, reaching over PLN 27 million, with 28% year-on-year growth. Financial services and online marketing products continued to account for the larger share of the solutions segment's revenue. Revenue of the subscription segment, however, increased by 23% year-on-year, reaching 9 million złoty.
This was higher result than in Q1 of this year, thus another record quarterly revenue level of this segment in the history of the company. The share of the solutions segment's revenue in total revenue in Q2 was 75%. By the way, I would like to remind you that Q2 was the last quarter without Sempire's full year 2022 results as comparable period. This means that the revenue growth rate in Q2, excluding impact of this acquisition that we made last year, would have decreased by a few percentage points, remaining, however, about above 20% of growth. Let's look at the development of the solutions segment in recent years. For several years, the Shoper Group has been pursuing a strategy aimed at offering its merchants a broad portfolio of services necessary to develop online sales.
Investment in the development of products in the solutions segment has allowed the segment's revenue to reach 75% share of total revenue in recent quarters. We still see high potential for further revenue growth within this segment by increasing the penetration of currently offered products among customers, further developing of the products portfolio, and also offering services to customers who are not users of the Shoper platform today. Let's take a look at the group's profitability in the second quarter of the year. Q2 ended with an excellent adjusted EBITDA result, PLN 20 million, with a very high 41% increase in the value of this indicator compared to the second quarter of 2022.
The achievement of this result was mainly related to the development of higher margin, and this happened despite higher costs in the second quarter of this year compared to last year, cost level. This allowed in the second quarter to reach adjusted EBITDA margin, the level of almost 33%. As we have repeatedly emphasized, we have focused on business development, but at the same time, thanks to active cost management, we take care of profitability that allows us to finance this development while achieving excellent performance. What needs to be underlined, the Shoper Group not only has excellent result, but also generates significant cash by achieving a high level of EBITDA to operating cash conversion rate, reaching nearly 90%. Let's briefly summarize the results achieved in the second quarter of 2023.
Revenue in the second quarter reached a level close to the record Q4 results, only PLN 400,000 missing. High profitability was maintained despite significantly higher cost compared to the same period of 2022. Adjusted EBITDA increased by a stunning 41% and reached PLN 20 million. Hitting almost record, being very close to record Q4, 2022 level. In the second quarter, we also saw high year-on-year growth in adjusted gross and net profits. The most significant change to the result of the gross profit level was higher depreciation and amortization amounted to PLN 3.4 million, higher by PLN 1.3 million than in the second quarter of last year.
The higher depreciation and amortization costs were mainly due to depreciation of assets identified in the acquisition of the 2022 year, mainly Sempire, that took place in May 2022. Higher depreciation of servers in connection with the expansion of our server infrastructure that we perform in the second half of the last year, and also amortization of software created as a part of the development of Shoper Group platforms. Net profit of nearly PLN 8 million at 66% of growth was mainly due to excellent financial results, and also partly due to adjustment of the tax recognition of development teams' salary costs for 2022. The dynamics of the net profit, excluding the impact of this adjustment, would have been almost 50% in growth. Let's move on to GMV.
A significant impact on the dynamics of GMV, both the second quarter and first half of this year, had a macroeconomic situation, primarily high inflation, +15% in the first half of the year, and deteriorating consumer sentiment related to the reduction of their purchasing power. Nonetheless, in Q2 of this year, GMV dynamic mix in both stores and omnichannel remains above 10%, significantly outpacing retail sales dynamics at current prices, as reported by the Central Statistical Office at +6% level for the first half of the year. The achieved levels of 2.2 billion złoty for store GMV and 2.2 billion for omnichannel were, from the perspective of the company's history, lower only than the Q4 2022 results. Also, take rate continued to improve in the second quarter.
Take rate for stores reached 1.86% versus 1.62% last year. Omnichannel take rates, so, take rate for, calculated for stores and all other sales channel, reached 1.68% from 1.47% recorded in the same period of the last year. Let's take another look at the Shoper Group growth from slightly broader perspective. The Shoper Group has consistently pursued its growth strategy. This is confirmed by the presented basic economic indicators of the group in recent years. The group's revenue on LTM basis reached PLN 140 million and was almost three times higher than the revenue of pandemic 2020 year. This all before the traditionally the best Q4 of this year.
Also, Q2 revenues compared to the result of this period in previous years confirm the dynamic growth of the Shoper Group. Please note that Q2 2023 revenue were more than 2 times higher than the Q2 of 2021. At the same time, despite significant investments in human resources development, the company continues to generate high adjusted EBITDA, which continues to grow, both from the perspective of the results of the LTM, as well as the results of the second quarter itself, reaching very high growth rates compared to previous year results. Let's take another look at the results of the entire half year. In the first half of this year, Shoper Group's revenue increased to nearly PLN 72 million with a 30% increase compared to the first half of 2022.
