Shopify only added 71,000 new merchants in the first half of 2022, which puts it on pace to add just 142,000 new merchants this year. These numbers are a far cry from 2020 and 2021 when the online shopping platform added 680,000 and 314,000 merchants respectively. Globally, the number of merchants using the platform has plateaued slightly below 2 million. The overall stagnation of Shopify’s growth can be attributed mostly to the decline in online shopping.
In a reversal of pandemic-era trends, many brick-and-mortar retailers are experiencing immense growth while online retailers struggle. Costco is one of the physical retailers that has benefitted from consumers focusing on necessities and bulk deals. Over a 48-year week-to-date period, Costco’s net sales increased by 16.4 percent to $205.19 billion. This is a continuing growth trend for the company, which has had a strong resurgence over the tail end of 2021 and the beginning of 2022.
In other news, Beats has announced its new Beats x Kim initiative with Kim Kardashian to devise a custom version of the Beats Fit Pro in three unobtrusive skin color options: Moon, Dune and Earth. These custom earbuds, which no one asked for but people will inevitably buy, are set to go on sale on August 16th for $200.
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