Shopify president says pandemic sped shift to online retail by decade

Harley Finkelstein, COO, Shopify

Scott Milne | Cnbc

Few companies were as well positioned for a global epidemic as Shopify.

Founded in 2006 to help physical retailers establish a web presence, Shopify provides easily deployed cloud software, so small businesses don’t have to do the heavy lifting of being digital. When Kovid-19 pushed stores to shiver, Shopify’s technology suddenly became necessary.

Shopify’s shares more than doubled this year, raising the company’s market cap to $ 118 billion. If you also put only behind Salesforce with Zoom and between pure cloud software companies and Microsoft and Adobe, you include legacy vendors who have made the transition to the cloud. It is also Canada’s most valuable company, ahead of Royal Bank of Canada.

Now Shopify is gearing up for its busiest season of the year, or what the company’s president, Harley Finkelstein, calls “our Super Bowl.” One day after Thanksgiving, known as Black Friday, three days later on Cyber ​​Monday, Americans traditionally do huge amounts of their holiday shopping. Shopify also has an acronym for the long weekend – BFCM.

Because so many brick-and-mortar stores remain closed, with coronovirus cases spreading across the wider swaths of the US, Shopiz 2020 is looking forward to what it was like before the shopping rush. According to eMarketer, retail sales on Black Friday are expected to grow by 39% to $ 10 billion from last year, while 38% growth on Cyber ​​Monday is projected to reach around $ 13 billion.

Finkelstein sat down with CNBC via video chat last week to talk about the wild year for the company and hopes for Shopify on holiday days.

Here’s the full Q&A:

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