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.
Reuters/Lucas Jackson
CEO Tobi Lütke addressed Shopify s C-suite shakeup during the company s earnings call Wednesday. I m very grateful for everyone who joined me on this part of the journey, Lütke said.
As it has done consistently during the pandemic, Shopify reported another strong quarter of growth.
Shopify is losing three members of its seven-person leadership team at a time of immense growth for the e-commerce company.
CEO Tobi Lütke answered analysts questions about the management shakeup during Shopify s first-quarter earnings call Wednesday morning, saying that he thinks it s important to celebrate all that the departing executives have accomplished at the company, rather than focus on what the exodus means for Shopify s future.
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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 sees 110 percent year-over-year revenue growth as e-commerce continues to boom amid pandemic
Shopify continued to see massive growth in the first quarter of 2021 with revenue, income and gross profit all significantly increasing year-over-year.
Shopify’s total revenue for the first quarter of this year was $988.6 million, an increase of 110 percent year-over-year. The company’s gross profit was up 117 percent to $558.7 million, compared with $257 million for the first quarter of 2020. All numbers are in USD.
The Ottawa-based company’s net income for the quarter was $1.25 billion, or $9.94 per diluted share. This is compared with a net loss of $31.4 million, or $0.27 per diluted share. Shopify’s net income also included a $1.3 billion unrealized gain on its equity investment in Affirm, which went public in January.
La migration vers le commerce électronique sera permanente, prédit Shopify acadienouvelle.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from acadienouvelle.com Daily Mail and Mail on Sunday newspapers.