Shopify is laying off 1,000 workers, around 10 percent of its staff, citing stagnant growth in the e-commerce market.<\/p>\n\n\n\n
The company has told staff the cuts were essential as consumers resumed previous shopping patterns and reduced online orders, which had supported its recent growth.<\/p>\n\n\n\n
The Ottawa-based firm will reduce jobs in all its divisions, especially in recruiting, support<\/a><\/strong> and sales.<\/p>\n\n\n\n READ MORE: 7-ELEVEN CUTS 880 CORPORATE JOBS AFTER $21 BILLION TAKEOVER OF SPEEDWAY<\/a><\/strong><\/p>\n\n\n\n Tobi L\u00fctke, the company’s CEO, had estimated the surge in e-commerce sales growth would last past the peak of the pandemic.<\/p>\n\n\n\n He said: \u201cWe\u2019re also eliminating overspecialized and duplicate roles, as well as some groups that were convenient to have but too far removed from building products.\u201d <\/p>\n\n\n\n Shopify, a company that helps businesses create e-commerce websites, has warned that revenue growth may decelerate this year.<\/p>\n\n\n\n After compensating for a recent stock split, the shares have dropped more than 80 percent since they hit a peak in November at $175.<\/p>\n\n\n\n Shopify’s redundancies are among the most significant so far in a wave of layoffs and hiring halts are sweeping across technology companies.<\/p>\n\n\n\n Interest rate rises, supply-chain constraints, and the reversal of pandemic trends like remote jobs<\/a><\/strong> and e-commerce shopping have chilled what was once a red-hot tech industry.<\/p>\n\n\n\n Looking for a new job? Find the WhatJobs Career Advice Center here<\/a><\/strong><\/p>\n\n\n\n Several companies had cut headcount in the previous month including Netflix, Twitter, and Tesla.<\/p>\n\n\n\n Other companies, notably Microsoft and Google, have stated that they will delay hiring till the end of this year.<\/strong><\/a><\/p>\n\n\n\n The downsizing is the first significant layoff announced by the firm since L\u00fctke established it in 2006.<\/p>\n\n\n\n Shopify’s headcount had grown from 1,900 in 2016 to around 10,000 in 2021, in order to keep up with the company’s rapid growth.<\/p>\n\n\n\n During the pandemic, e-commerce shopping increased, and many small-business owners<\/a><\/strong> opened online sites to sell products and services.<\/p>\n\n\n\n However, the firm reported a slowdown this year and cautioned that the pandemic patterns would not improve its results in 2022.<\/p>\n\n\n\n In recent years, Shopify has expanded its company to provide new services to merchants.<\/p>\n\n\n\n It has designed point-of-sale hardware for retailers, a shopping app for its merchants to sell items, and a network of fulfillment centers for its business partners to ship orders.<\/p>\n\n\n\n Source: The Wall Street Journal<\/a><\/strong><\/p>\n\n\n\n Follow us on <\/strong>YouTube<\/strong><\/a>, <\/strong>Twitter<\/strong><\/a>, <\/strong>LinkedIn<\/strong><\/a>, and <\/strong>Facebook<\/strong><\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" The company has told staff the cuts were essential as consumers resumed previous shopping patterns and reduced online orders, which had supported its recent growth.<\/p>\n","protected":false},"author":5,"featured_media":26044,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3,16],"tags":[977,1008],"class_list":["post-26015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-employment-news","tag-layoffs","tag-shopify"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts\/26015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/comments?post=26015"}],"version-history":[{"count":0,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts\/26015\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/media\/26044"}],"wp:attachment":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/media?parent=26015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/categories?post=26015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/tags?post=26015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}