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Wikipedia

Shopify

February 15, 2024

Not to be confused with Spotify.

Shopify Inc. is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario. Shopify is the name of its proprietary e-commerce platform for online stores and retail point-of-sale systems.[3] The Shopify platform offers online retailers a suite of services, including payments, marketing, shipping and customer engagement tools.[4]

Shopify Inc.
Company typePublic
ISINCA82509L1076
IndustryE-commerce
Founded2006; 18 years ago (2006)
Ottawa, Ontario, Canada
Founders
Headquarters
Ottawa, Ontario
,
Canada
Area served
Worldwide
ServicesOnline shopping
Revenue US$7.06 billion (2023)[1]
US$−1.4 billion (2023)[1]
US$132 million (2023)[1]
Total assets US$11.3 billion (2023)[1]
Total equity US$9.07 billion (2023)[1]
Number of employees
c. 8,300 (2023)[2]
Websiteshopify.com

The company reported that it had more than 2 million businesses in approximately 175 countries using its platform as of December 2022, geographically dispersed as follows: 55% of North America, 25% of Europe, the Middle East and Africa, 15% of Asia Pacific, Australia and China and 5% of Latin America (Mexico and South America).[5][6][7] According to BuiltWith, 1.58 million websites run on the Shopify platform as of 2021.[8][9] According to W3Techs, 4.4% of the top 10 million websites use Shopify.[10] The total gross merchandise volume exceeded US$197 billion for calendar 2022.[1] As of July 2022, Shopify is among the top 20 largest publicly traded Canadian companies by market capitalization.[11]

History edit

2006: Founding edit

Shopify was founded in 2006 by Tobias Lütke and Scott Lake after attempting to open Snowdevil, an online store for snowboarding equipment. Dissatisfied with the existing e-commerce products on the market, Lütke, a computer programmer by trade, instead built his own.[12][13][14] Lütke used the open source web application framework Ruby on Rails to build Snowdevil's online store and launched it after two months of development.[15][16] The Snowdevil founders launched the platform as Shopify in June 2006.[15] Shopify created an open-source template language called Liquid, which is written in Ruby and used since 2006.[17]

In June 2009, Shopify launched an application programming interface (API) platform and App Store. The API allows developers to create applications for Shopify online stores and then sell them on the Shopify App Store.[18]

2010s edit

In April 2010, Shopify launched a free mobile app on the Apple App Store. The app allows Shopify store owners to view and manage their stores from iOS mobile devices.[19] In 2010, Shopify started its Build-A-Business competition, in which participants create a business using its commerce platform.[20][21] The winners of the competition receive cash prizes and mentorship from entrepreneurs, such as Richard Branson, Eric Ries and others.[21] Shopify was named Ottawa's Fastest Growing Company by the Ottawa Business Journal in 2010.[15] The company received $7 million from an initial series A round of venture capital financing in December 2010.[22][23] Its Series B round raised $15 million in October 2011.[24] In February 2012, Shopify acquired Select Start Studios Inc ("S3"), a mobile software developer, along with 20 of the company's mobile engineers and designers.[25][26] In August 2013, Shopify acquired Jet Cooper, a 25-person design studio based in Toronto.[27]

In August 2013, Shopify announced the launch of Shopify Payments in partnership with Stripe. Shopify Payments allows merchants to accept payments without requiring a third party payment gateway.[28] The company also announced the launch of an iPad-centric point of sale system. It uses an iPad to accept payments from debit cards and credit cards. The company received $100 million in Series C funding in December 2013.[29] By 2014, the platform had hosted approximately 120,000 online retailers,[16][19] and was listed as #3 in Deloitte's Fast50 in Canada, as well as #7 in Deloitte's Fast 500 of North America.[30] Shopify earned $105 million in revenue in 2014, twice as much as it raised the previous year.[31] In February 2014, Shopify released "Shopify Plus" for large e-commerce businesses with access to additional features and support.[32]

On April 14, 2015, Shopify filed for an initial public offering (IPO) on the New York Stock Exchange and Toronto Stock Exchange under the symbols "SHOP" and "SH" respectively.[33][34] Shopify went public on May 21, 2015, and in its debut on the New York Stock Exchange, started trading at $28, more than 60% higher than its US$17 offering price, with its IPO raising more than $131 million.[35][36][37] In September 2015, Amazon.com announced it would be closing its Amazon Webstore service for merchants, and had selected Shopify as the preferred migration provider;[38] Shopify's shares jumped more than 20% upon the news.[39]

In April 2016, Shopify announced Shopify Capital, a cash advance product. Shopify Capital was initially piloted to merchants within the US and allowed merchants to receive an advance on future earnings processed through their payment gateway. Since its launch in 2016, Shopify Capital has provided over $2 billion in funding to Shopify merchants with a maximum advance of $2 million.[40] On October 3, 2016, Shopify acquired Boltmade.[41] In November 2016, Shopify partnered with Paystack which allowed Nigerian online retailers to accept payments from customers around the world.[42] On November 22, 2016, Shopify launched Frenzy, a mobile app that improves flash sales.[43] On December 5, 2016, Shopify acquired Toronto-based mobile product development studio Tiny Hearts. The Tiny Hearts building has been turned into a Shopify research and development office.[44]

In January 2017, Shopify announced integration with Amazon that would allow merchants to sell on Amazon from their Shopify stores.[45] Shopify's stock rose almost 10% upon this announcement.[45] In April 2017, Shopify introduced a Bluetooth enabled debit and credit card reader for brick and mortar retail purchases.[46] The company has since released additional technology for brick and mortar retailers, including a point-of-sale system with a Dock and Retail Stand similar to that offered by Square, and a tappable chip card reader.[47]

Shopify announced a one-click checkout feature called Shopify Pay in April 2017 as an exclusive feature for merchants using Shopify Payments as their payment processor.[48] Customers can save their shipping and payment information for future purchases on all participating Shopify stores. In November 2017 Shopify announced Arrive, a mobile application to help customers track their bought packages from both Shopify merchants and other e-commerce websites.[49]

