Shopify

Shopify, a key player in internet commerce infrastructure, announced a remarkable achievement with Shopify merchants hitting a record $9.3 billion in sales during the Black Friday Cyber Monday (BFCM) weekend, marking a 24% increase from the previous year.

The global impact was substantial, with over 61 million consumers purchasing from Shopify-powered brands across various continents. Shopping reached its peak at an astonishing $4.2 million per minute on Black Friday.

Shopify President Harley Finkelstein expressed admiration for entrepreneurs, highlighting the testament to their consistent delivery of exceptional products and experiences that resonate with a global consumer base.

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Shopify’s CEO, Tobi Lütke, has bid farewell to the Ottawa headquarters, leaving the city behind for Toronto, as confirmed in a tweet on X (formerly Twitter). This move marks a significant shift for the e-commerce giant, which had its roots firmly planted in Ottawa.

Lütke’s decision to relocate comes after Shopify declared a “digital by default” strategy in May 2020, encouraging remote work and downsizing physical office spaces.

Over the past three years, the company has revamped its leadership team, with several new U.S.-based recruits. This change follows President Harley Finkelstein’s move to Montreal in July.

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In a heartfelt message on Twitter and LinkedIn, Satish Kanwar, Shopify’s Vice President of Corporate Development and Head of Product Acceleration, announced his departure after a decade at the company.

Kanwar, who joined through the acquisition of Jet Cooper in 2013, played a crucial role in Shopify’s journey to becoming an e-commerce giant.

As an angel investor, he plans to spend more time with his family and manage his family office, Good Future.

His exit marks another change in Shopify’s executive team, which has undergone significant reshuffling due to the challenges brought by the pandemic.

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Shopify CEO Tobias Lutke is prepared to confront the Canada Revenue Agency (CRA) over what he perceives as overreach. The e-commerce company was asked to provide tax records for more than 121,000 Canadian stores from the past six years.

Lutke expressed his disagreement on Twitter, stating that it felt like an overreach and that they would fight it.

The CRA stated that it requires judicial authorization to obtain information about unnamed individuals.

While the reason behind the inquiry is unclear, it is not uncommon for the agency to target e-commerce platforms over tax evasion concerns. Court records show the involvement of the Income Tax Act and Excise Tax Act, requiring authorization from a Federal Court judge.

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In response to high demand, Shopify is making its renowned Shop Pay technology accessible to the biggest brands in the world.

Enterprise retailers can now upgrade their customer experiences without the need for extensive infrastructure changes.

Available through Shopify Payments, Shop Pay increases conversion rates by up to 50% compared to guest checkouts, surpassing other accelerated checkouts by at least 10%.

This move allows enterprises in the US, Canada, the UK, Australia, and New Zealand to leverage a trusted accelerated checkout with over 100 million high-value buyers. Don’t miss out on this critical advantage in a competitive retail landscape.

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