COVID-19 is proving to be no match for
While many Canadian businesses filed for bankruptcy or watched sales disappear in record time amid the health crisis, the
Shopify's stock price was up by almost 10 per cent or
Chief operating officer
The company is seeing an acceleration of companies making the switch from their legacy platforms, he said.
"We're also seeing digital transformation generally is pushing larger retailers to look at partners who are nimble, who are flexible, who are certainly cost-effective and that's Shopify Plus for the larger brands."
The flurry of activity Finkelstein discussed propelled Shopify revenues in the three months ended June to
Shopify also earned
Shopify was expected to report a net loss of
Shopify chief executive
"I think in retail they are all finding ... software that feels like a decade-old because all the assumptions have been tossed into the air and reassembled based on COVID," he said.
"COVID has accelerated this thing that was already going on."
The pandemic highlighted how lucky Shopify was to be a company that was born and bred on the internet and already at work on a fulfillment centre network intent on lowering shipping costs and ensuring timely deliveries for
Shopify had to look at how to speed up some of its plans and rejig others that had been formed before the pandemic, but the challenges they faced were nothing compared to businesses who had to close their doors and convert to online sales with no notice.
Shopify was ready for the moment and moved new companies to its software as quickly as it could, eventually experiencing a 71 per cent surge in new store growth.
At the same time, Lutke pronounced the company "digital-by-default" and told his staff that Shopify is moving to a permanent remote-work model for most employees.
Chief financial officer
Employees she said will work from home most of the time, but be able to use office spaces when it makes sense.
"This also represents an opportunity for Shopify to open up and further diversify our talent pool, unconstrained by physical location," she said.
"While our offices were a special part of the Shopify experience, our culture is not defined by it."
This report by
Companies in this story: (TSX:SHOP)
© 2020 The Canadian Press. All rights reserved., source