How Website Builders and Free Tools Are Crowding The Ecommerce Services Market
The first quarter of 2021 saw U.S. e-commerce sales grow by 39% to almost USD $200 billion.
Global e-commerce sales surpassed USD $850 billion in the first quarter, showing a percentage increase of 38.
The Global e-commerce market is expected to reach USD $16.2 billion by 2027.
E-commerce sales around the globe have continued to rise significantly following the shift in consumer spending which favours an online shopping model. This shift is unlikely to slow down, with industry analysts arguing that consumer behaviours have likely irrevocably changed as a result of the COVID-19 pandemic.
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How Shopify’s network of sellers can take on Amazon
Shopify’s Harley Finkelstein on competing with the tech giants during the pandemic
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Today I’m talking to Harley Finkelstein, president of Shopify. Shopify is one of those companies that makes the modern internet go it makes software that allows businesses of all sizes to set up online stores, and from there it can handle everything from shipping orders to financing loans for expansion. The company went public in 2015, and as online commerce has exploded during the pandemic, it’s been on a tear ever since it just posted $988 million in revenue in the first quarter of 2021, a 110 percent increase from last year.
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.