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"\n\n\nThe popular e-commerce platform announced record sales figures amid the COVID-19 pandemic.\nShopify, the Canadian all-in-one e-Commerce solution, announced record-high Q2 revenues with figures that reflect the changing trend for commerce during the COVID-19 pandemic.\nAlthough analysts had estimated a rise in the e-Commerce platform’s revenue, calling for $510.8 million and non-GAAP earnings per share (EPS) of $0.01, Shopify announced a sizzling $714.3 million in revenue, a growth of 97% from its previous year, and an Earning Per Share of $1.05.\nShopify’s impressive results include a 71% increase in the number of new stores using the platform and a 28% increase in its subscription solutions. The value of merchandise sold on the platform grew 119%.\nStarting as an online seller for snowboarding gear, Shopify shifted towards an e-Commerce platform once its founders realized the potential for a fully hosted platform to build, sell, and grow your brand. \nIt now serves more than 1 million merchants in 175 countries, and offers some of the best tools in the market for both small and large businesses. In return for its subscription fees, you get customized themes, apps and features with shipping discounts, digital payments, and fulfillment services.\nThe remarkable jump is particularly pronounced since the start of the COVID-19 pandemic in March 2020. Between mid-March and late April, the number of new stores using Shopify grew 62% compared to the prior six weeks. With many brick-and-mortar stores shutting down, merchants hurried to increase their digital presence by opening online stores and boosting their digital sales numbers. Compared to its previous quarter in 2020, Shopify’s online gross merchandise volume (GMV) grew 73%.\n \n\n \nAfter announcing the spike in revenue, Shopify’s stock shares rose 7%, increasing its lead over the largest company in the Canadian market, Royal Bank of Canada.\n \n\n \nThe company was already doing well before the pandemic, but the ongoing effects of lockdowns has leaped the change in consumer buying habits, with more and more people buying online.\nShopify has noticed a positive impact from COVID-19, overall. CEO Toby Lutke admitted there has been a  “rapid shift to online commerce,” and said Shopify is embracing the increase in online entrepreneurship.\nAccording to Shopify’s Chief Financial Officer Amy Shapero, the credit for Shopify’s strong performance in the second quarter goes to the valuable services it offers. “We are committed to transferring the benefits of scale to our merchants, helping them sell more and sell more efficiently, which is especially critical in this rapidly changing environment.” She said in a press release after announcing the rise on Wednesday.\nWith the current certainty, however, Shopify is also watching whether the pace for investing in the platform is slowing down. The number of people downgrading to lower-paid plans spiked in April, but returned to pre-pandemic levels by the end of the quarter. From mid-June to mid-July, free-trial subscribers switched to paid plans at a lower rate than before the pandemic.\nFor now, the e-Commerce powerhouse is enjoying a great boost due to lockdowns, and it hopes the positive impacts will last beyond the pandemic. \nIn fact, the trend towards online commerce seems to be here to stay. Along with other digital solutions like Facebook or Paypal, Shopify is expected to continue its strong performance in the next decade.\nCheck out more great eCommerce products, services, and resources from IWD\n\n\n\n\neCommerce Development\n\nEmail Marketing Strategy eCommerce\nBest Magento Developers\neCommerce PPC Management Company\nWoocommerce Certified Developer\neCommerce Consulting Firms\nBigCommerce Website Development\nMagento Store Locator\neCommerce SEO Company\n\nview services\n\n\nProducts &amp;amp; Extensions\n\nInstall Woocommerce Extension\nStore Locator\nProduct Showcase Video\nPOS eCommerce Solutions\nMagento One Step Checkout\nValid Address Check\nMagento 2 Subscription and Recurring Payments\nMagento B2B\n\ncheckout other great extension\n\n\nTop Blog Posts\n\nB2B vs B2C\nMagento Hosting Price\nHosting for Magento 2\nShopify Web Developer\nMagento Open Source vs Magento Commerce\neCommerce Site Development\nUX Manager\n\nread blog\n\n\n"
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