Shopify Inc. Surpasses Record-High $1 Billion In Revenue

Despite its ongoing battle against e-commerce giant, Amazon, Shopify Inc. has been able to surpass a record-high of $1 billion in revenue, with most businesses starting up again amid the COVID-19 pandemic and many people using Shopify's offerings for their business needs once more according to a report filed by the Canadian Broadcasting Corporation (CBC).

Photo Insert: Woman shopping for a new bag online

It appears that the e-commerce company is attributing its milestones to returning stores and restaurants. They also attribute this growth to an increase of internet sales following a health crisis that closed many locales for weeks at a time, while customers continued to shop online. Shopify's revenue for its second quarter, which ended June 30th, reached $1.1 billion US and is up 57% from the same time last year with a total of $714 million in sales at that point.

Shopify saw a 40% increase in gross merchandise value, which now totals $42.2 billion US.

Analysts are closely watching whether the company can hold onto current customers once the trials and COVID-19 cases subside. It seems as though they will, with projected growth in 2021, albeit at an even slower rate than 2020 because of fewer new merchants joining.

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