E-commerce is booming amid the coronavirus pandemic, with consumers shopping online now more than ever. And while there have been plenty of benefactors from the change in customer behavior, Shopify has stood out amongst the crowd.
The Ottawa, Ontario-based company has fulfilled a growing need for a user-friendly, plug-and-play way to build online stores for merchants since its launch in 2004. But since early March, its products have become a crucial lifeline for millions of businesses trying to stay afloat with brick-and-mortar retail largely shuttered.
Shopify’s stock price is up nearly 200% since mid-March. And, under the tutelage of CEO and cofounder Tobias Lütke, it’s been on a product-launching spree to keep up with the rise in online shopping.
In May, Shopify launched a new point-of-sale that allows merchants to link physical and online retail, a feature that is especially important as consumers look for contactless delivery options. Later this year it will be releasing a business bank account for its merchants called Shopify Balance that will give merchants instant access to their sales made through Shopify’s platform.
And to drive more sales for its merchants, Shopify rushed to launch its consumer-facing shopping app, Shop, where shoppers can discover brands and manage orders across Shopify’s merchants.
More recently, it partnered with Walmart, offering its merchants another sales channel, as well as Facebook, enabling its merchants to build stores on Facebook Shops. And it has plans to offer a buy now, pay later product, a popular way for retailers to increase sales online.
From leading new product launches to attracting and retaining the best talent, here are the 12 power players driving Shopify’s meteoric rise.
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