In September 2018, Shopify announced plans to locate thousands of employees in Toronto's King West neighborhood in 2022 as part of "The Well" complex, jointly owned by Allied Properties REIT and RioCan REIT.[50] In October 2018, Shopify opened their first physical space in Los Angeles.[51] The space offered classes, a "genius bar" for companies that use Shopify software and workshops.[51] Online cannabis sales in Ontario used Shopify's software when the drug was legalized in October 2018. Shopify's software is also used for in-person cannabis sales in Ontario since becoming legal in 2019.[52][53]

In January 2019, Shopify announced the launch of Shopify Studios, a full-service television and film content and production house.[54] On March 22, 2019, Shopify and email marketing platform Mailchimp ended an integration agreement over disputes involving customer privacy and data collection.[55] In April 2019, Shopify announced an integration with Snapchat to allow Shopify merchants to buy and manage Snapchat Story ads directly on the Shopify platform. The company had previously secured similar integration partnerships with Facebook and Google.[56]

In May 2019, Shopify acquired Handshake, a business-to-business e-commerce platform for wholesale goods. The Handshake team was integrated into Shopify Plus, and Handshake founder and CEO Glen Coates was made Director of Product for Shopify Plus.[57] In June 2019, Shopify announced that it would launch its Fulfilment Network. The service promises to handle shipping logistics for merchants and will compete with an established leader, Amazon FBA. Shopify Fulfillment Network will be available to qualifying U.S. merchants in select states.[58]

On August 14, 2019, Shopify launched Shopify Chat, a new native chat function that allows merchants to have real-time conversations with customers visiting Shopify stores online.[59] On September 9, 2019, Shopify announced the acquisition of 6 River Systems, a Massachusetts-based company that makes warehouse robots. The acquisition was finalized in October, resulting in a cash-and-share deal worth US$450 million.[60][61]

2020s edit

In 2020, the company announced new hires in Vancouver, Canada. Additionally, the effects of the COVID-19 pandemic contributed to lifting stock prices.[62][63]

On February 21, 2020, Shopify announced plans to join the Diem Association, known as Libra Association at the time.[64] On March 11, 2020, during the COVID-19 pandemic, Shopify announced it will shift its entire workforce to remote work.[65]

In February 2020 Shopify Pay was rebranded as Shop Pay[66] and in April 2020 Arrive was rebranded as Shop,[67] combining both customer-facing features under a single brand.

It was reported that Shopify's valuation would likely rise on the back of options it had in the company Affirm that was expecting to go public shortly.[68] In November 2020, Shopify announced a partnership with Alipay to support merchants with cross-border payments.[69]

As a result of Affirm's January 13, 2021 IPO, Shopify's 8% stake in Affirm was worth $2 billion.[70] About half of Shopify's C-level executives left the company in early 2021.[71][72] On June 11, 2021, Shopify announced its acquisition of Primer, an AR app on the App Store that allows users to preview home improvement items digitally.[73] On June 29, 2021, Shopify removed the 20% revenue share for app developers that make less than US$1 million per year.[74]

On March 22, 2022, Shopify introduced Linkpop, a product to create a branded, social marketplace through which merchants can advertise and market their products via links to be added on social media channels.[75] On April 11, 2022, Shopify announced their acquisition of Dovetale, an influencer marketing startup from New York.[76] On April 12, 2022, Shopify, Alphabet Inc., Meta Platforms, McKinsey & Company, and Stripe, Inc. announced a $925 million advance market commitment of carbon dioxide removal from companies that are developing the technology over the next 9 years.[77][78] On January 18, 2022, Shopify announced a partnership with JD.com to let US merchants expand their operations in China, listing their products on JD's cross-border e-commerce platform JD Worldwide.[79]

In June 2022, Shopify partnered with Twitter. As a part of the deal, Twitter announced that it would launch a sales channel app for all of Shopify's U.S. merchants through its app store.[80] Shopify also partnered with PayPal to offer Shopify Payments to merchants in France.[81][82]

On July 26, 2022, Lütke announced immediate layoffs totalling roughly 10 percent of its workforce. In a message to employees, the CEO said the company's planning on growth rates continuing on the trajectory of the past two years "didn't pay off" and forced the company to downsize.[83]

In August 2022, Shopify announced it was making e-commerce marketing automation platform, Klaviyo, the recommended email solution partner for its Shopify Plus merchant platform, with a US$100 million strategic investment into the company.[84][85]

In May 2023, Shopify laid off approximately 20% of its workforce and sold Shopify Logistics, its in-house logistics arm, to Flexport, which subsequently became the preferred logistics partner for the e-commerce platform.[86][87]

Technology edit

Shopify was initially built on Ruby on Rails in 2004, using a single MySQL instance. In 2014, Shopify introduced sharding to distribute Shopify to multiple databases. Over the years, Shopify has moved to pods, fully isolated instances.[88]

Shopify's client side mainly uses JavaScript execution.

Shopify allows independent developers to develop themes and apps on Shopify.[89]

Esports edit

Main article: Shopify Rebellion

In February 2021, Shopify announced that the company has formed an esports organization called Shopify Rebellion,[90] and put together a professional StarCraft II team to compete in international tournaments.[91] The team members include former 2016 world champion "ByuN" (Byun Hyun-woo) as well as "Scarlett" (Sasha Hostyn).[92][93]

In September 2023, Shopify Rebellion announced it had purchased Team SoloMid's spot in the LCS, the main North American League of Legends esports competition.[94]

Last-mile logistics edit

In April 2021, Shopify made its first entry in last-mile logistics by investing in Swyft, a Toronto-based digital logistics startup.[95] As part of a Series A round of funding, a total of $17.5 million was raised for Swyft, co-led by Inovia Capital and Forerunner Ventures with participation from Shopify.[96]

On May 5, 2022, Shopify announced their acquisition of Deliverr, a San Francisco, California-based ecommerce fulfilment startup, for US$2.1 billion in cash and stock.[97][98]

In May 2023, Shopify wound down its logistics business, selling off its prior related acquisitions Deliverr and 6 River Systems to Flexport and Ocado Group respectively.[99] As part of the Flexport deal, Shopify received a 13% stake in it, besides making Flexport its official logistics partner.[100]

