While gross merchandise volume through its point-of-sale channel fell 71% in six weeks Shopify retailers replaced 94% of that with online sales
Shopify has reported first-quarter revenue that topped analysts’ estimates as businesses moved swiftly online during the coronavirus pandemic.
Still, Shopify noted the drop in point-of-sale purchases from bricks-and-mortar stores and questioned the sustainability of some of the online switch. The shares fluctuated between gains and losses and were up 0.7% as of 9.35am in Toronto. Still, the switch online appeared fairly painless for many. Shopify retailers managed to replace 94% of the volume with online sales, according to the company statement.
In April, its chief technology officer Jean-Michel Lemieux said the e-commerce company was seeing US Black Friday-type of traffic as it adds “thousands” of businesses to its platform amid the coronavirus outbreak. Many bricks-and-mortar businesses have used Shopify to keep their companies afloat as nationwide lockdowns force retail store closures across the world.
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