Shopify will concentrate on business-to-business (B2B) commerce and will introduce tools to compete with Amazon.
According to the source, Shopify’s entry into B2B sales will expand its business model by providing tools to let wholesalers sell in bulk and handle procurement by connecting with enterprise resource planning software.
Shopify is a software and service provider for independent shops. The company’s stock has dropped by 75%, wiping off more than $130 billion from its market worth.
Shopify’s downturn has been more severe than that of many competitors, such as Amazon, with the typical suspects such as inflation and supply chain insecurity playing a significant role.
Shopify has also recorded a decrease in overall sales growth, as well as a decrease in the total value of items sold.
According to the business’s president, Harley Finkelstein, this will now be a chance for the company to grow its entire addressable market.
The company stated that it does not want to “only go after direct-to-consumer enterprises, large and small,” but also wants to “go after wholesale industry, which is a massive untapped opportunity.”
Shopify also announced a relationship with Twitter, via which Shopify merchants will be able to display and edit things on Twitter accounts.
Twitter will also launch a sales channel app for Shopify US businesses, allowing them to sign up for Twitter’s Shopping Manager and link and sync their product catalogs.
This demonstrates how social media is increasingly being used to help consumers discover what they want to buy, as well as the necessity for businesses to satisfy customer expectations that what they want will be accessible – addressing a major problem for eCommerce, inventory stock-outs.
