For the first time in 12 years, Shopify (NYSE: SHOP) is raising prices. The e-commerce software peddler hiked rates on its Basic, Shopify, and Advanced tiers by about 33%, leaving the most expensive Shopify Plus plan untouched at $2,000 a month. The move comes after Shopify has been rocked by the pandemic hangover as e-commerce growth slowed dramatically last year after booming in 2020 and 2021.
In the current market environment, even many of the most resilient businesses are seeing their share prices rise and fall significantly from one day to the next. For Shopify (NYSE: SHOP), whose platform provides the infrastructure for roughly 20% of all live e-commerce sites globally, and 28% of U.S. e-commerce sites, this presents tremendous potential. In recent months, as investor sentiment regarding growth stocks has been in flux, many have turned away from Shopify due to concerns about how a potential recessionary period and a further decline in consumer spending could affect its business.
Both of these stocks are up more than 100% from their 52-week lows, and they could keep on climbing.