The U.S. economy defied expectations in the second quarter as gross domestic product (GDP) jumped 2.4% sequentially, an acceleration from 2% in the first quarter and well above the forecasted 1.8% growth. Better yet, that momentum is snowballing. Current projections show third-quarter GDP soaring 4.1% on strong consumer spending and business investments, according to data from the Federal Reserve Bank of Atlanta.
That momentum comes in part from cooling inflation and forecasts that the Fed is nearing the end of its rate hike campaign, meaning credit conditions will soon stabilize. In any case, strong GDP growth is a bullish signal for Wall Street. It points to possible stock market gains because increases in consumer spending and business investments will likely boost corporate revenues and profits.
Shopify taps into the global economy by providing merchants with a turnkey solution for omnichannel commerce. Its software allows businesses to manage orders and inventory across physical and digital storefronts from a single dashboard. Shopify also provides adjacent merchant solutions for payment processing, logistics support, and cross-border commerce, and its enterprise-grade platform Shopify Plus offers more sophisticated tools for artificial intelligence-powered marketing and business-to-business (B2B) commerce.
Shopify is the market leader in e-commerce software and omnichannel commerce software, and its merchants collectively accounted for 10% of online retail sales in the U.S. last year. That puts Shopify in second place behind Amazon (and ahead of third place Walmart).
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