Shopify’s Gross Merchandise Volume (GMV) for the second quarter was $30.1 billion compared to eBay’s $27.1 billion. For the first time, Shopify processed more transaction volume than eBay. Shopify is not a marketplace directly comparable to eBay; however, like all e-commerce companies, they compete for the same customers.
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Walmart marketplace has surpassed 50,000 sellers, doubling in size from July 2019. The partnership with Shopify, announced on June 15th, has accelerated its growth, bringing over 5,000 new sellers during the six weeks since.
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More brands joined the Walmart marketplace last week than ever before, setting a record for new sellers added in a week. The partnership with Shopify, announced on June 15th, was mostly why more than 1,100 new sellers joined the marketplace. That’s three times more than the average week this year so far.
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Despite Shopify's new-found narrative of being an integrator, it's a poor one. And as a business, it assumes other channels will not succeed, because that would render Shopify obsolete.
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As e-commerce booms during the pandemic, some marketplaces have greatly benefited, a few prepared for the future, while others were caught unprepared to react. A typical seller relied on Amazon, saw growth on Walmart, got excited by Facebook, and didn’t care about Google.
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Shopify launched a consumer shopping app, called Shop, on Tuesday. The app is both a glimpse of what a marketplace built of Shopify stores would look like, and an underwhelming first take at appealing to consumers. It does little to drive product discovery for brands on Shopify.
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Google Shopping now lets any retailer or brand to list their products for free. Before, merchants paid Google every time someone clicked through to their website from a Google Shopping product listing. Google’s latest attempt in e-commerce is aggregating shopping websites, a strategy it first tried a decade ago.
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Shopify’s most significant opportunity is a marketplace. It already helps with data, payments, fulfillment, capital, and store management. It helps with everything except for one thing - finding customers. As customer acquisition costs rise, Shopify’s challenge is to help here too.
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In the headphones category on Amazon, 2,435 different products from 766 brands were one of the top 100 best-sellers in the last twelve months. That’s seven new products from two new brands every day replacing previous products in the top 100 list.
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Shopify will be bigger than eBay by as early as 2021. Shopify handled $41.1 billion in sales volume in 2018, an increase of 56% over 2017. On the other side of the ring, eBay did $89.83 billion, an increase of just 7%.
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