AMZN - Here's Why Shopify Stock Jumped Today
2023-08-31 15:15:10 ET
Shares of e-commerce software provider Shopify (NYSE: SHOP) jumped today after the company announced that it's partnering with its biggest rival: Amazon (NASDAQ: AMZN) . As of 2 p.m. ET, Shopify stock was up almost 10%.
Earlier in 2023, Amazon launched "Buy with Prime" to any U.S. merchant, allowing merchants to provide its customers with the perks of Amazon's membership program. It extended Amazon's reach beyond its own domain to that of these third-party e-commerce websites.
Now the option of Buy with Prime is coming to websites powered by Shopify's software. But according to the press release, Shopify merchants retain control of customer data. And Shopify will still process the payments, which is really the big thing here.
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Here's Why Shopify Stock Jumped Today