One thing that we have seen in the market is that if there are any serious contenders to challenge the dominance of Amazon then they have to be Walmart and Shopify. While Walmart is a retail giant who has just entered the online e-commerce space, Shopify is different in a way that it empowers people to sell online rather than selling products by themselves like Amazon.
Now, you might have heard people saying that they have Shopify stores for selling their home-grown products. And we have just seen how big Shopify has become in empowering people to sell what they want on their own.
We know that you can still sell on Amazon but Shopify allows you to control every aspect of your stores such as traffic, revenue, payments and everything else. Now, Shopify also just announced its Q4 2019 revenue which shows that the company is absolutely dominating the sales.
It is learnt that Shopify has more than a million people who have their stores on the platform. And those 1 million+ stores have generated sales of over $2.9 billion just in the Black Friday and Cyber Monday Weekend.
The sales figure from Shopify, which was $1.8 billion last year, has crossed the $2.9 billion mark which shows that the company has grown almost 50% in just a year. Now, the major part of this earnings growth from Shopify is due to the introduction of add-on services such as payment and marketing tools.
Shopify also posted $505.2 million revenue figure in just last quarter of 2019. This is quite higher than expectations of $481.6 million from the analysts for Q4 2019. Also, Shopify sees its revenue for 2020 to be $2.13 billion while analysts project it to be $2.12 billion as well. Clearly, Shopify is being cautious in keeping the expectations lower which is sensible because higher-than-expected figures are always better than the other way around.