Shopify (NYSE: SHOP) indicates that early signs indicate that brick and mortar businesses affected by the decline in foot traffic resulting from home stay policies are shifting to online resources.
The online retailer also claims that sales trends align with specific sectors based on the ever-changing environment, concerns and needs of consumers.
Regarding compliance, Shopify said it has ended thousands of merchants who are unfairly pricing or making false claims regarding COVID-19 related items such as face masks or hand sanitizers.
On the financial side, Shopify continued its accumulated momentum in 2019 until January and February 2020. The retailer plans to report revenues and adjusted operating profit for Q1 in the range of previous forecasts or before. Due to the uncertainty ahead, Shopify is suspending its forecast for the entire year.
Source: Press release