Adjusted EBITDA margin reached almost 33% and grew by 41% year-on-year. Adjusted EBITDA grew by 37% and reached PLN 16.5 million with 23% margin ratio, and net profit grew by 52%, reaching PLN 14.3 million, and the margin at 20% level. Net profit growth after excluding the aforementioned tax adjustment would have been plus 44%. A significant impact on the amount of adjusted gross profit in the first half of this year, same as in the second quarter, had depreciation and amortization, which amounted to PLN 6.6 million higher than in the same period of the last year by PLN 2.7 million.
The increase in the depreciation, amortization was mainly related to the same items that I mentioned, so acquisition of assets from acquisition of Sempire and Selium. Depreciation on servers, as well as amortization of software created in development of Shoper Group platforms. Referring to GMV, in first half of this year, the GMV in stores and omnichannel, raised by 12% and 13% respectively, reaching levels of PLN 3.9 billion and PLN 4.3 billion. As a reminder, almost exactly such GMV values were recorded by Shoper Group in the entire 2020 year. That perfectly emphasizes the growth of our mentioned stores and the dynamics of e-commerce industry development and our work to develop this area as well.
Last but not least, a brief look at the financial flows. Unlike some our other competitors, including global ones, Shoper is a company that generates significant level of cash. In first half of this year, the group generated more than PLN 21 million in funds from operations. As part of the capital expenditures in the first half of the year, Shoper acquired 20% of the shares in Apilo for PLN 2.4 million as a part of the exercise of the option under the 2021 agreement, thus reaching 80% of the shares in the capital of this company and paid the final installment for the acquisition of Selium in the amount of just under PLN 600,000. Other capital expenditures were related mainly to the development of the group's IT platforms.
We invested almost PLN 5 million in development of the platforms in the first half of this year. In first half of this year, we also repaid early a full loan taken out by Shoper to refinance the purchase of 60% stake in Sempire in the total amount of PLN 6.6 million. The original loan schedule provided repayment by July 2025. The other expenses were related to ongoing servicing of the aforementioned loan and also repayment of lease liabilities. Actually, those were rent payments for offices and servers that are recognized as leasing under IFRS 16 standard. This was a summary of Shoper Group financial results for the second quarter and first half of the 2023 year.
Good morning. My name is Anna Miszko, I have a pleasure to start the last part of our presentation, where we discuss how we see Shoper Group's development and the market in the coming years, months. I will begin with a snapshot of our team development and the local labor market. We have stable employment level, and it is closely correlated with the Shoper Group's business development and the macroeconomic situation. By the end of Q3, we estimate that employment will be 341, and this is almost the same as at the end of 2022, and a few % higher compared to the first quarter of this year. The team's growth is directly linked to investments in developing sales processes related to direct and indirect sales.
We are hiring in business, technology, and back office areas where we see the prospect of a rapid return on investment calculated in a single month. It's worth to mention that in Q2, we built almost from scratch a strong sales team in Bydgoszcz, which is responsible for sales both to existing customers and customers outside our base working on cold bases. We employ very experienced people there with a good track record in sales and retention. In Poznań and Bydgoszcz, we are creating competence centers connected with developing the most important area, digital advertising, and we cover product development and sales and retention processes with teams in both cities.
We are also in the process of creating competence centers for other business lines that are the pillars of our strategy, for example, multi-channel sales, payment and financial services, and logistics. Regarding the labor market, we are at an interesting moment because the last few years, especially in the IT sector, have been a big challenge for employers to recruit competent employees. After a period of dynamic growth, labor market is moving into a stabilization or even cooling phase, which can be observed through the decreasing number of published job offers and employers' plan to expand their teams. This means also for Shoper easier access to candidates whose competences are in demand. From our observations, it seems that this pressure is decreasing as well.
In the Shoper Group, we are gradually addressing the need for salary increases coming from our employees while we are working on boosting their work efficiency and looking for areas of synergy. We can say that the current labor market situation is beneficial for employers, including Shoper, but our approach to employees always assumes respectful relationship regardless of the economic situation. That's why we tirelessly implement solutions that bring benefits to both sides, resulting in successful and satisfying long-term cooperation. Now I would like to tell you a little bit more about a project that probably rarely appears in performance presentations, but in our view it perfectly describes our approach to people and how vital company culture to the business and its impact on shaping modern society is.
As many companies, we hosted interns at our head office over the summer holidays, but our project is unique on the market because the interns were vital members of the teams and were given challenging and meaningful projects to complete. As a result, they gained practical knowledge about e-commerce and business, and we have a fantastic track record with this project because we gave the young people knowledge, equipped them with practical skills and taught them effective teamwork, and in return, we received a massive dose of information about the young generation's consumer behavior, forms of communication or criteria for choosing products and services.
