According to a Grand View Research report, the global B2C e-commerce market is expected to grow 12% annually to $7,724.8 billion by 2025. The growth in the industry is attributed to increased disposable income levels and rising internet and smartphones penetration. Billion Dollar Unicorn Shopify is helping retailers establish and improve their dot-com presence to drive this growth.
Ottawa-based Shopify was founded in 2006 by Tobias Lütke, Daniel Weinand, and Scott Lake when they set up an online store, Snowdevil, to sell snowboarding equipment. When the three were setting up the store, they realized that there did not exist a service that allowed them to list their products on a number of marketplaces while retaining the ability to maintain their own brand and establish relationships with their customers. To fill this gap, the three set up Shopify.