President of Shopify: Small businesses in America are the backbone of the economy

A company president has his eyes firmly set on big success for small businesses in America – and his company has a lot to do with it.

Harley Finkelstein, who runs Shopify, told FOX Business in an interview this week, “It’s pretty clear, especially after the pandemic, that small businesses are the backbone of the entire economy. They’re very, very important.”

In recent years, Finkelstein, who lives in Canada, said that the United States and indeed the world has seen that “the only constant in commerce is change and that things are happening so quickly, including offline retailers now moving online”, as well as online retailers who also find a physical presence for their products.

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As Americans approach the most important shopping time of the year, he also said, “there are a lot of unknowns, especially right now in this crazy economy. But despite current realities, there are still some real bright spots,” he said. said.

“We believe Black Friday and Cyber ​​Monday will still be one of the most anticipated events of the year.”

Shopify President Harley Finkelstein shared thoughts ahead of this year’s busy shopping season. “Every minute or so, a new business owner gets their first sale on Shopify,” she told FOX Business. (Shopify/Fox News)

He said that Shopify, “an entrepreneurship company,” is dedicated to “celebrating and recognizing the power of entrepreneurship on this incredible global stage.”

Shopify is a leading provider of essential internet infrastructure for commerce. It gives small businesses the tools to “start, grow, market and run” their own retail business of any size.

“We truly are where businesses start.”

What his company does year-round, Finkelstein said, “is it makes it easy for new businesses to start up. So once they’ve started, they find it really easy to scale something.”

One thing most people don’t understand about Shopify, he added, is that “every minute or so, a new business owner gets their first sale in Shopify. So we’re really where businesses start.”

Harley Finkelstein, Shopify / small business

Harley Finkelstein explained to FOX Business how her company offers “economies of scale to the millions of stores on Shopify, which allows them to level the playing field in a way” they couldn’t do on their own. (Shopify/iStock/Fox News)

However, instead of “keeping economies of scale for ourselves, we give those economies of scale to the millions of stores on Shopify, which allows them to level the playing field in a way they never could on their own,” he said. .

The end result, Finkelstein said, “is that you’re now seeing a lot of big companies that started out just a few years ago becoming the biggest brands in their particular industry.”

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Jimmy MacDonald, co-founder of Authenticity50, can talk about just that.

Jimmy MacDonald started his home products company in 2015 and has seen it grow tremendously over the past seven years.

He’s a small business owner in Camas, Washington who uses Shopify.

She started her home products company in 2015 and has seen it grow tremendously over the past seven years, she shared with FOX Business.

He and his wife Steph sell sheets, pillows, towels and comforters and are proud to make all of their products in the USA.

the MacDonalds of authenticity50

Authenticity50’s Jimmy and Steph MacDonald are based in Camas, Washington. They sell their US-made products to Americans from coast to coast with the help of Shopify. (Authenticity50 / Fox News)

“It took a few years to put the supply chain [details] together,” MacDonald said of the early days of his company, “and Shopify was also catching on during that time.”

After the MacDonalds launched their company in 2015, they launched their Shopify store in 2016, he said.

MacDonald noted, “Shopify gives anyone willing to put in a little essentially enterprise-level resources to run an online store.”

The number of users on his site went from under 100 to over 12,000 in the space of a minute, MacDonald said, and there were no problems.

He described a recent spike in traffic to his site, where the number of users on his site jumped from under 100 to over 12,000 in the span of a minute.

“Most sites would break under that load,” MacDonald said. “And yet Shopify handles it without a problem.”

the MacDonalds of authenticity50

Jimmy and Steph MacDonald of Authenticity50. Said Jimmy MacDonald, “Shopify gives you the backbone to spin [an e-commerce] site very quickly and very easily — and it looks great too.” (Authenticity50 / Fox News)

Shopify, he said, “gives you the backbone to build a website very quickly and very easily — it looks great, too,” he said, promoting the projects and guidance Shopify provides small business owners.

MacDonald noted that virtually everyone who bought items online used sites powered by Shopify.

“They [Shopify] they power some of the biggest brands out there, but their services work equally well for small family-owned stores and start-ups like us.”

Shopify by the numbers

Here’s a snapshot of Shopify, with facts provided by the company.

It powers millions of businesses in over 175 countries.

If you were to take all of Shopify’s US merchants and aggregate their online sales, Shopify would be the second largest online retailer in the US, ahead of eBay and Walmart.

It provides businesses of all sizes with the “toolkit” they need to stay independent, meet the challenges of today’s business environment, and succeed in the future.

Brands using Shopify include Allbirds, Gymshark, Heinz, Tupperware, FTD, Netflix, FIGS, and many more.

Authenticity50 co-founders

Authenticity50’s Jimmy and Steph MacDonald have been using Shopify to power their ecommerce site and power their small business since 2016. (Authenticity50 / Fox News)

Shopify merchants have created five million jobs.

If you were to take all US Shopify merchants and aggregate their online sales, Shopify would be the second largest online retailer in the US, ahead of eBay and Walmart, according to eMarketer in 2021.

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In terms of global economic impact, that’s more than $444 billion in 2021 from merchants on Shopify, the company says, up 45% from 2020.

In 2021, nearly 600 million shoppers made a purchase from a Shopify merchant, up nearly 31% from 2020 (457 million shoppers in 2020; 300 million shoppers in 2019), update as of Q4 2021.

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Also, last September, Shopify launched POS Go, retail hardware that manages Shopify’s point of sale software, connecting a brand’s online and offline activity.

To learn more about Shopify, watch this video:

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