Future of Shopify
Shopify is one of the most talked-about the platform that hosts some millions of online stores across the world. There are so many small and medium-sized businesses out there that need an online presence, and Shopify made this possible for them. This platform is here to stay, and the future of it is looking bright and beaming right now.
Shopify is an e-Commerce platform that helps every business out there irrespective of its size, an option to set up an online store, and work around it. For some years, Shopify has been one of the most profitable investments out there. The company has already made a significant impact on the e-Commerce field, and it is going to be similarly impactful for a long time in the future too.
The Shopify development the team is always striving to bring the best features for its users. So, what do you think is going to happen for Shopify in the next five years?
The stock prices will go up, and it is a common thing, but other than that, the company is trying to change the way people shop online now. It is planning on bringing some of the exciting features that will make it even easier for small and medium-sized businesses. Know about the future of Shopify in the coming five years in this article.
Improved Stock Prices and Increased Revenue
Let us talk about Shopify’s business first. The company’s stock prices are skyrocketing now, and by 2023, the cost of one share is predicted to be 7 USD, which is a lot more than its price now. The company is aiming at occupying the largest share of the e-commerce platform market, and it is providing the best features to make this possible. The revenue of it is also going to be $4.1 billion by 2023, which is quadruple, times its actual revenue now ($1.045 billion). There are a total of 600,000 outlets present on Shopify, and this proves that the company is doing something right and what is needed for the business owners. So, even with future changes coming up, Shopify is going to stay on top of them without any hassle.
The company is broadening its international presence. And one thing that is for sure here is that it is going to impact the future e-Commerce business in a better way. If you are planning and setting-up to hire Shopify experts, then it is high time to do that now.
The company is planning on bringing in many more value-added services. These services will help merchants on the same platform so that they can grow seamlessly. The stock value of this business will double in the future if the same trend continues.
What Can Merchants Expect?
Well, the merchants on the Shopify platform are the customers of its services. Shopify is a platform that every beginner out there looks out for projects. The future of Shopify will be in safe hands if they make the platform even friendlier for the merchants. So, how is it possible? The one thing that Shopify is planning to offer merchants is the integration with POS. Every business out there has POS usually, and integrating the platform with that will make things even easier for merchants. This scenario is one of the topmost and best ways to stay ahead of its competitors.
More Physical Presence
Shopify opened its first physical store in the fourth quarter of 2018. This store is located in Los Angeles. The company collected data from merchants and analyzed it before choosing LA for the physical store. There are more than 10,000 merchants from LA on Shopify, and this proves how famous it is there. In this store, the merchants on Shopify can come and listen to the guest lecturers and experts about the e-Commerce business. It is essential for every merchant out there to increase their online presence. And make it even more effective, and the guest speakers will give them tips to do the same.
This store also has a “creation zone” where the partners of the company visit taking a turn for each quarter. These partners stay there with the development team and plan on making the product even more creative and exciting. The company is designing and intending to open more physical stores in the coming months. This way, it expands its wings into the physical market too.
Real Shopping Experience Online
Shopify is adopting the augmented reality technology, which will change your entire online shopping experience. This technology may not have an immediate impact on the store, but the importance of this shopping experience can be discovered shortly for sure. So, how this works? Suppose a customer is searching for a sofa set online on Shopify powered store. Here, with augmented reality, one can enable the experience of having a sofa couch in their living room itself. The company is still in the continuous processes of setting up this AR-related technology, but once it comes into existence, the entire retail shopping experience of a customer will change.
The one drawback here is that there are so many products present in Shopify stores. And creating 3D models for every one of them is going to involve a lot of work and labor. But soon, the company will bring this technology into existence. Confused about this 3D modeling and AR, don’t worry! You can hire a Shopify developer who will explain this augmented reality.
The Shopify platform is meant to grow continually until the e-Commerce platform grows. There is no indication of online shopping slowing down lately, so if you are a merchant on Shopify or planning to be one. And you can be assured that your store will develop along with Shopify. The company is planning on building more features that will make it easier for users to shop in the store. The company is trying its luck in various industries and is leveraging the market as much as it can. It is releasing the solutions for significant pain points that every customer is facing in the market.