Consumer preferences have shifted permanently, said Finkelstein, in a call with analysts. The centre of gravity was off-line. It is now online and there s no going back to the pre-pandemic version of that.
The shift has been a boon for the Ottawa e-commerce giant, which helps businesses run online stores but has long had to contend with online purchases compromising less than 10 per cent of retail sales for years.
The pandemic with its temporary store closures and explosion of online offerings pushed the proportion of e-commerce sales in Canada to new records. In April 2020, it hit a record 11.4 per cent.
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Shopify Inc. executives believe the shift toward online sales triggered by the COVID-19 pandemic is here to stay.
A sign is seen outside the Shopify headquarters in Ottawa, Tuesday September 1, 2020. THE CANADIAN PRESS/Adrian Wyld
Shopify Inc. executives believe the shift toward online sales triggered by the COVID-19 pandemic is here to stay.
Chief executive Tobi Lutke and president Harley Finkelstein said Wednesday that early patterns emerging in lockdown-free countries like New Zealand and Australia show consumers have embraced e-commerce even after COVID-19 restrictions are lifted and they expect North America to eventually see the same.
Shopify says shift toward e-commerce is permanent as Q1 net income soars to US$1.26B kitchenertoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kitchenertoday.com Daily Mail and Mail on Sunday newspapers.
Shopify executive exodus continues as nearly half of C-level team set to leave company Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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The exodus of long-standing Shopify Inc. executives continued Wednesday, as chief executive officer Tobi Lutke announced three of the company’s seven chief-level officers would leave the online commerce software giant.
Mr. Lutke said in a blog post that chief talent officer Brittany Forsyth, chief legal officer Joe Frasca and chief technology officer Jean-Michel Lemieux would all “transition out of their current roles,” which they have all held for at least six years, in the coming months.
Inovia Capital raises $450M for second growth-stage investment fund
Montreal-headquartered Inovia Capital has raised $450 million for Growth Fund II, the firm’s second growth-stage investment fund. The close of this funding comes just a little over two years after the announcement of its first in February 2019, a $400 million pool of investment capital that marked Inovia’s first foray beyond the early-stage deals it originally focused on.
Inovia now has investments across every stage of a company’s development including retaining stakes in some of its portfolio companies that have had successful exits to the public markets, like Lightspeed, the point-of-sale and commerce company that went public in a nearly $400 million public offering on both the NYSE and the TSX last year.