Merchants may need more help than ever selling online during the pandemic, offering commerce solutions providers the opportunity to bolster their volumes and customer bases, if their solutions are attractive to merchants. With many stores closed, merchants now need to get the most out of their online businesses, and those without e-commerce expertise may turn to solutions providers for help.
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Shopify (NYSE:SHOP), Amazon.com, Inc.
E-commerce solutions giant Shopify was founded in 2004 and made the move to go public 11 years later. It priced its IPO at $17 per share on May 21, 2015. Shopify had initially targeted the $12 to $14 range, but robust demand pushed the price up to $17 and allowed Shopify to raise $131 million by selling 7.7 million shares. At the time of its IPO, the company was valued at $1.27 billion.
After selling IPO shares at $17, Shopify shares hit the ground running, soaring up to $42.13 during the frenzy surrounding its IPO. However, the stock soon ran out of steam due in part to concerns over the stock’s IPO lockup expiration.
Shopify rival Ecwid raises $42m as merchants turn to e-commerce
Ecwid said that the $42m funding will be used for an ‘aggressive’ expansion and buying out early-stage investors.
On Thursday (21 May), e-commerce start-up Ecwid announced that it has raised $42m in a funding round led by Morgan Stanley Expansion Capital and PeakSpan Capital.
The SaaS business, which is a competitor to the likes of Canadian e-commerce business Shopify, provides online selling solutions for small businesses, enabling them to set up a digital storefront in a matter of hours.
Shopify to launch banking services this year for merchants | Banking Dive
Shopify this year will launch Shopify Balance, a platform that gives merchants an account in which they can manage their cash flow, pay bills and track expenses, the Canadian e-commerce company announced Wednesday .
Shopify Balance will also include a virtual and physical card, which businesses can use to access their money and earn rewards for their expenses. "We found that two in five merchants are currently using their personal bank accounts and cards for business, meaning they're combining their personal and business finances, making it difficult to measure the financial health of the business," the company said in a statement.
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Shopify stock is overpriced and won't rise further analysts warn - Business Insider
It currently boasts a market cap of 92.3 billion Canadian dollars ($66.4) and has now slipped back to become Canada's second-largest company by market cap.
Coronavirus has torpedoed economic activity and led most conventional stores to shut down, leaving shoppers to resort to online retailers.
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A number of analysts told Markets Insider Shopify's stock price is not sustainable even if COVID-19 drags on for many more months.
Shopify partners with Facebook to help more businesses sell online | Venture
Canadian e-commerce company Shopify has partnered with Facebook to help businesses operate online via the social media platform.
The newly revealed Facebook Shops will allow retail and consumer companies to sell products to customers online through a near-effortless set-up and clean design.
“We want to give people a place to experience the joy of shopping versus the chore of buying,” reads a briefing from Facebook. “And we want to help small businesses adapt and make it easier for people to discover and shop for things they love.
How knowledge platform Guru is helping Shopify embrace remote working
Shopify's decision that most of its 5,000 employees "will permanently work remotely," as its CEO announced on Twitter yesterday , is a big step for the fast-growing e-commerce provider. But it's one for which it is well prepared, with many functions already experienced in remote working.
Customer support made the switch as long as five years ago, says Dana Tessier, the company's Director of Knowledge Management, with most support agents working remotely. Speaking to Guru CEO Rick Nucci during its online event earlier this week about Shopify's use of his company's digital knowledgebase tool, she says that when lockdown began, she was able to carry on just as before:
Pinterest launches app for Shopify sellers | Chain Store Age
Pinterest is streamlining the process for retailers to upload Shopify catalogs and turn products into shoppable product pins.
The Pinterest app on Shopify includes a suite of shopping features like tag installation, catalog ingestion, automatic daily updating of products, and an ad-buying interface. For Shopify sellers, this eases setup and access to distribution across Pinterest with or without ads, as well as reporting and results tracking.
Happening on Twitter
Shopify announces post-office model, most staff to permanently work from home https://t.co/fwMY4EKFfN https://t.co/tGIOyrsNw7 CP24 (from Toronto) Thu May 21 17:30:41 +0000 2020
Shopify CEO Tobi Lutke announces new 'digital by default' model: 'We will keep our offices closed until 2021 so tha… https://t.co/KL71BZtSy8 CBCAlerts (from Toronto) Thu May 21 16:53:49 +0000 2020
Zuckerberg announces Facebook Shops, which allows people to set up online storefronts on FB Shopify stock price in… https://t.co/shO5AYuHOJ MikeIsaac (from San Francisco) Tue May 19 17:14:04 +0000 2020
Shopify announces a new merchant debit card and support for payment installment plans https://t.co/bP4VXlcbOc by @anthonyha TechCrunch (from San Francisco, CA) Wed May 20 16:30:36 +0000 2020
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