Shopify Inc. (NYSE: SHOP, TSX: SHOP) was established in 2006 and is headquartered in Ottawa, Canada. It has 5,000 full-time employees and is one of the leaders in the field of e-commerce software. It helps friends/companies who want to open their own independent domain name online store quickly Set up a professional online store, and other large-scale similar companies include Wix , weebly, web.com , BigCommerce , Volusion, etc.
Shopify Inc. is a multinational e-commerce company in Canada, and Shopify is also the name of the company’s e-commerce platform. Shopify provides a complete set of services for online retailers “including payment, marketing, shipping, and customer engagement tools to simplify the process of opening an online store for small merchants.”
According to documents disclosed by the company, as of June 2019, the Shopify platform had more than one million businesses in approximately 175 countries or regions, and the total merchandise turnover in the 2018 calendar year exceeded US$41.1 billion.
Shopify provides professional online shop software that supports credit card ( Visa , MasterCard & AXP ), Paypal, and check payments. You can easily set up an online shop with your own independent domain name (instead of borrowing others’ platforms like Amazon and Taobao), Users include: Tesla , Forbes, Gatorade, Forbes, Amnesty International, Encyclopedia Britannica, Maxim Magazine, CrossFit and many other well-known companies.
Shopify (SHOP) History:
- Shopify was established in 2004. The three founders of the company originally planned to open an online store (Snowdevil) for operating ski equipment. Because they were not satisfied with the e-commerce products on the market, the programmer Lutke, one of the founders, decided to develop a Set your own procedures. Lutke used the open source framework Ruby on Rails for development and went live two months later.
- The Shopify platform was launched in June 2006.
- In June 2009, Shopify launched an application programming interface (API) platform and App Store. This API allows developers to create apps for the Shopify online store and then sell them on the Shopify App Store.
- In April 2010, Shopify launched a free mobile application on the Apple App Store. The app enables Shopify store owners to view and manage their stores via iOS mobile devices.
- In 2010, Shopify started the Build-A-Business competition, where participants used its business platform to create businesses. The winner of the competition will receive cash prizes and guidance from entrepreneurs such as Richard Branson and Eric Ries. Shopify was voted the fastest growing company in Ottawa by Ottawa Business Magazine in 2010.
- In December 2010, Shopify received $7 million in investment in the A round of venture capital.
- In October 2011, in the B round of financing , Shopify raised 15 million US dollars.
- In February 2012, Shopify acquired mobile software developer Select Start Studios Inc (“S3”), as well as the company’s 20 mobile engineers and designers.
- In August 2013, Shopify acquired Jet Cooper, a 25-person design studio located in Toronto.
- In August 2013, Shopify announced the launch of Shopify Payments, a feature that allows merchants to accept credit cards without a third-party payment gateway. The company also announced the launch of an iPad-centric point of sale system. It uses the iPad to accept debit and credit card payments.
- In December 2013, in Series C financing , Shopify received US$100 million in funding.
- As of 2014, the Shopify platform has connected about 120,000 online retailers, ranking third in Deloitte Canada Fast50 and seventh in Deloitte North America Fast 500. Shopify’s revenue in 2014 was 105 million US dollars, double the previous year.
- In February 2014, Shopify released its enterprise solution “Shopify Plus” for large e-commerce companies, which can use other functions and support.
- On April 14, 2015, Shopify conducted an initial public offering (IPO) on the New York Stock Exchange and the Toronto Stock Exchange under the codes “SHP” and “SH” respectively. Shopify went public on May 21, 2015. When it first listed on the New York Stock Exchange, it traded at $28, which was more than 60% higher than its offering price of $17. Its IPO raised more than $131 million.
- In September 2015, Amazon.com announced that it would shut down its Amazon Webstore service for merchants and chose Shopify as the preferred migration provider; after the news, Shopify’s stock price rose by more than 20%.
- On October 3, 2016, Shopify acquired Boltmade.
- In November 2016, Shopify partnered with Paystack, which allowed online retailers in Nigeria to accept payments from customers all over the world.
- On November 22, 2016, Shopify launched Frenzy, a mobile application that can increase Flash sales.
- On December 5, 2016, Shopify acquired Tiny Hearts, a mobile product development studio based in Toronto. The Tiny Hearts building has become the Shopify R&D office.
- In January 2017, Shopify announced its integration with Amazon, which will allow merchants to sell on Amazon from Shopify stores. After the announcement, Shopify’s stock rose nearly 10%.
- In April 2017, Shopify launched Bluetooth-enabled debit and credit card readers for physical retail. Since then, Shopify has released other technologies for physical stores, including a point-of-sale system that includes Dock and Retail Stand, which has a tapable chip card reader similar to that provided by Square .
- On May 11, 2017, Shopify acquired Oberlo for $15 million, which is one of the star apps in its Shopify App Store. Oberlo connects Shopify merchants with suppliers who ship products directly to consumers.
- In October 2018, Shopify opened their first physical space in Los Angeles. The space offers courses, a “genius bar” for companies that use Shopify software and products.
- In October 2018, when marijuana was legalized, online marijuana sales in Ontario used Shopify software.
- In January 2019, Shopify announced the launch of Shopify Studios, a full-service TV and movie content and production company.
- On March 22, 2019, Shopify and email marketing platform Mailchimp terminated an integration agreement involving customer privacy and data collection disputes.
- In April 2019, Shopify announced its integration with Snapchat to allow Shopify merchants to purchase and manage Snapchat Story ads directly on the Shopify platform. Shopify has previously achieved similar integration partnerships with Facebook and Google.
- In May 2019, Shopify acquired Handshake, a B2B e-commerce platform for wholesale merchandise. The Handshake team has been integrated into Shopify Plus, and Glen Coates, the founder and CEO of Handshake, has been appointed as Shopify Plus product director.
- In June 2019, Shopify announced that it would launch its own distribution network (Shopify Fulfillment Network). The service promises to handle transportation logistics for platform merchants and will compete with the famous Amazon logistics company (Amazon FBA). The Shopify delivery network will first be available to qualified US merchants in certain states.
- On August 14, 2019, Shopify launched Shopify Chat, a new native chat feature that allows merchants to have real-time conversations with customers who visit Shopify stores online.
- On September 9, 2019, Shopify announced the acquisition of 6 River Systems, a distribution solutions company located in Massachusetts, for USD 450 million. The acquisition was completed in October.
- In 2020, Shopify will continue to expand. The company announced the recruitment of new employees in Vancouver, Canada. The new crown pneumonia pandemic will help the development of e-commerce.
- On February 21, 2020, Shopify announced that it will join the Libra Association led by Facebook, aiming to create a Libra digital currency to help build a new payment network.
- On March 11, 2020, Shopify announced that it will fully work remotely. In response to the rapid spread of the coronavirus disease in 2019, more than 5,000 employees will start working from home.
- On April 28, 2020, Shopify announced the launch of the Shop application for Android and iOS in the United States, allowing shoppers to use Shopify to browse and purchase products online from the store.
- On May 20, 2020, Shopify announced the launch of Shopify Balance, a new form of commercial bank account that can provide business owners with a new way of financial management. The product suite provided includes Shopify Balance Account, Shopify Balance Card and Rewards. There is no monthly fee associated with this service, and it is planned to launch in the United States later this year. These latest announcements were made on Shopify Reunite, which is the company’s first virtual event due to COVID-19.