Shopify is an online store offering its clients more than just a trading platform. The e-commerce platform offers its users sales and marketing tools and shipping and allows both parties of a deal to engage effectively in constructive communication. With its headquarters in Ottawa, Canada, Shopify Inc. is the organization behind Shopify-the e-commerce platform. Listed at the New York Stock Exchange, Shopify’s valuation stood at USD 708.97 as of May 2020. As the organization grows and causes ripples in the online space, only time will tell how far the company will go. Below is some history of the organization.
Shopify was established in 2004. Almost two decades later, the company is now an employer to more than 5000 employees. This is a sign of massive growth and great influence in the world economy. The three founders of this organization include Tobias Lutke, Daniel Weinand, and Scott Lake. In the 2019 Financial year, Shopify made close to USD 1.58B in revenues.
Shopify operates in the internet industry and offers its services worldwide. In the 2019 financial year, the organization was valued at USD 3.02 Billion in total equity. This high valuation came just 13 years after Shopify was launched in June 2006. Since then, the organization’s development team has been making strides and moving towards higher heights.
Like every other web-based platform, Shopify had to build an app to improve the users’ experience. In April 2010, the API based platform was launched and had been available on the App Store since then. With this app available, users have been able to move around with the monitor. The app allows trade supervise activities on his account while on the go. It is also convenient and gives users the ability to respond fast to events.
2012 was a remarkable year for the organization. Shopify acquired Select Start Studios Inc. On top of the acquisition, 20 of the acquired company’s developers came along to Shopify. A year later, Shopify made another acquisition of a Toronto based studio. The company acquired Jet Cooper. The same year, Shopify launched its own payment gateway in the name of Shopify Payments. This allowed direct settlements between businesses and individuals without the need for a third party to close deals.
By the year 2014, Shopify had registered the total number of retailers it hosted on its platform to be around 120,000.
Successful companies put up growth structures to cater to the expanding needs of their clients. The ability to meet demand as it rises is one of the strategies multinational companies have to focus on. Keeping up with your clients’ needs is vital. Shopify has several subsidiaries to meet its’ clients’ needs. Oberlo, Tictail, and Handshake Corp are some of Shopify’s subsidiaries. Others include the following:
- Tiny Hearts Ltd
- Shopify Payments, Inc.
- Jet Cooper
- Boltmade Inc. and many more
Other than subsidiaries, Shopify has many partners. Some include the stores which use the Shopify platform to sell their products. These partnerships allow Shopify to reach out to millions of clients the world over. By buying and selling, these clients interact with Shopify endless times.
A business’ profitability majorly relies on the kind of products they sell. This is in addition to other factors like placement, pricing, and promotion. When it comes to a service offering organization, the business model matters to its profitability. Many companies have great services, but their business models have worked against their growth and profitability.
Brick and mortar businesses face a myriad of challenges. That makes online businesses great alternatives for both the buyer and seller. But, to establish an online shop, you need solid expertise. Alternatively, you could use an already established platform to build an online presence. Shopify provides such a platform. Other than trade, marketing, a payment gateway, and many other services are on offer.
It’s from providing these services that Shopify gets to make most of its money. With every new seller, entry comes tens, hundreds, thousands, or even millions of buyers. As these two parties engage, the platform gets to grow and profit at the same time. That is why Shopify keeps getting better with time.
The products/services you sell as an organization is tied to the target market. Wise strategists let the clients advise what they should be sold to. That way, you can meet demand and not sell irrelevant products. Shopify small and medium businesses looking for online space to sell their products. Besides, they give large businesses a chance to showcase expand their horizons.
There must be a buyer for a seller to thrive. Therefore, Shopify is a great place for buyers to shop. Their partnerships with genuine and quality sellers keep attracting more online shoppers.
The platform’s website is shopify.com. Once you land on the site, you will meet a simple, user-friendly landing page that summarizes the site’s amazing qualities. The top right of the page is a three-bar tab, which, when clicked, opens up the menu. From the menu, you can see all the activities you can do on the page. There is a free trial for you to try out. Once satisfied, you may get yourself a fine plan to work with. The site is also site friendly and lively.
The best organizations are those that are always readily available to offer support to their users. Shopify is one of those. Having many developers behind the wheels, you can be sure your issue will be attended to promptly. On the Shopify website, you can get through the support team by pressing the support button placed at the bottom of the page.
Shopify has been one of the organizations worldwide leading the e-commerce revolution. With a competent team and experienced management, the organization has seen its growth increase rapidly within no time. With more organizations, both small and medium moving online, Shopify is yet to realize its full potential.