On the surface, you might think BigCommerce is getting smaller. The e-commerce software provider said it had 58,600 merchants using its services in the third quarter, down from 60,000 at the end of last year. That decline has undercut Wall Street’s belief that BigCommerce is the next Shopify: BigCommerce’s stock has dropped by half since January.

But investors may be missing the bigger picture. BigCommerce isn’t trying to compete with Shopify, which powers online stores for almost 2 million merchants, most of whom are very small businesses paying as little as $30 a month. BigCommerce CEO Brent Bellm says he is focused instead on signing up bigger merchants that spend more than $2,000 a year on the platform. And there are signs Bellm’s efforts are working: The number of merchants spending that much on BigCommerce rose 26% in the third quarter.