Investing in the stock market can seem intimidating, but experienced investors know it is worth it. If you allocate your money wisely in the stock market, your portfolio can become one of your largest assets. In addition to achieving financial freedom that allows you to enjoy your golden years, it can also benefit your future generations.
Imagine inheriting shares from Apple from your grandparents who invested some money in the company in the 1990s. You would inherit the shares they bought for a few thousand dollars and become an instant millionaire.
While the same won’t be possible right now by investing in Apple shares, it is growth shares trade on the TSX with comparable potential. Apple is the kind of company that has changed the way we live and work. The company is now an integral part of our lives. In a similar sense, Shopify (TSX:SHOP) could become such a company.
Shopify
Shopify is a name that is quickly becoming familiar, at least for anyone who wants to start an online business and needs help setting it up. Shopify is a $279.16 billion market cap giant in the e-commerce space. The company effectively provides a platform that allows sellers of all sizes to build their online presence. The setup it offers includes digital storefronts, fulfillment, payment processing, and shipping services.
Headquartered in Ottawa, Shopify has made it a lot easier for sellers to set up their online stores. The company became popular, especially during the pandemic, when people were forced to stay at home. As the demand for online shopping and e-commerce grew, Shopify stepped in to make things better for its customers and the end users.
Artificial intelligence integration
When I mentioned that Shopify has the potential to be a company that is an integral part of our daily lives, it was mainly because of the way it approaches e-commerce. Artificial intelligence (AI) has advanced at an astonishing pace in just a few years. Technology has given rise to this AI Stocksthese are companies that use the technology to improve existing offerings or completely innovate new ones.
Shopify already had a platform that empowered sellers. Now it has AI-powered tools that make things even better. The AI-powered critical automations improve business for merchants selling through the platform. The company even has an AI assistant that helps consumers get better answers about products available through the platform.
Silly takeaway
Shopify’s innovations, especially those powered by AI, are making waves. While smaller sellers have benefited from the platform it provides, large companies are looking to open their Shopify stores to meet the rising demand. The company has done very well in recent quarters. It even became profitable, posting sustained operating profits for the last eight consecutive quarters.
It will be a long time before we see if it has the kind of potential that Apple had back then, but Shopify stock could be a good investment for growth-seeking investors. At the time of writing, Shopify stock is trading for $218.84 per share. Shopify shares are up 38% year to date and may be heading in a different direction bull meeting as the holiday season approaches.
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