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 was founded in 2004 by Tobias Lütke, Daniel Weinand, and Scott Lake after attempting to open Snowdevil, an online store for snowboarding equipment. Shopify launched its platform in 2006. Lütke, Weinand, and Lake spent almost three years developing the platform before launching it as a fully fledged business in 2009.
Shopify was initially developed as an internal project for Lütke’s own snowboarding shop.
The company has been profitable since 2015. In 2016, Shopify had a market capitalization of $3.8 billion and was the second largest Canadian IPO of the year after Alimentation Couche-Tard.
However, in 2017 Shopify’s stock price dropped sharply after it reported a loss in the first quarter of that year.
Why Did Shopify Fail
There are many possible reasons why Shopify might have failed. One reason could be that the company was overvalued when it went public.
Another possibility is that the company’s platform is not as intuitive or user-friendly as some of its competitors. Additionally, Shopify may have failed to adequately address the needs of its customers.
Conclusion:
The true reason why Shopify failed is still unknown. However, there are many possible explanations such as being overvalued when going public or not having an intuitive enough platform.
