Shopify ( NYSE:SHOP )
On Tuesday, Shopify ( NYSE:SHOP ) Technologies Inc. introduced a new service geared at large retailers. This new service will let large retailers choose the tools and services the Canadian technology giant provides and combine them with online platforms. As a result, Shopify stock surged.
The business said that it has signed up the toy manufacturer Mattel Inc. ( NASDAQ:MAT ) for the product and that it was aiming to get other enterprise customers it works with, such as Glossier, Coty (NYSE:COTY), Steve Madden, and Staples, on board as well.
Retailers will soon be able to select and choose components, such as checkout and other back-office services, for their already-established online enterprises via Shopify. Shopify stock is a service that lets businesses set up their online shop and website by charging a membership fee.
The cost of the service, known as Commerce Components, will vary depending on the level of customization a merchant provides and the components they want to use. Currently, the monthly membership for Shopify Plus begins at $2,000, while the essential plan cost is $29.
Shopify President Harley Finkelstein stated in an interview, “Commerce Components is basically for a new part of the market that has previously been neglected… we believe this offers us a new market to move into.”
“If you have to...
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