what is shopify legacy

after a busy few days one of the big,takeaways black friday cyber monday how,does it all stack up,great to be in the show again emily you,know at the end of the day on friday uh,so five days ago i actually tweeted that,my prediction for this black friday,cyber monday is going to be that,direct-to-consumer brands and small,businesses will be the winners and that,this holiday shopping season would be a,barometer for consumer interest in,supporting independence and so black,friday definitely set the stage for the,weekend we saw total global sales of,about 2.9 billion dollars on friday,alone that's a 21 increase since the,previous black friday interesting enough,in 2019 our merchants crossed 2.9,billion for the entire weekend and this,year they did that in just one day but,now we have full stats the entire black,friday cyber monday weekend and here's,what they look like we saw but 6.3,billion dollars happen on shopify over,the four days that's a 23 increase year,on year 47 million consumers made a,purchase from a shopify merchant during,the weekend and average cart price was,up 90 to 100 this year so people spent,more but i actually think when you,compare that to the industry-wide,results what you're seeing is that,shopify merchants actually outpace the,industry at these astonishing rates and,i think it indicates that independent,brands really were the winners,so let's talk about that and i'll admit,i've seen a lot of shopify over the last,few days trying to get my own holiday,shopping done on the other hand you have,adobe coming out saying cyber spending,on cyber monday fell for the first time,ever this year clocking in at 10.7,billion dollars or so how do you square,that,i think it's a tale of two retail worlds,i think consumers are voting with their,wallets now to buy from independent,brands and and small businesses and when,you look at the brands that are doing,really well right now whether it's all,birds or gym shark or brook linen or,skims or bombus those are all uh shopify,stores in fact trina and heather from,figgs who recently went public at,shopify long run story told us that they,had record sales this season so we are,seeing that these directions brands are,doing really well,also what we are seeing is uh more of,the legacy you know uh traditional,brands like lego mattel spanx dockers,stetson are also now coming to shopify,to sell direct to consumer so i think it,is quite clear the future of retail,looks like independent brands and not,these legacy big box retailers,why do you think they're coming to,shopify versus the other options out,there whether it is amazon or you know,selling at walmart or target or another,big box store,well when you sell on a marketplace,you're effectively renting customers,from that marketplace and i think more,and more of these brands want to have a,direct relationship with their end,consumer that's the first thing but the,second thing that's more important is,when you sell on shopify you effectively,are doing two things one is you are,selling across every surface area i was,on the show a couple weeks back talking,about our integration with tiktok and,spotify and instagram and facebook and,pinterest when you sell on shopify you,can sell across every surface area,possible but also when you hit that,launch button on your shopify store you,are effectively default global it means,you can sell to a global consumer base,and so this idea that you can get,started on shopify but then when you go,public look in your figs or all birds or,oat lady you can continue selling on,shopify i think that makes us really,unique,now,there's a lot of fear right now about,supply chain shortages will you get your,stuff on time will you get the stuff you,want you know my mom started shopping in,october uh for all my kids,for all of her gifts for the holidays,you know how is this impacting consumer,decisions and how bad is the shortage,really,yeah one of the things we've noticed is,that merchants on shopify have been,incredibly resilient they've gone from,one obstacle to another like like the,pandemic to supply chain and and we keep,seeing this great resilience i think,shipping delays have definitely,accelerated consumer shopping earlier,like your mom and my mom and we're,encouraging merchants to communicate,that and and let their merchants know,that it's better to do so but the supply,chain reality looks very different for,large retailers than it does for,independent businesses and i think what,what people assume is that these big box,retailers may fare better versus,independence because they have more,scale but actually that is not the case,in fact what we've seen is direct to,consumer brands have much stronger,margins and therefore they can better,weather the storm and leverage,technology and so we're actually seeing,a lot of our merchants fare better than,the biggest retailers because of that,because the big retailers simply have,razor thin margins,so what are your expectations then for,the next few weeks is everybody done,with their shopping uh we're not okay,they're still procrastinators i think,there's some procrastinators out there,and i think you're going to see shopping,continue so again the black friday cyber,monday weekend has really transformed in,2021 into a season as opposed to four,days but the fact that we saw over six,billion dollars happen in four days it's,still very very important i think i,think consumers are going to continue,shopping from their favorite brands well,uh up into christmas and again a lot of,that is happening on shopify,and look we're still feeling the impact,of the pandemic how will this year,compare to next year and,what does that mean for shopify if,people do continue to go back to brick,and mortar stores and we saw them do,that this year um you know what does,that mean for shopify,look i think shopify was a really unique,business because we were very much a,pandemic story where so much digital,digitalization happened across so many,retailers and so many people started,businesses and entered entrepreneurship,in rates we've never seen before but,we're also this amazing recovery story,because we see so many merchants of ours,using more of our our channels we have a,massive business just doing brick and,mortar stores and that's doing really,well too i think for us to be the,entrepreneurship company and the retail,operating system of the future it means,that we have to give merchants the,ability to sell everywhere and anywhere,and that's what we're doing and so we're,bullish for a great 2022.

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