Harley Finkelstein says artificial intelligence is creating a golden age of entrepreneurship for Shopify merchants.
Harley Finkelstein, President of Shopify, stated that artificial intelligence is significantly lowering the barriers to entry for new businesses. He noted that AI platforms like ChatGPT and Gemini have tripled the traffic and orders coming to Shopify stores over the past year, allowing smaller brands to compete more effectively against larger corporations. Finkelstein highlighted that 75% of AI-driven purchases occurred in product categories outside the top 100, demonstrating the power of AI as a discovery engine for independent merchants. Additionally, the administration of Shopify's technology includes the AI assistant Sidekick, which handled 34 million conversations in the second quarter. Finkelstein noted that merchants using Sidekick during onboarding reach their first five sales more quickly. These developments contributed to a stronger-than-expected quarterly report where gross merchandise volume rose to nearly $116 billion. Following the report, shares of Shopify surged approximately 17% as the company recorded annual growth of more than 30% in revenue, gross merchandise volume, and gross profit metrics.