Shopify, the Canadian e-commerce giant which counts more than 600,000 merchants as its clients, is not at all threatened by the acquisition of Magento by Adobe.
In a recent investor call, Shopify chief operating officer Harley Finkelstein said that the firm sees the product it offers as a retail operating system and more than a software suite. “We believe that this is a key part of our sustainable competitive advantage moving forward,” he said.
Earlier this year, the California-based software firm Adobe announced that it had acquired Magento Commerce in a move widely seen to be the former’s strategy to make a bigger splash in the e-commerce market.
Shopify Not Frightened by Adobe and Magento
For his part, Shopify founder and chief executive officer Tobi Lutke said that while he admires Adobe, he doesn’t think that the recent move of the California-based firm will affect them.
He also explained that Magento has been a consistent source of customers for the firm. He went on to say that the company welcomes more competition as it drives them to improve themselves and push for more innovation.
Shopify has prepared itself well for challenges like this with a holistic system providing solutions that address the many challenges that their clientele face while growing a business. Because of this, Shopify officials said that the company will benefit from the different trends that will occur in the e-commerce and entrepreneurship sphere in the years ahead.
Shopify has also been credited for its moves to diversify its revenue streams. Chief financial officer Amy Shapero revealed in the same conference that Shopify Plus, a cloud-based e-commerce platform for high volume online merchants, has posted significant gains in the past quarter. She said other services like Shopify Capital and Shopify Shipping have been faring well, too. These expanding suite of Shopify services have enabled the firm to reduce its risk profile.