President of Shopify: America's small businesses are the backbone of the economy

President of Shopify: America’s small businesses are the backbone of the economy

A company president has his sights set firmly on the big success of America’s small business — 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. .”

Over the past few years, Finkelstein, who is based in Canada, said the United States and indeed the world have seen that “the only constant in business is change – and things happen so quickly, including offline retailers moving online now”. “, as well as online retailers also finding a physical presence for their wares.

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

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

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

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

Shopify is a leading provider of business-critical internet infrastructure. It gives small businesses the tools to “start, grow, market and manage” their retail business of any size.

“We really are where businesses start.”

What his company does all year, Finkelstein said, “is make it easy to start new businesses. Then, once they’ve started, they find it really easy to scale something.”

One thing most people don’t realize about Shopify, he added, is that “every minute or so a new entrepreneur is getting their first sale on Shopify. businesses start up.

Harley Finkelstein, Shopify / small business owner

Harley Finkelstein told FOX Business how her company provides “economies of scale to the millions of stores on Shopify — allowing them to level the playing field in ways” they couldn’t do on their own. (Shopify/iStock/FoxNews)

Yet, instead of “keeping economies of scale for ourselves, we give those economies of scale to the millions of stores on Shopify – allowing them to level the playing field in a way they don’t could never do on their own,” he said.

The end result, Finkelstein said, “is that you now see a lot of really big companies that started just a few years ago and have become the biggest brands in their particular industry.”

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Jimmy MacDonald, co-founder of Authenticity50, can speak to that specifically.

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

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

He started his home products business in 2015 and over the past seven years has seen it grow tremendously, he shared with FOX Business.

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

the MacDonalds of authenticity50

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

“It took us a few years to put the supply chain [details] together,” MacDonald said of the early days of his business, “and Shopify was also gaining momentum around this time.”

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

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

The number of users on his site jumped from less than 100 to more than 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, in which the number of users on his site grew from less than 100 to over 12,000 in the span of a minute.

“Most sites would break under this load,” MacDonald said. “Still, Shopify handles this without any issues.”

the MacDonalds of authenticity50

Jimmy and Steph MacDonald of Authenticity50. Says Jimmy MacDonald, “Shopify gives you the backbone to run [an e-commerce] website very quickly and very easily – and it looks really good too.” (Authenticity50/Fox News)

Shopify, he said, “gives you the backbone to spin up a website really quickly and really easily – it looks really good too,” he said, touting the plans and advice that Shopify provides for small business owners.

MacDonald noted that virtually everyone who has purchased items online has used Shopify-supported sites.

“They [Shopify] power some of the biggest brands, but their services work the same for small, family-run shops and start-ups like ours. »

Shopify in numbers

Here’s an overview 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 “toolbox” they need to stay independent, meet the challenges of today’s business environment and succeed in the future.

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

Authenticity50 co-founders

Jimmy and Steph MacDonald of Authenticity50 have been using Shopify to power their e-commerce site and power their small business since 2016. (Authenticity50/Fox News)

Shopify merchants have created five million jobs.

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, 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, according to the company, which is a 45% increase from 2020.

In 2021, nearly 600 million shoppers made a purchase from a Shopify merchant, growing nearly 31% from 2020 (457 million consumers in 2020; 300 million consumers in 2019), updated to the fourth quarter of 2021.

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Additionally, last September, Shopify launched POS Go, the retail hardware that runs Shopify’s point-of-sale software, connecting a brand’s online and offline activities.

To learn more about Shopify, watch this video:

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