The COVID-19 pandemic is driving more brick-and-mortar retailers and shoppers online, and a growing number are using Shopify’s technology to sell and buy staples like food. On Wednesday, the Ottawa-based firm reported US$470 million in revenue in the first quarter of 2020, up 47 per cent from the same period last year. The e-commerce giant’s stock rose more than six per cent in afternoon trading on the expectation-beating figures, surpassing RBC as Canada’s largest publicly-traded firm by market cap; analysts’ consensus was US$443 million, per Bloomberg.
The COVID-19 pandemic has driven new merchants to Shopify’s platform, including from sectors where the company hasn’t traditionally been strong. Here’s what you need to know: