Shopify stock has more than doubled this year
Canadian e-commerce company Shopify (SHOP) has seen stellar growth in the last couple of years. The stock has risen 173% since late December, and 25.8% since June 3.
The company has benefited from its diversified and expanding retailer base and international market expansion. The latest leg of its stock rally came after the company announced some changes to its platform on Wednesday at its annual partner conference, Shopify Unite.
US fulfilment center places Shopify in competition with Amazon
The company announced it was revamping Shopify Plus, an e-commerce platform that enables enterprise clients to expand their business. The company said the new platform will give companies “key information across all of their stores, providing greater control of users and permissions.”
To facilitate commerce, the company has also launched Shopify Fulfillment Network in the US, placing it in direct competition with Amazon. The network uses machine learning-driven inventory-allocation tech that helps vendors avoid additional shipping charges and gives consumers quicker delivery.
Shopify also unveiled Shopify POS, point-of-sale software that allows merchants to expand their brick-and-mortar business. These moves will likely help grow Shopify’s top line.