Shopify president: Small businesses in America are the backbone of the economy

The president of a company has his sights firmly set on the great success of small companies in the United States, and his firm has a lot to do with it.

Harley Finkelstein, who runs Shopify, told FOX Business in an interview this week: “It’s pretty clear, especially after the pandemic, that small companies They are the backbone of the entire economy. They are very, very important.”

In recent years, Canada-based Finkelstein said the United States, and indeed the world, have seen that “the only constant in commerce is change, and that things are happening so fast, even offline retailers moving online Now” as well as online retailers who also find a physical presence for their products.

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As Americans approach the biggest shopping time of the year, he also said, “There are a lot of unknowns, especially right now in this crazy economy. But despite today’s realities, there are still some really bright spots.” said.

“We believe that Black Friday and Cyber ​​Monday It will continue to be one of the most anticipated events of the year.”

He said that Shopify, “an entrepreneurial company,” is dedicated to “celebrating and recognizing the power of entrepreneurship on this incredible global stage.”

Shopify is a leading provider of essential Internet infrastructure for commerce. It offers small businesses the tools to “start, grow, market and manage” their retail business of any size.

“We really are the place where business starts.”

What his firm does throughout the year, Finkelstein said, “is make it really easy for new business To get started. Then once they start, it’s very easy for them to scale something.”

One thing most people don’t realize about Shopify, he added, is that “every minute or so, a new business owner gets their first sale on Shopify. So we’re really where businesses start.”

However, instead of “keeping the economies of scale for us, we give those economies of scale to the millions of stores on Shopify, allowing them to level the playing field in a way they could never do on their own,” he said. .

The end result, Finkelstein said, “is that you now see a lot of really great companies that started just a few years ago and became the biggest brands in their particular industry.”

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Jimmy MacDonald, co-founder of Authenticity50, can speak to this accurately.

Jimmy MacDonald started his home products business in 2015 and over the past seven years has seen it grow tremendously.

He owns a small business in Camas, Washington, that uses Shopify.

He started his home’s products company in 2015 and over the past seven years has seen it grow tremendously, he shared with FOX Business.

He and his wife, Steph, sell sheets, pillows, towels, and comforters, and are proud to make all of their products in the USA.

“It took us a few years to put the supply chain [details] together,” MacDonald said of his company’s early days, “and Shopify was gaining momentum around that time as well.”

After the MacDonalds launched their company in 2015, they launched their Shopify store in 2016, he said.

MacDonald noted, “Shopify gives anyone willing to put in a little effort essentially enterprise-grade resources for running an online store.”

The number of users on his site went from less than 100 to more than 12,000 in the space of a minute, MacDonald said, and there was no problem.

He described a recent traffic spike on his site, where the number of users on his site went from less than 100 to more than 12,000 in the space of one minute.

“Most sites would collapse under that load,” MacDonald said. “However, Shopify handles that without any problem.”

Shopify, he said, “gives you the backbone to launch a website very fast and very easily, it looks great too,” he said, touting the blueprints and guidance Shopify provides to small business owners.

MacDonald noted that virtually everyone who has purchased items online has used Shopify-supported sites.

“They [Shopify] They power some of the biggest brands, but their services work the same way for small mom-and-pop stores and start-ups like us.”

Shopify by the numbers

Here’s a snapshot of Shopify, with data provided by the company.

It powers millions of businesses in more than 175 countries.

If you were to take all of Shopify’s US merchants and add their online sales, Shopify would be the second largest online retailer in the US, ahead of eBay and Walmart.

It provides businesses of all sizes with the “toolkit” they need to stay independent, meet the challenges of today’s business environment, and succeed tomorrow.

Brands that use Shopify include Allbirds, Gymshark, Heinz, tupperware, FTD, Netflix, FIGS and many more.

Shopify merchants have created five million jobs.

If you were to take all of Shopify’s US merchants and add their online sales, Shopify would be the second largest online retailer in the US, ahead of eBay and Walmart, according to eMarketer in 2021.

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In terms of global economic impact, that’s more than $444 billion in 2021 from merchants on Shopify, the company says, representing a 45% increase from 2020.

In 2021, nearly 600 million shoppers made a purchase from a Shopify merchant, representing nearly 31% growth since 2020 (457 million consumers in 2020; 300 million consumers in 2019), updated to Q4 2020. 2021.

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Also, last September, Shopify launched POS Go, retail hardware that runs Shopify POS software – connects a brand’s online and offline business.

To learn more about Shopify, watch this video: