Shopify has rolled out new tools to help its merchants sell to other businesses and on Twitter, as the Canadian tech giant tries to boost sales to combat the post-pandemic slowdown in the… Online Shopping.
More than 100 new tools were announced on Wednesday, including those that support the company’s business expansion plan, for shoppers to connect their crypto wallets to a store and AppleThe “Tap to Pay” feature of on Iphone.
Shopifyhelping businesses set up their online stores, gain accolades during downtime as global brands and retailers shift to direct-to-consumer online sales while in-store their closed.
With the economy reopening, however, investors are starting to question Shopify’s future, sending the company’s stock down 76% this year and erasing a large chunk of its profits. its pandemic.
According to President Harley Finkelstein, Shopify’s answer to the downturn is extending into the wholesale market, a much larger avenue than direct-to-consumer and with “billions of dollars in untapped revenue.” “.
Finkelstein said in an interview, businesses are looking to move from direct-to-consumer to “connecting with consumers,” which helps people shop through social media and payment platforms. pay by their phone easier.
“This is the next phase of retail… In many ways, shopping has become a vote in your wallet to support that brand… And I think connecting with consumers. is all,” he said.
The post-pandemic world has posed challenges for Amazon also Shopify’s biggest competitor, as it caused huge losses after building more warehouses than needed during the boom.
In a podcast earlier this month, longtime Shopify investor Mawer Investment Management, Vijay Viswanathan, said it would scrap the stock due to concerns about slowing growth and competition. “The internet is getting more crowded… It’s getting harder and harder to justify pricing.”
© Thomson Reuters 2022
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