The e-commerce platform company, Shopify (NYSE:$SHOP) is focused on “reducing the learning curve” to start a business. As a result, the company is increasing the number of entrepreneurs. Recent data from Shopify suggests its merchants aren’t just tech-savvy early adopters, it seems the company is succeeding on all fronts.
Shopify’s CEO Tobi Lutke kicked off its Unite conference for partners and developers earlier this year where he said that it was his personal mission to “build a path that leads to more entrepreneurs.” Lutke stated this has been his goal since he made his first snowboard sale on his e-commerce website.
On the company’s most recent earnings call Lutke explained that now more than ever, it’s a great time to be an entrepreneur, and went on to explain why. First, consumers are gravitating towards retailers who offer experiential shopping and a personal touch. Second, quality manufacturers are available to entrepreneurs without a significant capital investment. Last, advances in supply chain technology enable small business owners to hold less inventory, and in some cases, no inventory.
Shopify merchant base has moved beyond the early adopter market and more “closely resembles the general population.” This trend couldn’t have happened without Shopify’s efforts to “flatten the learning curve” for its merchants. These efforts focus on developing what merchants need most and using its trove of data to pinpoint where merchants “get stuck” so that it can provide tools and programs to help.
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