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Shopify will lay off 10% of employees

Shopify will have to lay off about 10% of its staff after the company made a "wrong" bet on the surge in online shopping caused by the pandemic. The Shopify miscalculation and its consequences were announced by Toby Lutke, CEO of a Canadian e-commerce company.

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According to CNN, in a memo addressed to the staff, it is specified that all divisions will fall under the reduction, but recruiting, support and sales will suffer the most. At the end of 2021, Shopify had about 10,000 employees, which means the company will have to part with almost a thousand people.

Shopify is essentially an e-commerce website builder that helps you quickly build and set up an online store and get it up and running. The company took off in the wake of the pandemic, when the demand for its services skyrocketed. So Shopify decided to expand quickly, betting that the transition to e-commerce would continue at the same high pace. “It is now clear that the bet has not paid off,” Lutke wrote, noting that consumer online shopping habits are returning to pre-Covid.

The announcement of the cuts was accompanied by a 15% drop in Shopify stock. In total, the company's shares have fallen more than 75% this year.

In addition to changing demand, Shopify has also faced competition from Amazon. The e-commerce giant recently announced that it will allow third-party merchants to offer Prime membership benefits such as free and fast shipping directly to Prime customers through their own online stores.

Michael Zippo
2022/07/27

https://linkedin.com/in/michael-zippo-9136441b1
[email protected]

Sources: Python.Engineering

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