Criticism edit

In 2017, the #DeleteShopify hashtag campaign called for a boycott of Shopify for allowing Breitbart News to host a shop on its platform.[101][102][103] Shopify's CEO, Tobias Lütke, responded to the criticism,[104] saying "refusing to do business with the site would constitute a violation of free speech".[105][106]

In October 2017, Citron Research founder, short-seller Andrew Left released a report which claimed Shopify was overstating the number of merchants using the e-commerce platform and described it as a "get-rich-quick" scheme in contravention of Federal Trade Commission regulations.[107][108] The day the report was released, the stock plunged more than 11%.[109] Left wrote another report about Shopify in April 2019, stating he believed Shopify's stock price would come down 50% in the next 12 months.[110] In January 2020, Left announced in his annual letter to investors that Citron Research had exited the short position. The reports did not lead to an investigation into Shopify by the FTC.[111]

In July 2022, Shopify was criticized by left-leaning media watchdog Media Matters for hosting the online store of far-right, anti-LGBT influencer Libs of TikTok.[112][113] In response to Media Matters, a Shopify spokesperson stated that Libs of TikTok was not in violation of the company's Acceptable Use Policy, which "clearly outlines the activities that are not permitted on [the] platform."[113] In November 2022, this criticism was renewed when an article published by the Canadian Broadcasting Corporation (CBC) article highlighted Ottawa City Council member Ariel Troster's criticism of the company in light of a recent shooting at an LGBTQ nightclub.[114] Sharing the CBC article, Nandini Jammi of Check My Ads criticized Shopify on Twitter.[115][112] In response to Jammi, CEO Tobias Lütke tweeted, "Shopify has a published acceptable use policy and a principled process to apply it. Pressure groups on all sides try to influence it sometimes and CBC needs to see through that not amplify bad faith narrative."[116][112]

Lawsuits edit

In December 2021, a group of publishers including Pearson Education, Inc., Macmillan Learning, Cengage Learning, Inc., Elsevier Inc., and McGraw Hill sued Shopify claiming that it had failed to remove listings and stores selling pirated copies of their books and learning materials.[117] The lawsuit was settled "amicably" out of court; the details were not disclosed.[118]

A class-action lawsuit for $130 million was filed in May 2023 by employees who had been laid off.[119]

In June 2023 Shopify announced a fight against "patent trolls" who "stealthily orchestrate hundreds of patent litigation cases yearly", and filed a lawsuit.[120]

Data breach edit

In September 2020, Shopify confirmed a data breach in which customer data from fewer than 200 merchants was stolen. One of those merchants later said over 4,900 of their customers alone had had their information accessed. Shopify claims that the data stolen included names, addresses and order details, but not "complete payment card numbers or other sensitive personal or financial information." Shopify said that there was no evidence that the data had been misused, and identified two "rogue members" of its support team as having been responsible. They were fired, and the matter was forwarded to the FBI.[121]

