Some 15 years ago, Tobias Lütke wanted an easy way to sell snowboards online. When he struggled to find a solution, Lütke decided to create his own software. Today, his Shopify platform powers physical store transactions and e-commerce sites for retailers ranging from mom-and-pop shops to large brands, such as General Mills, Heinz, and Lindt chocolates. Shopify enabled nearly 6% of U.S. e-commerce sales in 2019, making it the No. 2 online commerce platform behind Amazon.
Lütke, 39, and Shopify make shifting from bricks-and-mortar retailing to e-commerce nearly seamless. That has kept some small businesses afloat during Covid-19. Shopify customers’ in-store sales slid by 71% during the first six weeks of the U.S. lockdowns, but they were able to replace 94% of the lost sales through their online stores.
Since taking Shopify public in 2015, Lütke has boosted its sales from $200 million to an estimated $2.2 billion this year. And the stock is up 53 times, from an IPO price of $17 to a recent close of $916. That’s a pretty good return for an entrepreneur simply hoping to sell a few snowboards.
Tobias Lütke
Data as of 6/19/20
Sources: Bloomberg; FactSet
Write to Alex Eule at alex.eule@barrons.com
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How the CEO of Shopify Is Helping Small Businesses Stay Afloat During the Crisis - Barron's
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