Shopify Announces First Store Opening
Shopify, a leading Canadian based e-commerce website, has announced that it will open a store in an undisclosed location in the U.S. before the end of 2018. The Ottawa based company, in a conference held in Toronto, announced the news for its first Brick-and-Mortar store. This store will be a hub for its almost 600,000 stores operating online. The company said that the goal of establishing a physical address is to give in-person advice to the customers for growing their business. The store will also provide workshops for its customers. The store will have a showroom with all the amenities like barcode scanners and cash drawers. The decision to open a store has come to boost the slowing growth rate, which is around 70 percent. However Harley Finkelstein, chief operating officer, has stressed that the decision to open a store is not influenced by the talks of slowing growth or market uncertainty. He also added that this decision has nothing to do with stock price or earnings and it is only about its partners.
Shopify allows small businesses to sell their product online, thus hindering the market share of major retailers. Shopify, since it was launched has powered 55 billion in transactions.
Satish Kanwar, VP of product at Shopify said,” We think this is exactly the right time to help small businesses figure out what’s ahead in the turbulent retail environment today”