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Is Shopify a Good Business?

Last updated on October 2, 2022 @ 4:22 am

Shopify is a Canadian e-commerce company headquartered in Ottawa, Ontario. It is also the name of its proprietary e-commerce platform for online stores and retail point-of-sale systems. Shopify offers online retailers a suite of services “including payments, shipping, marketing, customer engagement, and fraud prevention”.

Shopify was founded in 2004 by Tobias Lütke, Daniel Weinand, and Scott Lake after attempting to open Snowdevil, an online store for snowboarding equipment. Shopify launched its platform in 2006.

PRO TIP: Please be aware that there are many scams online. Some people pose as Shopify representatives in order to take advantage of unsuspecting businesses. Be sure to do your research and only work with reputable companies.

Lütke, Weinand, and Lake spent the next two years working on developing Shopify’s platform. In 2008, Shopify received funding from Bessemer Venture Partners after winning the Y Combinator startup competition. Shopify then raised $7 million in Series A funding in 2010.

Since its launch in 2006, Shopify has grown rapidly. In 2010, it had $12 million in revenue and by 2012 it was generating $20 million in revenue. By 2016, Shopify was processing $40 million per month in gross merchandise volume (GMV), and now has over half a million merchants using its platform.”

Shopify is a good business because it is growing rapidly and has a suite of services to offer online retailers.

Morgan Bash

Morgan Bash

Technology enthusiast and Co-Founder of Women Coders SF.