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What Sector Is Shopify Stock In?

Last updated on October 1, 2022 @ 1:15 pm

Shopify is a Canadian e-commerce company headquartered in Ottawa, Ontario. It is also the name of its proprietary e-commerce platform for online stores and retail point-of-sale systems. Shopify offers online retailers a suite of services “including payments, marketing, shipping and customer engagement tools to simplify the process of running an online store for small merchants.”

Shopify was founded in 2004 by Tobias Lütke, Daniel Weinand, and Scott Lake. Lütke, a German immigrant, had built a computer while working at an e-commerce company; when the company went bankrupt in the dot-com bust, Lütke realized that the proprietary software they used was too expensive for most small businesses.

PRO TIP: Shopify is a publicly traded company on the New York Stock Exchange (NYSE) under the symbol SHOP. As of June 2020, Shopify has a market capitalization of over $41 billion.

Shopify is not a sector-specific stock, and therefore does not have a sector designation.

He decided to build his own platform which would be easy to use and less expensive. Weinand and Lake had started a web design company called Snowdevil, which was struggling to find clients. The three decided to build their own platform which would combine their strengths in design, development, and marketing.

Shopify went public on the Toronto Stock Exchange in 2015. In 2019 it reported annual revenues of $1.58 billion CAD with over half a million merchants using its platform.

Shopify is in the technology sector. It offers an e-commerce platform for online stores and retail point-of-sale systems. Shopify also offers services “including payments, marketing, shipping and customer engagement tools to simplify the process of running an online store for small merchants.”

Madison Geldart

Madison Geldart

Cloud infrastructure engineer and tech mess solver.