Shares in Shopify, the ecommerce platform climbed as much as 7% after getting a bullish report from Wall Street.
Analysts believe Shopify has the potential to grow to the same extent as the likes of Facebook, Amazon and Alphabet (formerly Google).
With its competitively prices products and services, Shopify is we positioned to benefit from rising adoption of online shopping.
It’s fair to say that the COVID-19 pandemic did created a surge in e-commerce demand in 2020 / 2021 as people shopped from home, which Shopify and other ecommerce companies benefited from.
Shopify still expects revenue in 2021 to grow at a healthy rate as things normalise, but did not provide a specific forecast due to ongoing macroeconomic uncertainties.