This group of young people also gave us a great positive energy, and from the feedback we received from them, which you can see on the presentation right now, it seems that for many of them, it was adventure of a lifetime, which showed them that work can provide both challenges and joy. In the coming years, we plan to conduct internships in our offices in Szczecin, Poznań and Bydgoszcz as well.
Thank you Anna for starting this section. Now let's jump to the business and how we see the growth of the market in the next couple of quarters and couple of years maybe. What we plan to do at Shoper. A lot of changes on the horizon at Shoper as always, because you know that we are driven by new business, new products, new implementations, of course always in line with expectations or needs of our merchants. Next couple of weeks we plan to make big event because of implementing new storefront in our platform, in our store.
It means that the conversion in the sales process should be significantly higher and it means that our commission, for example, from payments, will also be increased rapidly. It is big event and we know that this functionality will be absolutely the top level in the industry. We are excited waiting for the implementation. We are excited to give new possibilities to our merchants. We also continue a separation of business lines to be fully independent and to be able to provide these services as a standalone products to user to merchants using competitive platforms, including open source platform, but also commercial platforms like Shopify or IdoSell.
Just to make this initiative more visual, I will say that for example, users using Shopify platform will be able to use our digital ads capabilities or some merchants using WooCommerce or PrestaShop will be able to use our logistics services. For us means that addressable market will be wider and wider, and the value of course to catch from our perspective will be absolutely bigger. We are excited and we are well prepared to make some new standards on the market and to get new clients to our portfolio. We also continue further investment in development of payment gateway. Paweł mentioned that we are very close to implement new vendor of payments business and technology as well.
It means that we will be ready to give our merchants new functionalities or new platform capabilities to again improve conversions, making payments and in the same time to improve our margin providing these kind of services. We of course also implement new products including loans, including leasing, including buy now, pay later because we see, we observe increasing demand from the market from merchants as one group, but also from consumers. Unstable situation on the market from time to time helps us to make some product families stronger. We also continue investing in logistics services. You know that we launched this year own service called Shoper Przesyłki.
We also launched a new service called Shoper Returns, and we are happy observing their development. We want to continue, and we want to be one of the key players in this segment of the market, so we plan to implement brokerage locally, logistic brokerage service next couple of months, and we want to play the significant role on the market. What is our view on trends on the market? We will show you next couple of seconds or minutes our preliminary results or some KPIs from July and August. Now we can say that we see some signs that purchasing power of consumers is rising. We see more optimism on the market.
We believe that the challenging time for e-commerce industry will be finished very soon. The rest of 2023 and the whole 2024 will be better because of better situation in economy, the better situation of consumers with higher purchasing power. We shared with you many times that we expect that the growth of the market will be slightly less than 10%. After results of last months, we slightly increase our expectation. It should be 10+ year-over-year for the whole 2023. It's not significant change, but this is a sign of optimism at Shoper, but on the market as well. We also see increasing activity in M&A market.
We are in discussion with several potential targets. The stage of this discussion is different. We always carefully negotiate conditions or the potentially how something fit to our the whole e-commerce ecosystem. We see that many companies from e-commerce, they are under cost pressure, and they their growth is not so high as should be. Potentially it can be, you know, something interesting to us to add some components to the whole portfolio. Of course, many investors of other companies, they still believe that valuations from the pandemic, they are achievable.
You know us, you know that we are quite conservative in valuations, and we should be very sure that acquisition makes sense to our merchants, to Shoper, and of course, for investors as well. As mentioned before, we see very nice GMV growth after a pretty hard second quarter. Combined in July and August, plus 13% at GMV, what looks pretty optimistic. On the revenue side, we have over 20% growth. Operating in a pretty hard time, we see it that this is very good result and it gives us, you know, much hope for the rest of the year.
We see that, you know, the whole quarter will be good for Shoper and it will be next quarter with very good results and very good cash conversion as well. Adjusted EBITDA +31%, so very nice growth. Again, costs under control, development of products or new portfolio on the very good level. We stay optimistic, and we know that the whole year will be very good for all stakeholders. Our goals for the whole 2023 we shared with you in the beginning of the year. We still plan to have significantly faster GMV than the rest of the market and at least 2 times faster growth on the revenue side than GMV.
Currently, we work hard to provide to deliver these results. We have all four months to be in line with what we planned or what we promised to the market. Of course, it's pretty hard time because of many situations like, you know, or many macroeconomic situation like, you know, high inflation, shrinking purchasing power of consumers. We have opened several projects and these projects can impact significantly our main KPIs.
We still plan, we still believe that everything what you see on this slide is achievable. To summarize the presentation and the first half of the year official results and what we shared with you from July and August, we continue very nice growth, very high growth on double digit, like, you know, from the pandemic time. We want to continue and we continued development of the product portfolio in all four quarters, and this is foundation of the Shoper's growth, because we strongly believe that companies should be driven by new business, new products, and of course, in line with expectations of merchants and their needs to make them also very competitive on the market.
