Final Project.docx - Shopify Inc Business Plan Guide Larece Burney Wilmington University BBM 350-0 Intro to ECommerce Professor Sheffield Table of

Final Project.docx - Shopify Inc Business Plan Guide Larece...

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Larece Burney Wilmington University BBM 350-0 Intro to E- Commerce Professor Sheffield June 30, 2019 Shopify, Inc. Business Plan Guide
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Table of Contents I. Description of Business ......................................................... 2 Company History ............................................................................................. 2 Current Operating Structure ........................................................................... 2 II. Mission Statement ................................................................. 2 III. E-Commerce Strategic Goals ................................................ 3 Objectives ........................................................................................................ 3 Keys to Success ............................................................................................... 3 IV. SWOT Analysis ....................................................................... 4 V. Competition ........................................................................... 4 Competitive Analysis ....................................................................................... 4 Competitive Advantage .................................................................................... 5 VI. Finance .................................................................................. 5 Payment Systems ............................................................................................. 5 E-Loyalty Program ........................................................................................... 6 VII. Public Policy .......................................................................... 7 Privacy Policy ................................................................................................... 7 Security Plan ................................................................................................... 7 VIII. Operations ............................................................................. 7 IX. Marketing .............................................................................. 8 Target Audience ............................................................................................... 8 Product ............................................................................................................ 9 Pricing ......................................................................................................................... 9 Place .............................................................................................................. 10 Promotion .................................................................................................................. 10 Search Engine and Keywords .................................................................................... 11 X. References ........................................................................... 12
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Description of Business Company History Shopify is a Canadian online business organization headquartered in Ottawa, Ontario. The company was founded by Tobias Lutke, Scott Lake, and Daniel Weinand in 2006 selling snowboard equipment to consumers who enjoyed sports. By April 2010, Shopify launched a free mobile app in the Apple App Store that allowed store owners the ability to view and manage their stores through the iOS mobile devices. To further grow the company, Shopify implemented Shopify Payments in August of 2013 to allow merchants to accept credit card payments without requiring a third party payment gateway. As a result, the company hosted approximately 120,000 online retail companies. i Current Operating Structure Shopify went public on May 21, 2015 on the New York Stock Exchange using the symbols “SHOP” and “SH”. At the time the company went public, shares started at $28.00 and the IPO raised more than $131 million. In the company’s current state, Shopify is an internet business platform for businesses to build and sell their products. The corporation currently has four thousand employees working in five offices throughout the North American region. In addition, there are currently 800,000 active stores on the platform worth $100 billion in sales throughout 175 countries. i SHOPIFY, INC. - JUNE 2019 2
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Mission Statement Make commerce better for everyone, so businesses can focus on what they do best: building and selling their products. Founder and CEO, Tobi Lutke states, “Entrepreneurship is the foundation of the global economy and it's not easily done alone. That’s why our mission has always been to make commerce better for everyone to encourage anyone, anywhere to become an entrepreneur.” E-Commerce Strategic Goals Objectives Create a differentiated customer experience to capture market share. Reach new customers. Set pricing tiers based on features offered, fees, and discounts. Increase the number of monthly qualified leads by 20% Increase the website’s conversion rate by 5% Improve new product awareness by 10%. Improve average user merchant satisfaction by 10%. Keys to Success 1. Offer a widespread collection of tools for creating and managing an online store.
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