The news: Shopify launched a new service called Commerce Components by Shopify that allows large retailers to pick and choose from the company’s array of tools and services—such as checkout and social commerce—to integrate into their existing commerce stack.
Looking to large retailers for growth: Shopify’s growth soared in the early days of the pandemic. Between 2020 and 2021, it nearly tripled its revenues and more than doubled its gross merchandise volume (GMV). But its US GMV growth rate has slowed since 2021, just as the broader US retail ecommerce market has slowed.
Broadening Shopify’s reach: Shopify has also rolled out a number of initiatives in several areas to unearth growth drivers.
And in June it launched more than 100 new tools that push it deeper into business-to-business (B2B) ecommerce, offline and local retail, and social commerce.
The big takeaway: Shopify CEO and founder Tobi Lütke has long said that he is “trying to arm the rebels” with the tools they need to challenge Amazon’s ecommerce empire. By continuing to diversify and expand its offerings, it is giving retailers more reason to consider its services over its competition.
Go further: For more on Shopify's growth prospects, read our Spotlight report.
This article originally appeared in Insider Intelligence's Retail & Ecommerce Briefing—a daily recap of top stories reshaping the retail industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.