See also edit

References edit

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External links edit

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February 15, 2024
shopify, confused, with, spotify, canadian, multinational, commerce, company, headquartered, ottawa, ontario, name, proprietary, commerce, platform, online, stores, retail, point, sale, systems, platform, offers, online, retailers, suite, services, including, . Not to be confused with Spotify Shopify Inc is a Canadian multinational e commerce company headquartered in Ottawa Ontario Shopify is the name of its proprietary e commerce platform for online stores and retail point of sale systems 3 The Shopify platform offers online retailers a suite of services including payments marketing shipping and customer engagement tools 4 Shopify Inc Company typePublicTraded asTSX SHOP Class A S amp P TSX 60 componentNYSE SHOPISINCA82509L1076IndustryE commerceFounded2006 18 years ago 2006 Ottawa Ontario CanadaFoundersTobias LutkeDaniel WeinandScott LakeHeadquartersOttawa Ontario CanadaArea servedWorldwideServicesOnline shoppingRevenueUS 7 06 billion 2023 1 Operating incomeUS 1 4 billion 2023 1 Net incomeUS 132 million 2023 1 Total assetsUS 11 3 billion 2023 1 Total equityUS 9 07 billion 2023 1 Number of employeesc 8 300 2023 2 Websiteshopify wbr comThe company reported that it had more than 2 million businesses in approximately 175 countries using its platform as of December 2022 geographically dispersed as follows 55 of North America 25 of Europe the Middle East and Africa 15 of Asia Pacific Australia and China and 5 of Latin America Mexico and South America 5 6 7 According to BuiltWith 1 58 million websites run on the Shopify platform as of 2021 8 9 According to W3Techs 4 4 of the top 10 million websites use Shopify 10 The total gross merchandise volume exceeded US 197 billion for calendar 2022 1 As of July 2022 Shopify is among the top 20 largest publicly traded Canadian companies by market capitalization 11 Contents 1 History 1 1 2006 Founding 1 2 2010s 1 3 2020s 2 Technology 3 Esports 4 Last mile logistics 5 Criticism 6 Lawsuits 7 Data breach 8 See also 9 References 10 External linksHistory edit2006 Founding edit Shopify was founded in 2006 by Tobias Lutke and Scott Lake after attempting to open Snowdevil an online store for snowboarding equipment Dissatisfied with the existing e commerce products on the market Lutke a computer programmer by trade instead built his own 12 13 14 Lutke used the open source web application framework Ruby on Rails to build Snowdevil s online store and launched it after two months of development 15 16 The Snowdevil founders launched the platform as Shopify in June 2006 15 Shopify created an open source template language called Liquid which is written in Ruby and used since 2006 17 In June 2009 Shopify launched an application programming interface API platform and App Store The API allows developers to create applications for Shopify online stores and then sell them on the Shopify App Store 18 2010s edit In April 2010 Shopify launched a free mobile app on the Apple App Store The app allows Shopify store owners to view and manage their stores from iOS mobile devices 19 In 2010 Shopify started its Build A Business competition in which participants create a business using its commerce platform 20 21 The winners of the competition receive cash prizes and mentorship from entrepreneurs such as Richard Branson Eric Ries and others 21 Shopify was named Ottawa s Fastest Growing Company by the Ottawa Business Journal in 2010 15 The company received 7 million from an initial series A round of venture capital financing in December 2010 22 23 Its Series B round raised 15 million in October 2011 24 In February 2012 Shopify acquired Select Start Studios Inc S3 a mobile software developer along with 20 of the company s mobile engineers and designers 25 26 In August 2013 Shopify acquired Jet Cooper a 25 person design studio based in Toronto 27 In August 2013 Shopify announced the launch of Shopify Payments in partnership with Stripe Shopify Payments allows merchants to accept payments without requiring a third party payment gateway 28 The company also announced the launch of an iPad centric point of sale system It uses an iPad to accept payments from debit cards and credit cards The company received 100 million in Series C funding in December 2013 29 By 2014 the platform had hosted approximately 120 000 online retailers 16 19 and was listed as 3 in Deloitte s Fast50 in Canada as well as 7 in Deloitte s Fast 500 of North America 30 Shopify earned 105 million in revenue in 2014 twice as much as it raised the previous year 31 In February 2014 Shopify released Shopify Plus for large e commerce businesses with access to additional features and support 32 On April 14 2015 Shopify filed for an initial public offering IPO on the New York Stock Exchange and Toronto Stock Exchange under the symbols SHOP and SH respectively 33 34 Shopify went public on May 21 2015 and in its debut on the New York Stock Exchange started trading at 28 more than 60 higher than its US 17 offering price with its IPO raising more than 131 million 35 36 37 In September 2015 Amazon com announced it would be closing its Amazon Webstore service for merchants and had selected Shopify as the preferred migration provider 38 Shopify s shares jumped more than 20 upon the news 39 In April 2016 Shopify announced Shopify Capital a cash advance product Shopify Capital was initially piloted to merchants within the US and allowed merchants to receive an advance on future earnings processed through their payment gateway Since its launch in 2016 Shopify Capital has provided over 2 billion in funding to Shopify merchants with a maximum advance of 2 million 40 On October 3 2016 Shopify acquired Boltmade 41 In November 2016 Shopify partnered with Paystack which allowed Nigerian online retailers to accept payments from customers around the world 42 On November 22 2016 Shopify launched Frenzy a mobile app that improves flash sales 43 On December 5 2016 Shopify acquired Toronto based mobile product development studio Tiny Hearts The Tiny Hearts building has been turned into a Shopify research and development office 44 In January 2017 Shopify announced integration with Amazon that would allow merchants to sell on Amazon from their Shopify stores 45 Shopify s stock rose almost 10 upon this announcement 45 In April 2017 Shopify introduced a Bluetooth enabled debit and credit card reader for brick and mortar retail purchases 46 The company has since released additional technology for brick and mortar retailers including a point of sale system with a Dock and Retail Stand similar to that offered by Square and a tappable chip card reader 47 Shopify announced a one click checkout feature called Shopify Pay in April 2017 as an exclusive feature for merchants using Shopify Payments as their payment processor 48 Customers can save their shipping and payment information for future purchases on all participating Shopify stores In November 2017 Shopify announced Arrive a mobile application to help customers track their bought packages from both Shopify merchants and other e commerce websites 