Shopify to overtake Ebay in merchant sales volumes by 2020
Shopify is set to overtake Ebay in terms of sales volumes this year, becoming the second largest US ecommerce platform behind Amazon.
Ebay was already overtaken by Shopify in terms of market capitalisation earlier this year, having seen its shares skyrocket more than 150 per cent over the past year.
Investment bank R.W. Baird suggested on Monday that Shopify will also overtake Ebay in terms of merchant sales volumes in the US by the end of the year.
READ MORE: Shopify now bigger than Ebay
Its users base is also expected to grow to 1 million by 2020, while its target price was raised from $370 to $410.
This puts it hot on the heels of the ever-dominant Amazon, which it is positioning itself to directly challenge with a $1 billion investment in its very own fulfilment business.
Today it was also announced that Shopify would be spending $450 million to acquire robotic fulfilment company 6 River Systems, know for its autonomous vehicles that can move packages around warehouses.
Shopify also recently launched its own fulfilment business, selling its warehouse logistics technology to third party retailers, packaging and shipping products for an additional fee.