E-commerce continues to evolve at a rapid pace, and you need to keep up with the latest developments in order to sustain in this competitive market. In 2017, e-commerce trade accounted for an overwhelming $2.3 trillion. It is not expected to slow down anytime soon. Shopify is one of the largest e-commerce platform that powers over 400,000 online stores and has its presence felt in 175 countries. Take a look at few insights derived from studying Shopify trends.
Launching in 2004, Shopify had a slow but steady growth curve. In 2012, Shopify powered 41,910 merchants. By the end of 2016, the company saw an 80% growth, reaching 377,500 merchants. This is a perfect sample case for the e-commerce industry. Shopify sales volume was equal to 1 billion in 2012, reaching 15.4 billion five years later. This means that the sector has grown 15 times! In 2013, just under 14 million online shoppers were frequenting Shopify powered sites. At the end of 2016, the amount blossomed to 100+ million shoppers, meaning a 6x growth rate. Each online customer is now spending nearly twice more than they used to on average. This speaks volumes about its gargantuan growth.
Currently, Shopify is growing strong with 11000+ partners and 1500+ stores. It has spread across both developed and developing countries alike. The United States is the leading base for Shopify with around 70%, followed by Great Britain, Canada, and other European countries. Shopify is also stable which secures generous funding timely.
On April 14, 2015, Shopify filed for an IPO on the NYSE and TSE under the symbols “SHOP” and “SH”. Shopify priced its initial public offering at $17 per share, giving the company a valuation of $1.27 billion. It sold its 7.7 million shares, raising a total of $131 million. Rest assured, the fad isn’t going to cease now. The organization also did not feel shy about acquiring promising entities like Oberlo, Tiny Hearts, Bolt Made, Kit, Jet Cooper, Select Start Studios.
For years to come:
An e-commerce store is a standard requirement for every retailer and every business needs to get their online store started immediately. Regardless the market saturation, people are shopping online more than ever. Mobile is one of the fastest growing online sectors. Optimizing sales strategies to target mobile shoppers can deliver much better results with the continuing mobile industry expansion. Make hay while the sun shines!