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Canaccord's analysts think that Shopify is well positioned in the e-commerce space, which is a secular growth market, and that it has become the standard platform for small and medium-sized businesses, as well as some larger enterprises.
The analysts also point out several levers that Shopify can use to increase its GMV attach rates over time, such as Markets Pro, Installments, and new products. Canaccord thinks these initiatives will boost both revenue growth and gross margin for Shopify. Canaccord also praises Shopify’s recent moves to expand its product offerings beyond Plus, such as CCS and headless capabilities, which will enable it to capture more share in the enterprise segment.
The analysts moreover believe that the near-term setup for Q3 is pretty good, as this will be the first clean quarter after the restructuring and the exit of fulfillment. They expect gross margins to improve significantly, attach rates to remain stable, and operating leverage to increase.
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