Shopify Inc. (TSX:SHOP) News and Share PriceTechnology
Shopify Inc is a Canada-based e-commerce platform that enables small and medium scale enterprises to start, run and grow their businesses online. The company was initially founded as an online store to sell snowboards but later expanded into an online retail platform. Shopify Inc enables merchants to run their business using its software across multiple sales channels.
The e-commerce platform offers customizable websites for the users, which helps in reducing the cost of hiring a team for designing and maintaining the website. Some of its services include marketing, payments, checkouts and shipping. Brands such as BAJAAO, John Jacobs, KYLIE, NUSH, Raymond, Star-Struck and mCaffeine have used the e-commerce platform to augment their businesses.
Shopify provides services under two segments: Subscription solutions and Merchant solutions. The subscription solution allows the retailers to conduct their sales on the company’s website, physical stores, kiosks, pop-up stores and other online platforms, including Facebook and Amazon. Merchant solutions provide additional services such as Shopify Capital, Shopify Payments and Shopify Shipping.
The company provides cloud-based business solutions and chat application, Shopify Ping, which integrates popular messaging apps like Apple Business Chat, Messenger and HeyDay for the convenience of sellers and customers. It is listed on the Toronto Stock Exchange under the ticker 'SHOP'.
The company claims to integrate over 6,000 apps directly to enhance seller’s functionality. Shopify also allows businesses to sell their products on social media, such as Facebook and Instagram, and other e-commerce platforms like Amazon. It offers hiring experts to assist in inbound digital marketing by using tools such as Search Engine Optimization (SEO), visual content and branding, development and troubleshooting, content writing, expert guidance, marketing sales and setting up of website professionally.
During the novel coronavirus pandemic, the company has reportedly assisted businesses in-store redesigning, analytics and tracking conversion rates. The e-commerce company offers users over 100 free and paid themes to customize their online stores. It also offers a free trial option for first-time customers.
The company uses various e-commerce tools like Zapiet, Pixel Union and Scout, wherein it is easy to set up store fulfilment, multiple sales channels, discount and point-of-sale options.
The company is said to have over 1.7 million business clients across the world.
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