in October 2019 to approximately 1.3 million by July 2020, according to analysts at Baird cited by The Journal. The influx of merchants and emphasis on ecommerce caused Shopify's revenues to climb 97% YoY in Q2 and will boost Shopify's performance in the years to come if it can retain its new clients.
And Shopify still has ample opportunity to recruit businesses as the pandemic stretches on. Thirty percent of US retail small- and medium-sized businesses by the US Census Bureau reported that their use of online platforms to offer goods had picked up as of late August 2020 relative to March 13, 2020, and Shopify has surely benefited from this group. But 36% of responding US retail SMBs still didn't use online platforms, giving Shopify more merchants to bring to its platform.
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