Already riding a wave that’s seen its stock price nearly double since the middle of March, Ottawa-based Shopify is hoping to generate more buzz with a new mobile shopping app aimed at getting consumers to think local.
The e-commerce giant said Tuesday it’s released a new app called Shop. The platform is designed to allow customers to search for local businesses, buy merchandise and track their orders all in one place.
In a statement, the company said it was “setting out to reimagine the online shopping experience for customers – to provide them greater convenience, transparency, and personalization. In a world of increasing physical separation, we want to help businesses deepen their connection with their customers and, over time, understand what they want to continue to build trust and loyalty.”
The app allows users to filter shops by location, identifying local merchants that are offering shipping and curbside pickup. Customers can pay for their orders directly through the app and receive updates on the status of their deliveries in real time. The app also recommends other businesses and products based on a user’s purchase history.
The new app’s release comes in the midst of a boom in Shopify’s stock price that has pushed it to challenge RBC as Canada’s largest company by market capitalization.
Since tumbling below $460 on the Toronto Stock Exchange on March 16, the company’s shares have been on a steady upward climb throughout most of April. Shopify stock crested the $900 mark late last week before dipping to around $863 in late-morning trading on Tuesday.
Shopify currently has a market capitalization of more than $101 billion, while the total value of RBC’s outstanding stock stood at $123 billion as of Tuesday morning.