Canadian e-commerce company Shopify (SHOP) has unveiled several new tools and more than 100 new products in an effort to boost customer engagement and flagging sales.
The Ottawa-based company announced product upgrades designed to help retailers reach more customers, make checkout easier, and better manage shipping services.
The latest products and updates come as Shopify’s stock remains depressed and its business slumps coming out of the pandemic when retailers were forced to move their operations online.
In recent months, Shopify has cut more than 1,000 jobs and raised its service plan fees as it tries to right size its business.
Shopify said the new products and upgrades respond to the needs of merchants and what they are telling the company they need going forward.
Some of the biggest changes Shopify is making are coming in the area of shipping and delivery, as it strives to help merchants outsource their logistics.
Specifically, Shopify says it is better integrating the app for Shopify Fulfilment Network, which is a storage, packaging, and delivery service, with Flexport, a freight forwarding company.
The improved integration will enable companies to more precisely track inventory from China to the U.S. within the fulfilment network's app. Merchants will be able to send inventory as small as a palette through Shopify's network.
The e-commerce company has also changed Shop, its shopping assistant app that helps users make purchases and track their deliveries.
Going forward, developers will keep 100% of their revenue from the first $1 million U.S. they make on Shopify tools that they build for the Shop app.
Shopify’s stock is down 40% from a year ago and currently trading at $64.44 per share