49 In September 2018 Shopify announced plans to locate thousands of employees in Toronto s King West neighborhood in 2022 as part of The Well complex jointly owned by Allied Properties REIT and RioCan REIT 50 In October 2018 Shopify opened their first physical space in Los Angeles 51 The space offered classes a genius bar for companies that use Shopify software and workshops 51 Online cannabis sales in Ontario used Shopify s software when the drug was legalized in October 2018 Shopify s software is also used for in person cannabis sales in Ontario since becoming legal in 2019 52 53 In January 2019 Shopify announced the launch of Shopify Studios a full service television and film content and production house 54 On March 22 2019 Shopify and email marketing platform Mailchimp ended an integration agreement over disputes involving customer privacy and data collection 55 In April 2019 Shopify announced an integration with Snapchat to allow Shopify merchants to buy and manage Snapchat Story ads directly on the Shopify platform The company had previously secured similar integration partnerships with Facebook and Google 56 In May 2019 Shopify acquired Handshake a business to business e commerce platform for wholesale goods The Handshake team was integrated into Shopify Plus and Handshake founder and CEO Glen Coates was made Director of Product for Shopify Plus 57 In June 2019 Shopify announced that it would launch its Fulfilment Network The service promises to handle shipping logistics for merchants and will compete with an established leader Amazon FBA Shopify Fulfillment Network will be available to qualifying U S merchants in select states 58 On August 14 2019 Shopify launched Shopify Chat a new native chat function that allows merchants to have real time conversations with customers visiting Shopify stores online 59 On September 9 2019 Shopify announced the acquisition of 6 River Systems a Massachusetts based company that makes warehouse robots The acquisition was finalized in October resulting in a cash and share deal worth US 450 million 60 61 2020s edit In 2020 the company announced new hires in Vancouver Canada Additionally the effects of the COVID 19 pandemic contributed to lifting stock prices 62 63 On February 21 2020 Shopify announced plans to join the Diem Association known as Libra Association at the time 64 On March 11 2020 during the COVID 19 pandemic Shopify announced it will shift its entire workforce to remote work 65 In February 2020 Shopify Pay was rebranded as Shop Pay 66 and in April 2020 Arrive was rebranded as Shop 67 combining both customer facing features under a single brand It was reported that Shopify s valuation would likely rise on the back of options it had in the company Affirm that was expecting to go public shortly 68 In November 2020 Shopify announced a partnership with Alipay to support merchants with cross border payments 69 As a result of Affirm s January 13 2021 IPO Shopify s 8 stake in Affirm was worth 2 billion 70 About half of Shopify s C level executives left the company in early 2021 71 72 On June 11 2021 Shopify announced its acquisition of Primer an AR app on the App Store that allows users to preview home improvement items digitally 73 On June 29 2021 Shopify removed the 20 revenue share for app developers that make less than US 1 million per year 74 On March 22 2022 Shopify introduced Linkpop a product to create a branded social marketplace through which merchants can advertise and market their products via links to be added on social media channels 75 On April 11 2022 Shopify announced their acquisition of Dovetale an influencer marketing startup from New York 76 On April 12 2022 Shopify Alphabet Inc Meta Platforms McKinsey amp Company and Stripe Inc announced a 925 million advance market commitment of carbon dioxide removal from companies that are developing the technology over the next 9 years 77 78 On January 18 2022 Shopify announced a partnership with JD com to let US merchants expand their operations in China listing their products on JD s cross border e commerce platform JD Worldwide 79 In June 2022 Shopify partnered with Twitter As a part of the deal Twitter announced that it would launch a sales channel app for all of Shopify s U S merchants through its app store 80 Shopify also partnered with PayPal to offer Shopify Payments to merchants in France 81 82 On July 26 2022 Lutke announced immediate layoffs totalling roughly 10 percent of its workforce In a message to employees the CEO said the company s planning on growth rates continuing on the trajectory of the past two years didn t pay off and forced the company to downsize 83 In August 2022 Shopify announced it was making e commerce marketing automation platform Klaviyo the recommended email solution partner for its Shopify Plus merchant platform with a US 100 million strategic investment into the company 84 85 In May 2023 Shopify laid off approximately 20 of its workforce and sold Shopify Logistics its in house logistics arm to Flexport which subsequently became the preferred logistics partner for the e commerce platform 86 87 Technology editShopify was initially built on Ruby on Rails in 2004 using a single MySQL instance In 2014 Shopify introduced sharding to distribute Shopify to multiple databases Over the years Shopify has moved to pods fully isolated instances 88 Shopify s client side mainly uses JavaScript execution Shopify allows independent developers to develop themes and apps on Shopify 89 Esports editMain article Shopify Rebellion In February 2021 Shopify announced that the company has formed an esports organization called Shopify Rebellion 90 and put together a professional StarCraft II team to compete in international tournaments 91 The team members include former 2016 world champion ByuN Byun Hyun woo as well as Scarlett Sasha Hostyn 92 93 In September 2023 Shopify Rebellion announced it had purchased Team SoloMid s spot in the LCS the main North American League of Legends esports competition 94 Last mile logistics editIn April 2021 Shopify made its first entry in last mile logistics by investing in Swyft a Toronto based digital logistics startup 95 As part of a Series A round of funding a total of 17 5 million was raised for Swyft co led by Inovia Capital and Forerunner Ventures with participation from Shopify 96 On May 5 2022 Shopify announced their acquisition of Deliverr a San Francisco California based ecommerce fulfilment startup for US 2 1 billion in cash and stock 97 98 In May 2023 Shopify wound down its logistics business selling off its prior related acquisitions Deliverr and 6 River Systems to Flexport and Ocado Group respectively 99 As part of the Flexport deal Shopify received a 13 stake in it besides making Flexport its official logistics partner 100 Criticism editIn 2017 the DeleteShopify hashtag campaign called for a boycott of Shopify for allowing Breitbart News to host a shop on its platform 101 102 103 Shopify s CEO Tobias Lutke responded to the criticism 104 saying refusing to do business with the site would constitute a violation of free speech 105 106 In October 2017 Citron Research founder short seller Andrew Left released a report which claimed Shopify was