In 2020, the online marketplace of Shopify Inc. (SHOP) attracted a record number of customers who used the company’s service to manage online sales.
Shopify has boosted profits and shown impressive traffic to its sales portal. More than a million vendors from 175 countries sold $2.4 billion worth of products through Shopify on Black Friday. This is a 75% year-on-year rise in revenue, which happened against the backdrop of the lowest traffic in physical stores in 15 years.
Shopify offers tools for sellers that allow them to organize sales over the Internet. Many sellers of goods and services have been forced to begin selling online in order to sustain business during the forced self-isolation and closing of physical outlets. Shopify, which is also focused on small and medium-sized businesses, has received a large influx of customers.
Shopify remains the recipient of an online transformation for customers and improves the sales of services. The growth of the e-commerce industry will probably not stop even after the end of the coronavirus pandemic, although the dynamics will slow down compared to exponential growth in 2020.
In any event, Shopify’s position has improved significantly against the backdrop of COVID-19. The management of the company predicts that the number of online sales will hit a record high in 2020. Moreover, the company has been exploring ways to maintain the current improvements, for which it launched a TikTok social media channel during the quarter to assist merchants in selling products and to try out features to boost their reach. The move will not only lure more of the merchants to its platform but will also make more attractive for the entrepreneurs too.
Shopify Inc. (SHOP) stock was worth
$1038.19 at close of the business on Wednesday. Over the week, stock’s
performance dropped by -3.82% which rose to impressive 161.13% since January.