6 Interesting Facts to Know About Shopify
Photo by Charles Deluvio on Unsplash
The Shopify platform is one of the most popular cloud-based multichannel commerce platforms. With the help of a Shopify development company, the software enables merchants to develop, customize, and run their stores across multiple channels, including the web, smartphones, social media, markets, brick-and-mortar stores, and pop-up stores.
This e-commerce platform is taking the world by storm. As the world’s largest multichannel commerce platform in the cloud, it is experiencing rapid growth as it becomes the partner of choice for hundreds of thousands of businesses across the globe. In the same way as any other business, Shopify has its fair share of facts that you may not have known. Check out these six exciting facts about Shopify. They may help you decide whether it’s worth your investment.
It All Begun with Snowboards
Photo by Blake Wisz on Unsplash
Shopify began selling snowboard equipment online in 2004. Three friends, Tobias Lütke, Daniel Weinand, and Scott Lake, opened an online snowboarding store that year, selling equipment over the internet. However, co-founder Tobi Lutke had difficulty finding e-commerce software that adequately addressed the needs of an entrepreneur. Also, during that time, most products on the market for large corporations were too complex and unresponsive to customer needs. It prompted Lutke to create his custom software.
As soon as Lutke realized that the software was better than snowboarding and could power another business, he became more focused. It resulted in creating Shopify in 2006. Initially, they named the company Snowdevil before rebranding. It’s impressive how one simple idea can turn into a brilliant business that becomes a multi-billion-dollar company within just a few short years.
A CEO You Wouldn’t Expect
Lutke is not your everyday Harvard-educated CEO. Leaving high school at 16, he pursued a computer-programming apprenticeship. He learned that the most valuable skill is to have experience and the aptitude for learning things quickly.
When Scott Lake, Shopify’s co-founder, and former CEO, decided in 2008 to leave the company, Lutke’s ability to adapt on the fly was invaluable. Up to that point, Lutke had focused entirely on product development. When he became CEO, it forced him to become familiar with all financial aspects of Shopify’s business. He learned quickly, and his efforts appear to be paying off. Based on reviews on Glassdoor.com, 90% affirmed Lutke’s role as CEO, and 85% would suggest the company to a friend.
A Budding Ecosystem
Photo by John Schnobrich on Unsplash
Shopify has an emerging ecosystem. The following reasons explain why:
The numbers are impressive, and when shopify development company releases its quarterly results, they get the most attention. Its robust ecosystem has primarily driven Shopify’s success, but many people overlook it.
Over 3200 apps are now available in Shopify’s app store that provides sales and marketing tools, social media management, inventory management, accounting, customer service, and more. These features enable Shopify to become “the only platform you need to grow your empire.”
An Invisible Store by Design
Shopify sees that making its merchants look good is more important than building a business with a large consumer following. That’s because Shopify can scale along with its merchants as they grow their businesses.
Some of the merchant clients registered with Shopify may not even be aware of the impressive e-commerce host. Unlike many other companies, Shopify doesn’t require merchants to advertise their company overtly. Despite its incredible success, Shopify is mainly unknown to consumers. According to the company’s IPO registration statement, all of this is part of the plan.
You have probably already bought products from stores that use Shopify, and you weren’t aware of them as a brand. It is an essential part of their business plan, and it is pretty clear that the strategy has been effective.
Shopify’s Growth Projections are Strong
Although the company is currently doing well as it quickly rose through the ranks of e-commerce help, indicators show we have only just comprehended the company’s full potential.
Its growth cycle is still on the rise. Besides Shopify’s expansion plans, within its core markets and its addressable market, it has room to grow exponentially. Besides, it is impossible to predict if the possibilities will match their full potential, but only time can tell. It’s exciting for those with the capability to consider it as a long-term investment.
Shopify and Amazon Integration
Photo by Christian Wiediger on Unsplash
Shopify made another huge choice by integrating with Amazon and making its services available to all merchants. They established a link between Shopify and Amazon, which allowed merchants to reach customers searching for similar products on Amazon but not finding them.
Whenever you shop on Amazon.com, you’re probably familiar with the lists of recommended retailers. Shopify and every merchant affiliated with them received yet another boost from this event.
Conclusion
Shopify is a popular ecommerce site. It is a company that has several excellent qualities going for it: a CEO who is passionate about the long term, a platform that provides convenience for customers, an ecosystem that supports partners, incentives consistent with customer success, and a vast potential market. It is famous as a long-term investment because of the above six exciting facts.
