Shopify

Shopify is an e-commerce platform that provides tools for businesses to build and manage their online stores.

Categories

Technology  

#163

Rank

$87.54B

MarketCap CA

CA Canada

Country

Summary

Shopify Inc. is a Canadian-based e-commerce company that offers a commerce platform and related services to merchants worldwide. With a presence in various regions including North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America, Shopify provides merchants with the ability to display, manage, market, and sell their products through various sales channels, including web and mobile storefronts, social media platforms, native mobile apps, pop-up shops, buy buttons, physical retail locations, and marketplaces.

Through its platform, Shopify enables merchants to manage their products and inventory, process orders and payments, fulfil and ship orders, build customer relationships, source products, access financing, leverage analytics and reporting, and manage cash and transactions. Additionally, Shopify offers custom themes and apps as well as domain registration services.

Shopify also provides merchant solutions, including payment acceptance, shipping and fulfilment, and working capital financing. The company's payment processing solutions allow merchants to accept a variety of payment methods, while its shipping and fulfilment services help merchants to streamline their order processing and delivery. Additionally, Shopify offers financing solutions to eligible merchants, providing them with working capital to help grow their businesses.

Founded in 2004 as Jaded Pixel Technologies Inc., the company changed its name to Shopify Inc. in November 2011. Today, Shopify is headquartered in Ottawa, Canada, and serves over one million merchants worldwide. The company is known for its user-friendly interface, scalability, and wide range of features and tools, making it an ideal platform for businesses of all sizes.


History

Shopify was founded by Tobias Lutke, Daniel Weinand, and Scott Lake in 2004 as part of the software company Jaded Pixel. 

In 2006, Lutke launched the first version of the Shopify platform, providing retailers with a platform to build their own custom eCommerce websites. In the ensuing years, Shopify has added features to its platform, such as merchant tools and reporting, and implemented a mobile-friendly, responsive design. 

The company's success has allowed it to expand into different industries, such as retail, finance, health and food. In 2013, Shopify announced the launch of Shopify Payments, its own payment platform. Shopify also launched an app store in order to allow for more customization of stores and user experiences. This was followed in 2014 by the launch of Shopify POS, an in-store point-of-sale system. In 2016, Shopify opened its first physical store located in Los Angeles, California. The store provided sellers with a physical location through which they could learn more about the platform and its use. 

In April 2018, Shopify announced its new capital investment arm, Shopify Capital. The arm is intended to provide financial services to entrepreneurs. Most recently in 2018, Shopify acquired the shipping solutions company 6 River Systems. The acquisition will help Shopify further streamline and expedite the shipping process for merchants.

Since then, Shopify has continued to expand its offerings and services to merchants, including the launch of Shopify Plus, a platform specifically designed for high-volume and enterprise-level businesses. The company has also added features such as augmented reality and virtual reality capabilities, as well as integrations with popular social media platforms such as Facebook and Instagram.

In 2019, Shopify launched Shopify Fulfillment Network, a service that allows merchants to outsource their fulfillment operations to Shopify's network of fulfilment centres. This enables merchants to scale their businesses without having to invest in their own infrastructure.

As of 2021, Shopify has become one of the most successful e-commerce companies in the world, with a market cap of over $150 billion.


Mission

According to Shopify, the company's mission is: "to make commerce better for everyone, so businesses can focus on what they do best: building and selling their products". This mission statement is centred around the idea of empowering entrepreneurs to succeed in their business ventures, by providing them with the tools and resources needed to build successful online businesses.

At its core, Shopify's mission is to make commerce better for everyone. This means that the company is committed to providing a platform that is accessible, user-friendly, and reliable so that entrepreneurs can focus on what they do best: building and selling their products. By offering a range of features and tools, such as customizable themes, payment processing, and marketing integrations, Shopify aims to simplify the process of building and managing an online store, allowing business owners to focus on growing their business.

Another key aspect of Shopify's mission is its commitment to inclusivity and diversity. The company aims to provide equal opportunities for all entrepreneurs, regardless of their background or experience level. This is reflected in the company's partnerships with organizations that support underrepresented communities, such as the Black Business and Technology Fund and the Indigenous Business Acceleration Fund.


