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Shopify is now Canada's most valuable company because we can't stop online shopping

Shopify is now Canada's most valuable company, according to the latest figures on the TSX.

On Wednesday afternoon, the Canadian e-commerce platform overtook the Royal Bank of Canada as the nation's largest public company, with its stock price surging past $120 billion.

Shopify is the third Canadian tech company to occupy the top position, following in the footsteps of Nortel and Blackberry.

Shopify's new position as a market leader is particularly staggering, considering how young the tech company is.

The Royal Bank of Canada has been around since 1869; Shopify, on the other hand, was co-founded in 2004 and was initially positioned as an online store for snow boarding equipment.

Shopify didn't even make its debut on the stock market until 2015, and it priced its initial public offering at only $17 per share.

As more Canadians stay indoors due to social distancing efforts, the platform is seeing an increased number of orders.

Just two weeks ago, the company's chief technology officer, Jean-Michel Lemieux, said the company was seeing sales volumes on its platform that rival Black Friday.

So, basically, Canada is buying a heck of a lot of Kylie cosmetics, Heinz ketchup, workout gear and other products online during lockdown, which has contributed to Shopify's success.

And with at least some social distancing measures in place across Canada until a vaccine is found, Shopify's success will likely only continue to grow in the coming months.

Lead photo by

Shopify


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