overstating the number of merchants using the e commerce platform and described it as a get rich quick scheme in contravention of Federal Trade Commission regulations 107 108 The day the report was released the stock plunged more than 11 109 Left wrote another report about Shopify in April 2019 stating he believed Shopify s stock price would come down 50 in the next 12 months 110 In January 2020 Left announced in his annual letter to investors that Citron Research had exited the short position The reports did not lead to an investigation into Shopify by the FTC 111 In July 2022 Shopify was criticized by left leaning media watchdog Media Matters for hosting the online store of far right anti LGBT influencer Libs of TikTok 112 113 In response to Media Matters a Shopify spokesperson stated that Libs of TikTok was not in violation of the company s Acceptable Use Policy which clearly outlines the activities that are not permitted on the platform 113 In November 2022 this criticism was renewed when an article published by the Canadian Broadcasting Corporation CBC article highlighted Ottawa City Council member Ariel Troster s criticism of the company in light of a recent shooting at an LGBTQ nightclub 114 Sharing the CBC article Nandini Jammi of Check My Ads criticized Shopify on Twitter 115 112 In response to Jammi CEO Tobias Lutke tweeted Shopify has a published acceptable use policy and a principled process to apply it Pressure groups on all sides try to influence it sometimes and CBC needs to see through that not amplify bad faith narrative 116 112 Lawsuits editIn December 2021 a group of publishers including Pearson Education Inc Macmillan Learning Cengage Learning Inc Elsevier Inc and McGraw Hill sued Shopify claiming that it had failed to remove listings and stores selling pirated copies of their books and learning materials 117 The lawsuit was settled amicably out of court the details were not disclosed 118 A class action lawsuit for 130 million was filed in May 2023 by employees who had been laid off 119 In June 2023 Shopify announced a fight against patent trolls who stealthily orchestrate hundreds of patent litigation cases yearly and filed a lawsuit 120 Data breach editIn September 2020 Shopify confirmed a data breach in which customer data from fewer than 200 merchants was stolen One of those merchants later said over 4 900 of their customers alone had had their information accessed Shopify claims that the data stolen included names addresses and order details but not complete payment card numbers or other sensitive personal or financial information Shopify said that there was no evidence that the data had been misused and identified two rogue members of its support team as having been responsible They were fired and the matter was forwarded to the FBI 121 See also editComparison of shopping cart softwareReferences edit a b c d e f Shopify Inc 2023 Annual Report Form 40 F U S Securities and Exchange Commission February 13 2024 Archived from the original on February 14 2024 Shopify Inc 2023 Annual Information Form U S Securities and Exchange Commission February 13 2024 Bradbury Danny Hands off business a reality Archived November 29 2020 at the Wayback Machine The Financial Post April 21 2008 McLeod James Shopify holds a healthy chunk of pot sales upside says COO The Financial Post October 30 2018 p 2 Shopify 2021 annual report PDF Shopify February 16 2022 p 11 Archived PDF from the original on February 16 2022 Retrieved March 10 2023 Amid Ad mageddon Shopify and Facebook Butt Heads Over Data The Information April 20 2022 Archived from the original on April 20 2022 Retrieved March 10 2023 Shopify 2022 Annual Report PDF Archived PDF from the original on March 20 2023 Retrieved April 29 2023 Shopify Usage Statistics trends builtwith com Archived from the original on January 12 2021 Retrieved April 10 2021 Shopify Usage Statistics Archived from the original on January 25 2021 Retrieved April 10 2021 Usage statistics of content management systems w3techs com Archived from the original on May 7 2020 Retrieved March 8 2022 Largest Canadian companies by market capitalization companiesmarketcap com Archived from the original on February 10 2021 Retrieved July 14 2022 Cole Trevor November 27 2014 Our Canadian CEO of the year you ve probably never heard of Globe amp Mail Archived from the original on May 4 2020 Retrieved March 4 2015 Whittaker Stephanie The Web as a safety net Archived May 6 2021 at the Wayback Machine The Montreal Gazette May 4 2009 Donnelly Jim Shopify picks up 7M in venture funding Archived March 3 2016 at the Wayback Machine Ottawa Business Journal December 13 2010 a b c Donnelly Jim Fastest Growing Companies Archived November 7 2019 at the Wayback Machine Ottawa Business Journal May 3 2010 a b Duryee Tricia E Commerce Assistant Shopify Raises 7 Million in First Round Archived August 7 2020 at the Wayback Machine All Things Digital December 13 2010 Liquid template language Liquid template language Archived from the original on March 12 2016 Retrieved October 7 2021 Duncan Katherine March 12 2012 How Shopify Became the Go To E commerce Platform for Startups Entrepreneur Archived from the original on February 28 2015 Retrieved March 4 2015 a b Rip Empson April 11 2013 After 7 Years amp 50K Storefronts Created Shopify Launches Major Redesign To Simplify Online Store Building TechCrunch Archived from the original on August 7 2017 Retrieved June 25 2017 Kolodny Lora Maker of iPad Cases Wins Shopify Competition Archived June 7 2022 at the Wayback Machine The New York Times July 19 2010 a b Rip Empson for TechCrunch July 10 2012 Shopify Teams Up With Tim Ferriss Eric Ries FUBU Founder To Help You Build A 1M eCommerce Biz Archived July 7 2017 at the Wayback Machine Lewis Rob Ottawa s Shopify raises 7 Million Series A Funding from Bessemer FirstMark and Felicis Archived June 14 2020 at the Wayback Machine December 13 2010 McLeod Mark Shopify Gets Fundified Archived February 3 2021 at the Wayback Machine StartupCFO December 12 2010 Duryee Tricia October 17 2011 Shopify Picks Up 15 Million as It Faces New Competition From eBay StartupCFO Archived from the original on October 7 2015 Retrieved October 18 2011 Rao Leena February 1 2012 E commerce Platform Shopify Acquires Mobile App Development Studio Select Start TechCrunch Archived from the original on February 18 2015 Retrieved March 4 2015 Berkow Jameson February 1 2012 Ottawa tech merger Shopify buys Select Start Studios Financial Post Archived from the original on June 20 2020 Retrieved March 4 2015 Lindzon Jared August 1 2013 Shopify acquires design agency Jet Cooper BetaKit Archived from the original on December 2 2014 Retrieved March 4 2015 Etherington Darrell August 12 2013 Shopify Debuts Fully Integrated Credit Card Payment Processing For Its E Commerce Platform TechCrunch Archived from the original on June 22 2022 Retrieved January 22 2023 Etherington Darrell December 12 2013 Shopify Raises 100M To Drop The E And Become The Commerce Company That Spans On And Offline Archived from the original on January 15 2014 Retrieved December 13 2013 Louis Columbus November 20 2014 Software Companies Are Dominating Deloitte s Technology Fast 500 