Vaccinations have not slowed down online shopping
Apr 29, 2021
Vaccinations and easing of restrictions haven’t dented global ecommerce, according to online shopping platform Shopify. The Canadian company, which powers over a million online stores, saw strong financial results in the first quarter ending March 31, 2021.
“More entrepreneurs around the world are choosing Shopify to launch and grow their businesses, and for good reason,” said Harley Finkelstein, Shopify’s President. “Our singular focus is on making entrepreneurship easier, and making it easier for entrepreneurs to succeed. Merchant sales growth on our platform accelerated in the first quarter as merchants leveraged our modern commerce technology, which helps them compete in any retail environment and engage directly with their customers wherever they are.”
“Shopify’s momentum continued into 2021 as digital commerce tailwinds remained strong and merchants took advantage of the range of capabilities offered by our platform,” said Amy Shapero, Shopify’s CFO. “We are focused on building a commerce operating system that will help shape the future of retail. Our merchant-first business model positions us to capture the massive opportunity presented by the growth of digital commerce, benefiting both our merchants and Shopify.”
Shopify said total revenue in the first quarter was 988.6 million dollars, with growth accelerating to 110 percent year over year. Shopify’s subscriptions, which start at 29 dollars per month, have been a stronghold for young businesses and entrepreneurs setting up online retail companies, and have fuelled the platform’s rapid growth.
In 2020 businesses on Shopify generated over 307 billion dollars in global economic impact, supporting over three million jobs worldwide, the company said.
Last month Shopify aired the documentary, “Own the Room”, co-produced with Saville Productions for National Geographic Documentary Films, which showcases real stories of five young entrepreneurs as they compete in the prestigious Global Student Entrepreneur Awards.