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• While Shopify derives most of its revenue from taking slices of transactions processed on its platform, the true value is in the ecosystem it creates. 
• Fulfilment, payment processing, point-of-sale systems, and marketing are only a few of the value-added options that merchants have when it comes to using Shopify as a commerce platform, and each of these is a vital piece of its increasingly sticky pie. 
• The company recently inked a deal with Amazon that will see it integrate its Prime services with Shopify’s checkout technology. The move will see Prime subscribers – which number over 160m in the US – access Amazon’s shipping network when checking out with participating Shopify merchants.
• Additionally, its recent partnership with social media giant TikTok has allowed content creators to connect with audiences and conduct transactions in an ever-changing marketplace. 
• Shopify’s valuation is still relatively lofty, however we think the market is underestimating the optionality that Shopify still has within its platform, and the strong opportunity the business has for market leadership.