Shopify President: Small businesses in America are the backbone of the economy

The president of a company has his eye firmly fixed on the big success for small businesses in America – and his company has a lot to do with it.

Harley Finkelstein, who runs Shopify, said in an interview with FOX Business this week, “It’s very clear, especially in the wake of the pandemic, that small businesses are the backbone of the entire economy. They are very, very important.”

In recent years, Finkelstein, who lives in Canada, said the United States, and indeed the world, has seen that “the only constant in commerce is change – and that things just happen so quickly, including offline retailers who are now going online,” as well as online retailers who are also finding a physical presence for their wares.

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As Americans approach the biggest shopping season of the year, he also said, “There are many unknowns, especially now in this crazy economy. But despite the current realities, there are still some real bright spots,” he said.

“We believe that Black Friday and Cyber ​​Monday will still be one of the most anticipated events of the year.”

Shopify's Harley Finkelstein

Shopify President Harley Finkelstein shared his thoughts ahead of this year’s busy shopping season. “Roughly every minute, a new entrepreneur gets their first sale on Shopify,” he told FOX Business. (Shopify/Fox News)

He said that Shopify, “an entrepreneurship company,” is dedicated to “celebrating and recognizing the power of entrepreneurship on this incredible global stage.”

Shopify is a leading provider of essential internet infrastructure for commerce. It provides small businesses with the tools to “start, grow, market and manage” their retail business of any size.

“We really are where businesses start.”

What his company does throughout the year, Finkelstein said, “is make it really easy for new companies to get started.

One thing most people don’t know about Shopify, he added, is that “roughly every minute a new entrepreneur makes their first sale on Shopify. So we really are where businesses start.”

Harley Finkelstein, Shopify / Small Business Owner

Harley Finkelstein told FOX Business how his company gives the millions of stores on Shopify “economies of scale — allowing them to level the playing field in ways” they couldn’t do on their own. (Shopify/iStock/Fox News)

But instead of “keeping economies of scale for ourselves, we give those economies of scale to the millions of stores on Shopify — allowing them to level the playing field in ways they could never create on their own,” he said.

The bottom line, Finkelstein said, “is that you’re now seeing a lot of really great companies that started just a few years ago and have become the biggest brands in their respective industries.”

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Jimmy MacDonald, co-founder of Authenticity50, can say exactly that.

Jimmy MacDonald founded his home products company in 2015 and has seen it grow tremendously over the past seven years.

He’s a small business owner in Camas, Washington who uses Shopify.

He founded his home products company in 2015 and has seen it grow tremendously over the past seven years, he told FOX Business.

He and his wife Steph sell sheets, pillows, towels and duvets – and are proud to say that they make all of their products in the USA.

the MacDonalds of authenticity50

Authenticity50’s Jimmy and Steph MacDonald are based in Camas, Washington. They sell their US-made products to Americans coast-to-coast with the help of Shopify. (Authenticity50 / Fox News)

“It took us a couple of years to shut down the supply chain [details] together,” MacDonald said of his company’s early days, “and Shopify was picking up steam around that time, too.”

After starting their business in 2015, the MacDonalds launched their Shopify store in 2016, he said.

MacDonald noted, “Shopify essentially gives anyone willing to put in a little effort essentially enterprise-level resources to manage an online store.”

The number of users on his site went from less than 100 to over 12,000 in a minute, MacDonald said — and there were no problems at all.

He described a recent spike in traffic to his website where the number of users on his site went from less than 100 to over 12,000 in a minute.

“Most websites would collapse under that load,” MacDonald said. “But Shopify handles that with no issues.”

the MacDonalds of authenticity50

Jimmy and Steph MacDonald from Authenticity50. Jimmy MacDonald said, “Shopify gives you the backbone to grow [an e-commerce] Website really quick and easy — and it looks really good too.” (Authenticity50 / Fox News)

Shopify, he said, “gives you the backbone to launch a website really fast and really easy — it looks really good, too,” he said, touting the blueprints and guides Shopify offers small business owners.

MacDonald found that virtually everyone who has bought items online has used Shopify-powered sites.

“She [Shopify] power some of the biggest brands, but their services work just as well for small corner shops and start-ups like us.”

Shopify by the Numbers

Here’s a snapshot of Shopify with facts provided by the company.

It supports millions of businesses in over 175 countries.

If you took all of Shopify’s US retailers and combined their online sales, Shopify would be the second largest online retailer in the US, ahead of eBay and Walmart.

It provides businesses of all sizes with the “toolkit” they need to remain independent, meet the challenges of today’s business environment and thrive in the future.

Brands using Shopify include Allbirds, Gymshark, Heinz, Tupperware, FTD, Netflix, FIG, and many more.

Authenticity50 co-founders

Authenticity50’s Jimmy and Steph MacDonald have been using Shopify to power their ecommerce site and grow their small business since 2016. (Authenticity50 / Fox News)

Shopify merchants have created five million jobs.

If you took all of Shopify’s US retailers and aggregated their online sales, Shopify would be the second largest online retailer in the US in 2021, ahead of eBay and Walmart, according to eMarketer.

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In terms of global economic impact, that’s over $444 billion from merchants on Shopify in 2021, the company says — a 45% increase from 2020.

In 2021, nearly 600 million shoppers made a purchase from a Shopify merchant — for nearly 31% growth from 2020 (457 million consumers in 2020; 300 million consumers in 2019), updated for Q4 2021.

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Also, Shopify launched last September POS Go, hardware for retail runs Shopify’s point-of-sale software, connecting a brand’s online and offline businesses.

To learn more about Shopify, watch this video:

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