We increased headcount mainly in sales team, but also in technology team, to again be in line with market expectations to have all functionalities on the platform needed by merchants. Regarding sales team, we want to have the best sales team in Poland, in the region, because we see increasing market. We see that the market will be rising next couple of quarters, so we want to be well prepared to the further growth. We also see some good signs that consumers should be stronger next couple of weeks or next couple of months. We are just before the elections in Poland, so you know that the political parties, they always promise something to their voters.
We see that it is impacting part of the society, so we see that optimism is increasing. Again, unchanged outlook for the full year 2023. We stay optimistic. You know us from this side. We see many signs that, you know, 2023 will be very good for Shoper, even if we operate on, you know, very challenging, very changing market. The economy, of course, has some own challenges, but we have strong team. We are prepared for, you know, better time, and we invest to have better product portfolio just to meet expectations of the market. The schedule of the meetings with us in the near future. Next week, we would like to meet with you in Sopot, PKO BP conference.
On October 26, we will publish our third quarter results. We also encourage you to contact us directly if you have any questions or would like to talk with the board. Now, let's move on to the Q&A session. We have first question from Ben. Are you able to help us understand the rough sales mix within solutions revenue between omnichannel, digital ads, finance and payments, and logistics?
Actually, in omnichannel, we have, like, a mix of two segments. You mentioned in your question about the solution, but actually, in omnichannel, we have, like, two full subscription segment. This is the basic, the most important part of the Shoper platforms, so e-shops. In solution segment, there are omnichannel platform Apilo from our subsidiary, and they two combine to omnichannel. All other are, of course, in solution segment. Officially, we do not publish detailed breakdown. However, what we mentioned during our presentation, in case of solution segment, the biggest part of the revenues comes from online marketing services and commissions from payments and financial services. In case of logistics, this is relatively new pillar in our offer.
We've been developing that for a couple quarters now, so this is relatively smaller to the mention tool. As you know from the structure of our segments, 25% of all revenues come from subscriptions. Total omnichannel is of course above this 25% level. I guess this is rather all that I can say in that extent.
Historically also, it was like most of the services were glued directly to the subscriptions that we've got, so that's why we say about this solutions and subscriptions business. Now, it's also very much strongly connected, but what we've said during the presentation and what also Marcin emphasized, that we are now gluing ourselves out, so not only doing what we've done precisely since many years and growing this business, especially since two years. Also we do the business, for example, in logistics area nowadays, mostly also in digital advertising, that it's not directly glued to the you know, online store on our platform.
That's also a huge target addressable market that we are now facing and willing to grow much faster in other services that are not directly connected to the online store for today.
To ask a question, please mark the button with raised hand to give you a voice or send it through Q&A panel. It looks like we have almost perfect presentation covering all topics, so that's great.
Nobody?
No. We see Ben.
Ben
Yeah.
Yeah, please go ahead, Ben.
Hi, guys. Can you hear me?
Yep.
Yeah.
Fantastic. Thank you very much for taking the time. It was just really on the guidance. GMV growth has been about 10%, and you mentioned within your comments, Marcin, that the sort of total market you're expected to grow is around 10%, so you've been growing in line with the market currently. I guess it's just really what gives you confidence that you can sort of 2x the market, and then some sort of within the H2 period?
I think that you can imagine what can be a source of the unusual growth in Q4. We are not able today to share detail because of many reason. Again, we have opened few special products, let's say, and
Mm-hmm
Potentially, we can meet what we planned. Of course, we don't want to make, you know, kind of overpromise because you know that our, you know, approach to communication is quite conservative. I think, you know, next couple of weeks shows what is possible this year. We operate in very, very challenging time. Of course, our ambition and our plans in the beginning of this year was maybe in some ways, in few fields, too optimistic what we see today. Looking at the results, what Piotr described in detail, we are happy, you know, with many parameters. Of course, GMV is a parameter without direct impact of us to increase or to decrease.
We support merchants in their competition with other players. We can, you know, improve something. This is, you know, something outside our control. Again, you know, just answering your question, we still strongly believe, and maybe this is not only our belief, that we are able to be in line with expectations or what we planned, we need a couple of weeks to confirm it.
No, understood. Looking forward to the news.
Any other questions? Thank you for being with us during the presentation. Of course, we are always very open to meet with you virtually or in the real world. Tomasz shared where we are able to meet in person next couple of weeks in Sopot, the north of Poland, and Prague, the capital of Czechia. Of course, we are always happy to meet with you on conference as well, or teleconference as well. Please feel free. Always pleasure. Thank you for the presentation and spending time with us, have a good day.