Website Building » Shopify » Is Shopify a Good Stock to Buy?

Is Shopify a Good Stock to Buy?

Last updated on October 1, 2022 @ 1:59 pm

Shopify (SHOP) 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, marketing, shipping and customer engagement tools to simplify the process of running an online store for small merchants.

PRO TIP: Shopify is not a good stock to buy. The company is overvalued and faces stiff competition from Amazon and other e-commerce platforms.

Shopify was founded in 2004 by Tobias Lütke, Daniel Weinand, and Scott Lake, who were then students at the University of Waterloo. Weinand and Lake dropped out of school to work on the business full-time, while Lütke continued working on the platform part-time until 2006.

In 2012, Shopify received $100 million in Series C funding from Bessemer Ventures. In 2015, it received $131 million in Series D funding from Goldman Sachs. In 2016, Shopify partnered with to enable merchants to sell their products on’s marketplace.

As of September 2020, Shopify has over 1 million active users and is ranked as the second most popular e-commerce platform after WooCommerce. It is used by businesses of all sizes, including brands such as Tesla, Budweiser, Red Bull, GoPro, Nestle, GE, Kylie Cosmetics, and many more.

Dale Leydon

Dale Leydon

Sysadmin turned Javascript developer. Owner of 20+ apps graveyard, and a couple of successful ones.