Shopify has gotten rid of its CMO with no immediate plans to find a replacement. (Photo Illustration ... [+] by Omar Marques/SOPA Images/LightRocket via Getty Images)
Shopify CMO Jeff Weiser has left the Canadian e-commerce giant, a company spokesperson confirmed today to Forbes .
"The rapid pace of change in commerce necessitated adjustments to the marketing function and those changes position Shopify for long term success," the spokesperson wrote. "At this time, we will not be naming a new CMO."
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Dovetale Launches Integration With Shopify to Help Brands Track Influencer Marketing Conversions
Dovetale Is Launching a New App on Shopify App Store to Help Brands and Agencies Work With Influencers Without Investing Thousands in Software
Shopify recently passed one million stores hosted using the platform and, as competition in online e-commerce continues to grow, more merchants are seeking smarter ways to acquire customers and retain previous ones. Social media has provided a cost-effective and scalable way to acquire customers for many years but, similarly so, the competition and rising acquisition costs have been prohibitive for many brands.
Shopify restructures its marketing to merge with product division | The Drum
Citing a leaked internal memo penned by co-founder and chief executive Tobi Lütke, Canadian tech blog Betakit states that the changes were precipitated by a failure of the marketing department to hit targets in recent years.
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Shopify will now merge its marketing and product departments into a single entity headed by Craig Miller, current chief product officer at Shopify who also happens to have served as chief marketing officer between 2011 and 2018.
Shopify Stock Poses Meaningful Medium-Term Risks | Nasdaq
In the short-term, Shopify (NYSE: ) stock can climb further, driven by the rapid growth of e-commerce and investors’ excitement about its success in the sector. But over the medium-term, given the shares’ sky-high valuation and elevated market cap, along with the company’s tiny profits, SHOP stock is unlikely to climb too much higher.
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Moreover, Shopify’s lack of profits and high valuation makes it especially vulnerable to the type of widespread tech pullback that investors endured in December 2018. Further, it may soon encounter new competition that could cause its growth to decelerate, spooking investors.
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Shopify ‘reboots’ marketing in advance of Q4 results | Ottawa Citizen
Does it matter that Shopify is shaking up its executive suite just a few days before the e-commerce giant unveils financial results for 2019?
Maybe, but only just a little in the short term. Shopify’s shares slipped about two per cent Wednesday on a day when the New York Stock Exchange composite index climbed 1.2 per cent and the tech-heavy Nasdaq exchange edged up 0.4 per cent.
The Bull Case for Shopify Stock Is More Relevant Than Ever | InvestorPlace
Take a look at the opinions of e-commerce firm Shopify (NYSE: SHOP ) and you’ll encounter a growing chorus of dissenting views. Since the beginning of November, Shopify stock has jumped nearly 60%. Just since the beginning of 2020, shares have returned over 18%.
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Not only that, the current PS ratio for Shopify stock is around 38.6 — again greatly exceeding the ratios for the other two stocks. Therefore, it’s not unreasonable to believe that shares could experience a corrective pothole in the nearer term.
Shopify Stock May Finally Cool Down After Its Epic Rally | InvestorPlace
With Shopify (NYSE: SHOP ) stock taking a dip along with the rest of the market, is now the time to buy? With shares closing at $465.66 on Jan. 31, Shopify is just off its 52-week high of $482.87. But with earnings coming out pre-market on Feb. 12, we could see big moves (upward or downward) pretty soon.
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Trading for 513 times estimated 2020 earnings, Shopify stock touts a frothy valuation. Yet this hasn’t stopped investors from bidding up shares 47% since Nov. 1 alone. The company’s e-commerce software-as-a-service (SaaS) platform is too hot to touch. As a result, investors have priced in pretty much all of the company’s future upside.
Shopify CMO out as company reorganizes division | BetaKit
Shopify has let go of its chief marketing officer Jeff Weiser, in a move that will see the e-commerce giant restructure its marketing department and strategy, BetaKit has learned.
Along with Weiser’s termination, Shopify is consolidating its marketing division with its product division, which is led by chief product officer Craig Miller. Miller was the former chief marketing officer for Shopify from 2011 to 2018. Various portions of the marketing team are also being moved to different departments in the company, with COO Harley Finklestein in charge of brand and communications, creative, and Shopify Studios.
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