Shopify Inc has launched new tools. New tools will help its merchants sell to other businesses. On Twitter, as the Canadian tech giant tries to shore up sales to counter a post-pandemic slowdown in online shopping.
More than 100 new tools were unveiled on Wednesday. These tools include those supporting its plans to boost business-to-business. Shoppers also can connect their crypto wallets to a store, and Apple’s “Tap to Pay” feature on iPhones.
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Shopify helps businesses set up their online stores. Shopify won the jackpot during the lockdowns. It is as global brands and mom-and-pop stores alike resorted to selling online to consumers while their stores close.
With the reopening of the economy, investors are starting to question Shopify’s future. It is causing the company’s stock to fall 76% this year and wiping out a large of its profits from the pandemic.
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Shopify’s response to the slowdown is expanding into the wholesale market. A larger avenue than direct-to-consumer and with “billions in untapped revenue,” according to President Harley Finkelstein.
Companies are looking to move from direct-to-consumer to “connecting to the consumer”. It is making it easier for people to shop through social media platforms and pay using their phones, Finkelstein said in an interview.
“This is the next phase of retail… In many ways, shopping has become a vote with your wallet to support that brand… And that’s what it’s all about, it’s about connecting with the consumer.”
The post-pandemic world has also posed challenges for Amazon. Shopify’s biggest rival is its massive losses after building more warehouses than necessary during the boom.
Vijay Viswanathan, an investor at Shopify Mawer Investment Management. He said he was exciting stocks on concerns of slowing growth and competition in a podcast earlier this month
“The internet is filling up… It was becoming difficult to justify the assessment.”
Source: (Reporting by Nivedita Balu in Bengaluru; Editing by Devika Syamnath)
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