Rising inflation and higher interest rates are weakening consumers’ buying power and consequently, e-commerce purchases are dropping. Despite its already tepid results, Shopify Inc is fighting back by innovating across all fields, such as by looking for a way to fill a lucrative gap in marketing data left by Apple Inc’s policy changes that shook the online ad industry over the last 18 months by offering retailers a new way to target potential customers.
Shopify’s Stock Fell From The Pandemic Glory
Between the beginning of the pandemic and November 2021, the Canadian e-commerce group saw its stock price expand five times as retailers and consumers favored ecommerce purchases. But, in the post-pandemic reality, its shares have lost three-quarters of their value since 2021’s peak, leaving them almost where they were when COVID-19 started its relentless march across the globe. Although it was among the hottest pandemic stocks as online shopping boomed and even became Canada’s most valuable company, Shopify’s shares plummeted 75 percent last year.