Vision

At the heart of Shopify's vision is the belief that entrepreneurship should be accessible to anyone who has a great idea and the drive to pursue it: “We want to make commerce better for everyone, by making it easier for entrepreneurs to start and grow their businesses”. The company aims to make it easier for entrepreneurs to start and grow their businesses, regardless of their location, background, or experience level. By providing a user-friendly platform that offers a range of features and tools, Shopify hopes to empower entrepreneurs to turn their ideas into successful businesses.

In addition to its focus on accessibility, Shopify is also committed to promoting inclusivity and diversity in the world of commerce. The company believes that everyone should have equal opportunities to succeed in business, regardless of their gender, race, ethnicity, or any other personal characteristic. To this end, Shopify partners with a variety of organizations that support underrepresented communities and works to create a welcoming and supportive community for all of its users.

Finally, Shopify's vision is also focused on innovation and growth. The company aims to continually improve its platform and offerings so that entrepreneurs can stay ahead of the curve and succeed in an ever-changing business landscape. By staying at the forefront of technology and innovation, Shopify hopes to create a world where anyone can turn their passion into a successful and sustainable business.


Key Team

Robert G. Ashe (Board Member)

Tobi Lutke (Founder & Chief Executive Officer)

Tobi Lutke (Founder & Chief Executive Officer)

Tobias Albin Lütke (Chairman & Chief Executive Officer)

Alexandra Clark (Chief of Staff To The CEO)

Amish Jani (Board Member)

Amish Jani (Board Member)

Aydin Senkut (Board Member)

Amy E. Shapero (Chief Financial Officer)

Colleen M. Johnston (Board Member)

Aydin Senkut (Board Member)

Gail F. Goodman (Board Member)

Brittany Forsyth (Chief Talent Officer)

Jeremy Seth Levine (Board Member)

Colleen M. Johnston (Board Member)

Jim Orlando (Board Member)

Tobias Albin Lütke (Chairman & Chief Executive Officer)

John H. Phillips (Board Member)

Daniel Weinand (Co-Founder and Chief Creative Officer)

Katie Keita (Board Member)

Scott Lake (Founder)


Recognition and Awards
Shopify is regularly ranked as a top employer for its diverse culture, professional development practices, work-life balance initiatives and innovation in benefits and compensation.

Products and Services

Shopify is an e-commerce platform that provides a variety of products and services to help entrepreneurs and small business owners create and manage their online stores. Some of the key offerings provided by Shopify include:

Online Store: This is Shopify's core product, which allows entrepreneurs to create a fully customizable online store. The platform offers a range of customizable templates and themes, as well as a variety of tools for managing product listings, inventory, and orders.

Point of Sale: Shopify also offers a point-of-sale system that allows businesses to accept payments in-person using a mobile device or tablet. This system integrates with the online store, allowing businesses to manage all their sales channels from one place.

Payment Processing: Shopify provides payment processing services that enable businesses to accept credit card payments online and in person. The platform supports a variety of payment methods, including Apple Pay, Google Pay, and PayPal.

Shipping and Fulfillment: Shopify offers a variety of tools for managing shipping and fulfilment, including integrations with major shipping carriers like USPS, UPS, and FedEx. The platform also provides tools for creating shipping labels and managing order tracking.

Marketing and Analytics: Shopify offers a range of marketing tools and integrations, including email marketing, social media advertising, and search engine optimization. The platform also provides analytics and reporting tools to help businesses track their performance and make data-driven decisions.

App Store: Shopify's app store offers a variety of third-party integrations and add-ons that can be used to enhance the functionality of an online store. These apps can be used to add features like live chat, customer reviews, and abandoned cart recovery.


References
Shopify
Leadership team

Daniel Weinand (Co-Founder and Chief Creative Officer)

Scott Lake (Founder)

Industries

Technology

Products/ Services
drop shipping business, ecommerce, online retail
Number of Employees
1,000 - 20,000
Headquarters
Ottawa, Ontario, Canada
Established
2006
Company Type
Public Limited Company
Company Registration
SEC CIK number: 0001594805
Revenue
Above - 1B
Traded as
SHOP
Social Media

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Sun Apr 21 2024
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