Forbes Archived from the original on February 4 2015 Retrieved February 5 2015 Reader Ruth May 21 2015 Shopify pops 65 on the NYSE starts trading above 28 per share VentureBeat Archived from the original on September 19 2015 Retrieved August 20 2015 Shopify Launches Shopify Plus A New White Glove E Commerce Solution For Big Brands TechCrunch February 5 2014 Archived from the original on March 17 2023 Retrieved April 22 2020 E Commerce Software Maker Shopify Files for IPO April 14 2015 Archived from the original on April 16 2015 Retrieved April 14 2015 Kokalitcheva Kia April 14 2015 E commerce company Shopify files for initial public offering Fortune Archived from the original on August 13 2015 Retrieved August 20 2015 Armental Maria April 14 2015 Canadian Software Company Shopify Files for U S Canada IPO Wall Street Journal Archived from the original on August 19 2015 Retrieved August 20 2015 Tech IPO Scorecard Shopify Skyrockets 51 While Baozun Rises A Slimmer 4 6 May 21 2015 Archived from the original on March 17 2023 Retrieved August 19 2022 Abelson Jeremy Narasin Ben May 21 2015 IPO Scorecard Shopify is another point against bubble proponents VentureBeat Archived from the original on June 10 2015 Retrieved August 20 2015 Shares in Shopify Jump 23 Following Integration with Amazon September 19 2015 Archived from the original on March 18 2016 Retrieved September 21 2015 Dingman Shane September 17 2015 Shopify s stock soars on news of Amazon partnership The Globe and Mail Archived from the original on January 6 2017 Retrieved December 20 2017 Making Money Moves Shopify Capital funded 2 billion for entrepreneurs April 28 2021 Archived from the original on December 7 2021 Retrieved December 7 2021 Shopify acquires product design firm Boltmade to boost Shopify Plus TechCrunch October 3 2016 Archived from the original on October 4 2016 Retrieved October 3 2016 Nigerian Merchants With Shopify Accounts Can Now Accept Payments Via Paystack TechCabal November 14 2016 Archived from the original on November 17 2016 Retrieved November 18 2016 Shopify s experimental product shop launches flash sales app Frenzy TechCrunch November 22 2016 Archived from the original on November 23 2016 Retrieved November 22 2016 Jama Robleh December 5 2016 We re Joining Shopify Tiny Hearts studio Retrieved January 24 2017 permanent dead link a b Shopify s E commerce Revolution Fortune Archived from the original on May 19 2017 Retrieved April 24 2017 Rao Leena April 20 2017 Shopify Takes on Square With New Credit Card Reader Fortune Archived from the original on June 1 2017 Retrieved June 4 2017 Shopify unveils a new lineup of retail hardware TechCrunch April 25 2019 Archived from the original on August 19 2022 Retrieved May 10 2019 Etherington Darrell April 20 2017 Shopify Pay aims to complete the picture for online checkout TechCrunch Archived from the original on January 22 2023 Retrieved January 22 2023 Etherington Darrell November 29 2017 Shopify s new Arrive app is your package tracking pal TechCrunch Archived from the original on January 22 2023 Retrieved January 22 2023 O Kane Josh September 27 2018 Shopify will invest up to 500 million in new Toronto office The Globe and Mail Archived from the original on October 2 2018 Retrieved October 2 2018 a b Ellingson Annlee October 11 2018 Shopify goes to L A to open its first physical location seeking to help businesses grow LA Biz Archived from the original on May 13 2021 Retrieved April 15 2020 Ontario Chooses Shopify to Run Online Cannabis Sales CBC February 12 2018 Archived from the original on October 2 2018 Retrieved October 18 2018 Pot is Now Legal in Ontario Here s What You Need to Know CBC October 17 2018 Archived from the original on October 18 2018 Retrieved October 18 2018 Chen I Chun January 24 2019 Shopify launches TV and film production studio focused on entrepreneurs Archived from the original on October 29 2020 Retrieved January 24 2019 Mailchimp and Shopify break up TechCrunch March 22 2019 Archived from the original on August 19 2022 Retrieved May 29 2019 Graham Megan April 29 2019 Snap Shopify partner for small business advertising tool www cnbc com Archived from the original on May 10 2019 Retrieved May 10 2019 Shopify quietly acquired Handshake an e commerce platform for B2B wholesale purchasing TechCrunch May 23 2019 Archived from the original on August 19 2022 Retrieved May 29 2019 Shopify Is Setting Up Fulfillment Network in U S Just Like Amazon Bloomberg com June 19 2019 Archived from the original on August 1 2019 Retrieved July 31 2019 Shopify adds native chat function to Ping app Zdnet August 14 2019 Archived from the original on June 6 2020 Retrieved August 22 2019 Deals of the Year Tech Shopify feeling fulfilled with 450M acquisition Ottawa Business Journal obj ca December 16 2019 Archived from the original on December 17 2019 Retrieved January 9 2020 Innovation January 7 2020 Shopify puts late 2019 swoon behind it as shares hit new all time high Financial Post Financial Post Archived from the original on January 8 2020 Retrieved January 9 2020 Shopify to boost Vancouver presence with 1 000 hires new permanent office Financial Post Financial Post Archived from the original on July 26 2020 Retrieved July 26 2020 Shopify s biggest bull says pandemic to lift stock to US 1 000 BNN Bloomberg June 18 2020 Archived from the original on June 25 2020 Retrieved July 26 2020 Pollock Darryn Shopify Joins Libra Association After Raft Of Departures Forbes Archived from the original on February 25 2020 Retrieved February 25 2020 Poli David March 11 2020 Shopify going fully remote as Ottawa tech firms brace for COVID 19 impacts Ottawa Business Journal 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to leave company The Globe and Mail Archived from the original on June 22 2021 Retrieved June 19 2021 Why Shopify s Stock Dropped 13 6 in March April 7 2021 Archived from the original on November 27 2021 Retrieved November 27 2021 Shopify brings on team from augmented reality home design app Primer June 11 2021 Archived from the original on June 29 2021 Retrieved June 29 2021 All of the Announcements From Shopify Unite 2021 June 29 2021 Archived from the original on January 31 2022 Retrieved March 21 2022 Shopify launches new Linkpop link in bio tool with built in e commerce features TechCrunch March 22 2022 Archived from the original on August 19 2022 Retrieved May 17 2022 Shopify acquires influencer marketing startup Dovetale Ecommerce News April 13 2022 Archived from the original on April 21 2022 Retrieved May 12 2022 Clifford Catherine April 12 2022 Stripe teams up with major tech companies to commit 925 million toward carbon capture CNBC Archived from the original on June 30 2022 Retrieved July 6 2022 Brigham Katie June 28 2022 Why Big Tech is pouring money into carbon removal CNBC Archived from the original on July 9 2022 Retrieved July 6 2022 Shopify JD com pair up in China as e commerce competition intensifies Reuters January 18 2022 Archived from the original on May 17 2022 Retrieved May 17 2022 Twitter partners with Shopify to bring merchants products to Twitter Shopping TechCrunch June 22 2022 Archived from the original on June 29 2022 Retrieved June 