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Shopify Sees ‘Paradigm Shift’ as Black Friday Approaches

Orders rose 17% in second week of November versus first week
Focus on growth means no plans for dividends or share buybacks

Harley Finkelstein — Harley Finkelstein
Photographer: Christinne Muschi/Bloomberg

By

Danielle Bochove

November 20, 2020, 9:03 PM UTCUpdated onNovember 21, 2020, 2:30 PM UTC

Shopify Inc. expects a banner holiday season as the worsening pandemic encourages more consumers to shop online and buy from the small businesses that sell through its platform.

While the pace of growth will likely slow once the pandemic ends, this year’s gains will likely hold up, President Harley Finkelstein said in an interview. The company reported a 109% increase in gross merchandise volume, a key metric for online retailer companies, in the third quarter.