16:32:18 EDT Sat 18 May 2024
Enter Symbol
or Name
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CA



Shopify Inc
Symbol SHOP
Shares Issued 1,205,846,069
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Globe/CP plug Shopify's Black Friday preparations

2023-11-21 08:49 ET - In the News

The Globe and Mail reports in its Tuesday edition that Shopify began preparing for the big Black Friday-Cyber Monday week during the summer by stress-testing systems and ensuring checkout will be as seamless as possible for the firm's thousands of merchants during the November shopping stretch. A Canadian Press dispatch to The Globe says this year might be different because of shoppers' moods. Inflation, high interest rates and layoffs are weighing on wallets, and Shopify president Harley Finkelstein thinks it will make shoppers more intentional about what they buy. "I think 'less but better' is probably going to be one of the themes," he said. "More quality, less quantity, not necessarily buying 15 pieces of product, but rather buy three that are more meaningful to you." Spending across the entire holiday season will average $1,347 this year, down 11 per cent from last year, according to Deloitte. The consultant said this drop represents shoppers making "fewer splurges and more thoughtful purchases across the board." When Shopify zeroed in on Black Friday and Cyber Monday alone, its data showed the average Canadian consumer plans to spend $291 -- the second-highest amount globally after the United States.

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