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Shopify: The Canadian tech champion taking on Amazon

By Patrick follow Patrick   2020 Jul 26, 2:34pm 61 views   0 comments   watch   nsfw   quote   share    


Lockdowns have been a bonanza for Shopify, as companies have scrambled to sell products online. According to internal figures, new stores created on the Shopify platform grew 62% between 13 March and 24 April this year, compared to the prior six weeks.

It has become Canada's most valuable public company, with sales of of $1.58bn (£1.24bn) last year, up 47% on the previous year.

"What's interesting about this company is that not many people know about it but it's been around since 2004," says Dan Wang, associate professor of management at Columbia University in New York.

"They saw the trend of selling directly to small businesses before most, at a time when Amazon and other big players were taking centre stage."

He points to big moves Shopify has made recently that will further elevate its position in online commerce. In particular, a deal with US giant Walmart, under which some of Shopify's small business sellers will appear on Walmart's online marketplace.

Full disclosure: I own shares in Shopify. https://www.shopify.com/

I really like that they let businesses sell direct to the public under their own name. No profit yet, and it's currently valued at like 69x revenue,which is insanely high, but maybe they will grow enough to justify it.
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