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Ecommerce standout and aspiring Amazon competitor Shopify announced Thursday that it agreed to buy Deliverr, an order-fulfillment specialist, for $2.1 billion. Unfortunately, that hefty investment comes just as Shopify, and the e-commerce sector as a whole, weathers one of its worst runs in recent memory.
Amazon last week reported that sales growth in its flagship digital-sales operation had stalled, and recent government measures show the share of retail sales that occur online have been receding.
In step with other tech companies, Shopify has seen its share price crumble in recent months. Shares have lost more than 70% of their value since the beginning of January, trading as low as $395.86 a share in trading Thursday before settling at around $400.
“Being able to offer a delivery promise and fast fulfillment across all these channels boosts conversion,” Shopify CFO Amy Shapero said in a statement. “We are confident Deliverr’s ability to simplify the process, and arm merchants with visibility and control from the display of a delivery promise across multiple channels through its completion, will be a huge benefit to our merchants.”
Shopify also forecast that revenue growth would be lower in the first half of the year, as it navigates tough pandemic-era comparisons.
Shopify's share price fell nearly 15% Thursday, adding insult to injury: it was already down 65% this year. At the same time, Etsy fell over 16%, Wayfair roughly 25%, eBay about 12%, and the mighty Amazon was down over 7%. Shopify may have picked a rough time to invest in growth, but given the e-commerce sell-off, it's not the only firm feeling current pain attached to future gain.
Shopify and Deliverr said they expect the transaction to close following a regulatory review.
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Amazon last week reported that sales growth in its flagship digital-sales operation had stalled, and recent government measures show the share of retail sales that occur online have been receding.
In step with other tech companies, Shopify has seen its share price crumble in recent months. Shares have lost more than 70% of their value since the beginning of January, trading as low as $395.86 a share in trading Thursday before settling at around $400.
“Being able to offer a delivery promise and fast fulfillment across all these channels boosts conversion,” Shopify CFO Amy Shapero said in a statement. “We are confident Deliverr’s ability to simplify the process, and arm merchants with visibility and control from the display of a delivery promise across multiple channels through its completion, will be a huge benefit to our merchants.”
Shopify also forecast that revenue growth would be lower in the first half of the year, as it navigates tough pandemic-era comparisons.
Shopify's share price fell nearly 15% Thursday, adding insult to injury: it was already down 65% this year. At the same time, Etsy fell over 16%, Wayfair roughly 25%, eBay about 12%, and the mighty Amazon was down over 7%. Shopify may have picked a rough time to invest in growth, but given the e-commerce sell-off, it's not the only firm feeling current pain attached to future gain.
Shopify and Deliverr said they expect the transaction to close following a regulatory review.
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