We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Shopify (SHOP) Integrates Solana Pay to Improve Web3 Payments
Read MoreHide Full Article
Shopify (SHOP - Free Report) recently announced a global integration with Solana Pay, a peer-to-peer payments protocol on Solana. This integration will provide merchants and consumers a better payment option with digital dollar currencies and web3 enabled commerce experiences.
Solana Pay is powered by Solana, a decentralized network that offers high speed, low cost, and sustainability, thereby making it an optimum choice for scaling web3 payments and providing an improved user experience.
It allows merchants receive USD stablecoins on Solana instantly and directly, without any fees, chargebacks or delays. Solana Pay also enables web3 commerce features such as token-gated offers and NFT loyalty programs.
Solana Pay makes it easy for merchants to get real-time access to their money and greater ability to manage working capital, liquidity and liability protection. Some brands on Solana, like MonkeDAO, MadLads, Helius and Solana's merch store, have already adopted Solana Pay as a payment option for their Shopify-powered stores.
Shopify’s shares have surged 63.5% year to date compared with the Zacks Computer and Technology sector’s growth of 34.6%.
SHOP has been gaining from robust growth in merchant base and e-commerce spending as reflected in its strong gross merchandise volume, which improved 17% year over year to $55 billion in second-quarter 2023.
Continuous investments toward adding functionality to its platform bode well for driving its merchant base. The company recently launched Shopify Payments, Shipping and Capital, which make it easier for merchants to process payments, ship products and secure financing for their working capital needs, respectively.
The launch of new features along with its recent integration with Solana Pay is expected to drive new merchant adoption, greater penetration of Shop Pay and growth of its solutions in physical retail stores.
Strong Partnerships to Boost Performance
Shopify rides on a strong partner base enabling its merchants to reach a larger customer base and grow their brands. Its partnerships with Intuit (INTU - Free Report) , Meta Platforms (META - Free Report) and Alphabet (GOOGL - Free Report) have benefited the company in expanding its e-commerce operations, thereby achieving a competitive moat.
Shopify collaborated with Intuit to be their preferred partner to migrate new retailers in need of a new Point-of-Sale solution. This association opened up the funnel for more SMBs and mid-market retailers to adopt Shopify Point-of-Sale.
It’s collaboration with major social media platforms like Meta Platform’s Facebook & Instagram and Alphabet’s YouTube helped Shopify to address growing trends and allowed merchants to promote and sell their products via such platforms at a much more reasonable cost.
Shopify’s rich partner ecosystem, innovative product offerings, customer friendly applications and strategic integrations is expected to continue fueling its merchant base, thereby driving its top line.
This Zacks Rank #4 (Sell) company expects its third-quarter 2023 revenues to grow at a low-twenties percentage rate on a year-over-year basis.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $1.64 billion, indicating growth of 20.09% from the year-ago quarter’s reported figure.
The consensus mark is pegged at a loss of 9 cents per share, remaining unchanged in the past 30 days. The company incurred a loss of 2 cents per share in the prior-year quarter.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Shopify (SHOP) Integrates Solana Pay to Improve Web3 Payments
Shopify (SHOP - Free Report) recently announced a global integration with Solana Pay, a peer-to-peer payments protocol on Solana. This integration will provide merchants and consumers a better payment option with digital dollar currencies and web3 enabled commerce experiences.
Solana Pay is powered by Solana, a decentralized network that offers high speed, low cost, and sustainability, thereby making it an optimum choice for scaling web3 payments and providing an improved user experience.
It allows merchants receive USD stablecoins on Solana instantly and directly, without any fees, chargebacks or delays. Solana Pay also enables web3 commerce features such as token-gated offers and NFT loyalty programs.
Solana Pay makes it easy for merchants to get real-time access to their money and greater ability to manage working capital, liquidity and liability protection. Some brands on Solana, like MonkeDAO, MadLads, Helius and Solana's merch store, have already adopted Solana Pay as a payment option for their Shopify-powered stores.
Shopify Inc. Price and Consensus
Shopify Inc. price-consensus-chart | Shopify Inc. Quote
Shopify’s Product Portfolio to Drive Prospects
Shopify’s shares have surged 63.5% year to date compared with the Zacks Computer and Technology sector’s growth of 34.6%.
SHOP has been gaining from robust growth in merchant base and e-commerce spending as reflected in its strong gross merchandise volume, which improved 17% year over year to $55 billion in second-quarter 2023.
Continuous investments toward adding functionality to its platform bode well for driving its merchant base. The company recently launched Shopify Payments, Shipping and Capital, which make it easier for merchants to process payments, ship products and secure financing for their working capital needs, respectively.
The launch of new features along with its recent integration with Solana Pay is expected to drive new merchant adoption, greater penetration of Shop Pay and growth of its solutions in physical retail stores.
Strong Partnerships to Boost Performance
Shopify rides on a strong partner base enabling its merchants to reach a larger customer base and grow their brands. Its partnerships with Intuit (INTU - Free Report) , Meta Platforms (META - Free Report) and Alphabet (GOOGL - Free Report) have benefited the company in expanding its e-commerce operations, thereby achieving a competitive moat.
Shopify collaborated with Intuit to be their preferred partner to migrate new retailers in need of a new Point-of-Sale solution. This association opened up the funnel for more SMBs and mid-market retailers to adopt Shopify Point-of-Sale.
It’s collaboration with major social media platforms like Meta Platform’s Facebook & Instagram and Alphabet’s YouTube helped Shopify to address growing trends and allowed merchants to promote and sell their products via such platforms at a much more reasonable cost.
Shopify’s rich partner ecosystem, innovative product offerings, customer friendly applications and strategic integrations is expected to continue fueling its merchant base, thereby driving its top line.
This Zacks Rank #4 (Sell) company expects its third-quarter 2023 revenues to grow at a low-twenties percentage rate on a year-over-year basis.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $1.64 billion, indicating growth of 20.09% from the year-ago quarter’s reported figure.
The consensus mark is pegged at a loss of 9 cents per share, remaining unchanged in the past 30 days. The company incurred a loss of 2 cents per share in the prior-year quarter.