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Popular E-commerce platform Shopify has reported a very successful second quarter and has published that it has seen an exceptional increase in sales at 97% – it also reported revenues of $714.3 million for the quarter, way beyond analyst expectations of $500 million. Shopify even surpassed eBay in terms of its gross merchandise volumes, as its GMV rose 119% year-on-year to $30.1 billion whilst eBay saw a second quarter GMV of $27.1 billion.

J&P Comments

The factors that have contributed to Shopify’s increase in sales and revenue include that more sellers have signed up to the platform during lockdown and more physical retail stores that were forced to close have also turned to Shopify as a solution.

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