Canadian ecommerce giant Shopify helps merchants and individuals around the world set up their ecommerce stores on their platform for the purpose of sale.
Here people can sell physical or digital products, services, consultations, memberships, ticketed experiences, rentals, lessons and classes.
The coronavirus pandemic has boomed online shopping which in turn has benefited Shopify. It has got the tag of the most valuable companies in Canada.
Shopify backs more than a million businesses globally and operates in over 175 countries. It holds a 20% market share in the global ecommerce ecosystem.
In 2020 the company saw a growth of merchants by 52%. When it comes to usage patterns, the United States takes the lead with 62% followed by the United Kingdom with 10% and Canada with 9%.
During the third quarter of 2020, Shopify’s income skyrocketed from to $767.4 million from $390.5 million in 2019. An aggregate revenue of $2.9 billion alone was recorded for 2020.
In September 2020 Shopify ‘s net worth hit $117 billion and by June 2021 it soared to a record high of $183.2 billion.
As of March 2021 Shopify has contributed global economic activity worth $319 billion through its platform. The credit for this goes to decentralization, quick responses and innovation.
“We have spent more than a decade democratizing commerce, simplifying it, and making it accessible for businesses of all sizes,” CEO, Tobi Lutke said.
Shopify has come as a blessing in disguise for several small and medium scale businesses especially during the pandemic.
It has helped them build and strengthen their online presence. When the pandemic struck it gave several enterprises a 90 day free trial option on their platform. During this time merchants were given the opportunity to explore this virtual market, providing them with a space to establish an online retail store to sell their products and services, widen their customer base and at the same time ensure that merchants enjoy complete control over every aspect of their business.
Over 50% of its digital stores have seen repeat purchases. Most of the sales have been made through the apps on mobile phones.
“Small business is going to lead the charge in bringing our cities and communities back to where we were pre-pandemic,” Harley Finkelstein, the president of Shopify has predicted.