Shopify collaborates with Twitter to help merchants and unveils new tools

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Shopify has launched new tools to help its merchants sell to other businesses and on Twitter, as the Canadian tech giant tries to shore up sales to counter a post-pandemic downturn in online shopping.

More than 100 new tools were unveiled on Wednesday, including those to support its plans to push into business-to-business, for shoppers to connect their crypto wallets to a store and Apple’s “Tap to Pay” feature on iPhones.

Shopify, which helps businesses build their online stores, hit the jackpot during the shutdowns as global brands and mom-and-pop stores shifted to selling directly to consumers online while their stores were closed.

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With the economy reopening, however, investors are beginning to question Shopify’s future, sending the company’s stock plummeting 76% this year and wiping out much of its pandemic gains.

Shopify’s response to the slowdown extends to the wholesale market, an avenue far broader than direct-to-consumer sales and with “billions in untapped revenue,” according to chairman Harley Finkelstein.

Companies are looking to shift from direct-to-consumer to “connecting to consumer,” making it easier for people to shop on social media platforms and pay with their phones, Finkelstein said in an interview.

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“It’s the next phase of retail…In many ways shopping has become a vote with your wallet to support this brand…And that’s what I think the connection to the consumer is” , did he declare.

The post-pandemic world has also posed challenges for Amazon, Shopify’s biggest rival, as it suffers massive losses after building more warehouses than needed during the boom.

In a podcast earlier this month, Vijay Viswanathan, longtime Shopify investor Mawer Investment Management, said he was exiting the stock over fears of slowing growth and competition. “The internet is getting more and more crowded… It’s become more and more difficult to justify the evaluation.”

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© Thomson Reuters 2022

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