Shopify looks set to become the 2nd-largest e-commerce platform in the U.S. this year by skleb1234
Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty ImagesWith its recent acquisition of a warehouse-robot startup, Canadian e-commerce company Shopify is ramping up efforts to expand its network of retailers, help them deliver products and compete with Amazon.that it would pay $450 million to acquire 6 River Systems, a leading provider of collaborative warehouse solutions such as robots and other software used to help fill retailers’ orders.
The deal, which consists of 60% in cash and 40% in company shares, will substantially improve Shopify’s fulfillment network by increasing the speed and reliability of warehouse operations as well as streamlining distribution services, the company said. Shopify shares have soared since its 2015 IPO, hitting record highs this year. The stock price has more than doubled, up 160% so far in 2019.$362 million in revenue last quarter, up nearly 50% from the same period last year.
Earlier this year, Shopify passed eBay in terms of market capitalization—the companies are worth $40.3 billion and $34.7 billion, respectively—and will soon surpass eBay in total U.S. merchant sales volume, becoming the second-largest e-commerce platform, behind only Amazon, according to Baird analysts.Further Reading:
In a note published on Monday, Baird upgraded its price target for Shopify from $370 to $410 per share, citing higher revenue estimates for 2019: “Our latest checks suggest Shopify is on track to exceed one million merchant customers by year-end and will surpass eBay as the No.2 e-commerce platform in North America ”Ottawa-based Shopify is best known as a specialized e-commerce platform that provides merchants with the software and tools needed to build their own online stores .
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