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, marketing, shipping and customer engagement tools to simplify the process of running an online store for small merchants.
Shopify was founded in 2004 by Tobias Lütke, Daniel Weinand, and Scott Lake after attempting to open Snowdevil, an online store for snowboarding equipment. Lütke used the open source web application framework Ruby on Rails to build Snowdevil’s online store, and then launched Shopify in 2006 to offer the same technology to other retailers.
As of September 2020, Shopify has over 1 million active users, and is used by businesses in approximately 175 countries. In 2019, Shopify had total revenue of US$1.58 billion, an increase of 47% from the previous year.
Is Shopify Stock Worth Buying?
Shopify stock is definitely worth buying right now. The company has shown incredible growth over the past few years and there is no reason to believe that this growth will slow down anytime soon. With a strong product and a loyal customer base, Shopify is well positioned to continue its impressive run.