9 Interesting Shopify Fun Facts You Should Know
If you haven’t heard of Shopify, you may be missing out on some excellent e-commerce prospects. It’s a Canadian company that offers a proprietary e-commerce platform to anyone who wants to open their online retail shops. Shopify is quickly growing into a large corporation supporting thousands of merchants in expanding their online sales.
Shopify was founded in 2006 by Tobias Lutke and Scott Lake. The estimated yearly revenue for Shopify in 2020 is $2.86 billion. It didn’t take long for us to find several intriguing facts about them that we thought everyone should know about, so here are 4 fun facts about Shopify you probably didn’t know but will be delighted to know.
1. Shopify wasn’t the company’s first name
Snowdevil was the original name of the startup that would eventually become Shopify. In a similar amusing fact about Shopify that few people are aware of, the owner and co-founder had no intention of running anything other than a snowboarding shop. As a result, he didn’t recognize the possibilities for using the new software to fuel a different kind of business until after he produced software to make it easier to operate his snowboarding shop. It’s incredible how one simple tiny breakthrough can lead to a beautiful idea that snowballs into a multi-billion dollar business in a matter of years.
Img source: Shopify
2. A comprehensive bundle for business owners
The wide-ranging packages that Shopify offers for entrepreneurs who want to start their own online e-commerce web stores impressed us. For a new business owner, the quantity of tools and services they offer is fascinating, and they’re all oriented toward making a new business easier to start and run. Payments, shipping, customer engagement tools, and marketing are all handled by Shopify. For novice, intermediate, and advanced users, they cover the bulk of the bases.
3. Snowboards were first sold on Shopify
Before becoming the multi-channel ecommerce hosting behemoth today, Shopify was just a little online store selling snowboarding equipment. The company’s co-founder was having problems with his new endeavour because he couldn’t locate any e-commerce software that met his criteria as a startup entrepreneur. The tools he discovered to be more appropriate were out of his price range, in addition to being rigid and too hard to use. So Tobi Lutke decided to design his software at this point. This is how Shopify got its start.
4. Shopify, as we all know and love it, debuted in 2006
Shopify has only been around for a little over several years. Still, it has helped thousands of entrepreneurs with solid ideas and a little initiative build a regular income in that time. Lutke quickly realized that once the software he produced helped his snowboard business, he could put it to better use by helping thousands, if not millions, of individuals in similar situations. He made a fortune by using his new software to provide more accessible merchant services at a lower price to the rest of the world.
5. Shopify has built a robust ecosystem
The solid ecosystem that Shopify has developed is one of the secrets to its great success. Their app store has over 1,400 apps that provide extra sales and marketing capabilities that are productive and valuable for their customers. With such a comprehensive offering, their merchants have many apps to choose from that best match their needs, rather than settling for less-than-ideal tools. So whether you need shipping tools, inventory control, customer support, accounting, social media management, or various other essential tools, they have it ready and waiting for you to use right away. The best part is that it’s all contained within a single platform, making it more accessible and straightforward to manage.
6. Shopify grows as merchants grow
In 2020, Shopify assisted 1.7 million enterprises, with 690,000+ small businesses selling globally. It is in Shopify’s best interests to assist merchants in growing their businesses. They genuinely scale their company in tandem with them.
7. Shopify’s growth prospects are bright
The company is now doing exceptionally well and has quickly risen in the e-commerce assistance industry. Still, the evidence suggests that we are only beginning to see what the company is capable of. According to a survey conducted by Littledata, the average revenue per Shopify customer is US$72. The company is still in the early stages of its development cycle. With its projected expansion and the fact that it presently only has a four percent penetration in its key regions and a meagre one percent of its total addressable market, Shopify has plenty of potential to grow exponentially. In the second quarter of 2018, Shopify received its billionth order, and by September 2020, the platform had $6.12 billion in cash, cash equivalents, and marketable securities. The possibilities are endless, but only time will tell whether they will be realized to their full extent. Still, it’s exciting for those who can think about it and consider it a long-term investment.
8. Initially, the company was a store, not a platform.
Shopify was an online store before it was a platform for establishing online stores. That was the initial vision—the company was never supposed to be an e-commerce platform when it was founded. The site didn’t intend to develop its software for the e-commerce side of things at first.
9. Online Store 2.0 opening-up opportunities
With this update by Shopify, the developers got new tools for the creation of better experiences for shoppers and merchants. Flexibility for building themes and integrations was made easy to customize. Various theme app extensions were made available for the extension of apps into merchants’ themes with the help of app blocks. Built-in modularity was introduced to avoid the building of integration logic. Hence, this update offered various opportunities while helping developers in easing their tasks.
Final Words:
All in a round, Shopify merchants were generated to have a global economic impact of more than $307 billion in 2020. In terms of revenue, Shopify merchants would be the world’s seventh-largest firm, ahead of Apple, BP, and Volkswagen. Shopify has offices in some of the most beautiful cities on the planet.
There’s always something new to do and see in and around Shopify. Whether you’re purchasing or selling on the platform, Shopify is always available to support a good idea and an excellent business module that enables an enormous number of people to live a more comfortable existence.
Running a fortunate online business needs much more than an excellent ecommerce platform as business plan, theme, development & marketing strategy and overall shopping experience play a vital role. Ready to create your Shopify store? Connect with our Shopify experts to assist you in every possible manner.