23 2022 Shopify s allie a PayPal pour lancer sa propre solution de paiement Les Echos in French June 28 2022 Archived from the original on March 10 2023 Retrieved March 10 2023 Shopify Payments Terms of Service France Shopify Archived from the original on March 10 2023 Retrieved March 10 2023 Thorbecke Catherine July 26 2022 Shopify to cut 10 of staff after making wrong bet about pandemic online shopping boom CNN Archived from the original on July 26 2022 Retrieved July 26 2022 Klaviyo and Shopify Announce Strategic Partnership Business Wire August 2 2022 Archived from the original on August 3 2022 Retrieved August 2 2022 Shopify makes 100M strategic investment in marketing automation startup Klaviyo Techcrunch August 2 2022 Archived from the original on August 3 2022 Retrieved August 2 2022 Important Team and Business Changes Shopify News May 13 2023 Archived from the original on May 14 2023 Retrieved May 13 2023 How Shopify Bungled Its Latest Layoffs and Made Employees Feel Like NPCs TechCrunch May 4 2023 Archived from the original on May 14 2023 Retrieved May 13 2023 E Commerce at Scale Inside Shopify s Tech Stack Stackshare io Shopify Archived from the original on March 6 2023 Retrieved March 6 2023 Shopify Developers Build for millions of merchants Archived from the original on March 6 2023 Retrieved March 6 2023 Shopify Rebellion shopifyrebellion gg Archived from the original on August 14 2021 Retrieved August 14 2021 Daniel Joshua February 20 2021 Shopify has a new StarCraft II esports team because the CEO loves the game MEGPlay Archived from the original on February 20 2021 Retrieved February 20 2021 The StarCraft II nerds at Shopify now have an esports team finance yahoo com February 19 2021 Archived from the original on February 20 2021 Retrieved February 20 2021 StarCraft Shopify Enters Esports with Shopify Rebellion February 20 2021 Archived from the original on February 20 2021 Retrieved March 2 2021 Peters Jay September 20 2023 Iconic League of Legends team TSM replaced by Shopify in pro league Retrieved September 21 2023 Inovia Shopify back delivery startup Swyft in 22 million Series A round BetaKit April 7 2021 Archived from the original on April 8 2021 Retrieved April 8 2021 Swyft raises 17 5 million to bring same day delivery to all the retailers that aren t Amazon TechCrunch April 7 2021 Archived from the original on August 19 2022 Retrieved April 8 2021 Shopify acquires shipping logistics startup Deliverr for 2 1B TechCrunch May 5 2022 Archived from the original on August 19 2022 Retrieved May 5 2022 Durrani Temur May 5 2022 Shopify shares drop on earnings forecast acquisition of Deliverr set for US 2 1 billion The Globe and Mail Archived from the original on May 5 2022 Retrieved May 5 2022 Shopify sells shipping service firm Deliverr other assets amid narrowing ambitions The Economic Times May 4 2023 ISSN 0013 0389 Archived from the original on May 4 2023 Retrieved May 4 2023 Hadero Haleluya May 4 2023 Shopify narrowing its ambition sells Deliverr cuts staff Associated Press Archived from the original on May 11 2023 Retrieved May 5 2023 Alba Davey February 12 2017 Shopify s Breitbart Fight Proves It These Days Tech Has to Take a Side Wired Archived from the original on September 5 2017 Retrieved September 5 2017 Pearson Jordan February 7 2017 People Are Calling For a Shopify Boycott Because It Hosts Breitbart s Store Vice Archived from the original on September 5 2017 Retrieved September 5 2017 via Motherboard Silcoff Sean February 9 2017 Shopify caught in political crossfire over refusal to drop Breitbart webstore The Globe and Mail Archived from the original on March 17 2023 Retrieved September 5 2017 Etherington Darrell February 9 2017 Shopify CEO attempts to defend continued hosting of Breitbart s online store TechCrunch Archived from the original on September 5 2017 Retrieved September 5 2017 Tess Townsend February 8 2017 Breitbart gets to keep using Shopify to sell its merchandise Recode Archived from the original on July 4 2017 Retrieved June 30 2021 Captain Sean February 23 2017 Shopify Breitbart And The B2B Boycotts That Are Dragging Brands Into Politics Fast Company Archived from the original on September 5 2017 Retrieved September 5 2017 Shopify s CEO calls out Citron s Andrew Left as short selling troll Article BNN BNN October 11 2017 Archived from the original on December 1 2017 Retrieved November 27 2017 Short seller Andrew Left says he s found a business dirtier than Herbalife Business Insider Archived from the original on November 9 2017 Retrieved November 27 2017 Ignore Citron Report and Use This Dip to Buy Shopify Inc US SHOP Stock Archived from the original on September 20 2018 Retrieved November 27 2017 Curran Kevin April 4 2019 Shopify Shares Fall Fast Following Report From Short Seller RealMoney Archived from the original on October 26 2019 Retrieved October 30 2019 Litalien Mat January 11 2020 Shopify s SHOP Stock Price Soars As Short Seller Throws in the Towel The Motley Fool Canada Archived from the original on January 11 2020 Retrieved March 12 2023 a b c Beer Jeff December 1 2022 Shopify is under fresh fire for hosting anti LGBTQ merchandise from Libs of TikTok Fast Company Archived from the original on February 23 2023 Retrieved February 22 2023 a b Carter Camden July 22 2022 Shopify is allowing anti LGBTQ Libs of TikTok to sell merchandise on its platform Media Matters for America Archived from the original on February 23 2023 Retrieved February 23 2023 Tunney Joseph November 25 2022 Shopify won t cut ties with controversial Libs of TikTok Canadian Broadcasting Corporation Archived from the original on February 28 2023 Retrieved February 22 2023 Jammi Nandini November 25 2022 Multiple sources have reached out to me Twitter Archived from the original on February 5 2023 Retrieved February 23 2023 Lutke Tobi November 26 2022 Shopify has a published acceptable use policy Twitter Archived from the original on March 15 2023 Retrieved February 23 2023 Sato Mia December 1 2021 Shopify has a textbook pirate problem publishers allege The Verge Archived from the original on December 26 2021 Retrieved December 26 2021 Brittain Blake October 4 2022 Shopify settles textbook publishers lawsuit over alleged piracy Reuters Archived from the original on June 18 2023 Retrieved June 18 2023 Deschamps Tara May 30 2023 Shopify faces class action lawsuit over severance offered to recently laid off staff The Globe and Mail Archived from the original on June 18 2023 Retrieved June 18 2023 Shopify launches fight against patent trolls and their funders files Texas lawsuit Coast Reporter June 7 2023 Archived from the original on June 18 2023 Retrieved June 18 2023 Whittaker Zack September 23 2020 Shopify says two support staff stole customer data from sellers TechCrunch Archived from the original on March 17 2023 External links editOfficial website nbsp Wikimedia Commons has media related to Shopify Business data for Shopify Inc Class A Subordinate Voting Shares BloombergGoogleReutersSEC filingsYahoo Retrieved from https en wikipedia org w index php title Shopify amp oldid 1207465620, wikipedia, wiki, book, books, library,

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