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7	7	Shopify provides the leading cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. Merchants use its software to run their business across all of their sales channels, including web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces. As the number of channels over which merchants transact continues to expand, the importance of a multi-channel platform that is both fully integrated and easy to use increases. The Shopify platform provides merchants with a single view of their business and customers across all of their sales channels and enables them to manage products and inventory, process orders and payments, ship orders, build customer relationships and leverage analytics and reporting all from one integrated back office.
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25	25	The company's business model is driven by its ability to attract new merchants, retain existing merchants and increase sales to both new and existing merchants. The total number of merchants using its platform grew from more than 243,000 as of December 31, 2015 to more than 377,500 as of December 31, 2016. As at December 31, 2016, its merchants were geographically dispersed as follows: United States of America, 58%; United Kingdom, 10%; Canada, 7%; Australia, 7%; and the rest of the world, which represents approximately 175 countries, 18%. The company's merchants represent a wide array of retail verticals and business sizes and no single merchant has ever represented more than five percent of its total revenues in a single reporting period. The company believe that its future success is dependent on many factors, including its ability to expand its merchant base, retain merchants as they grow their businesses on its platform, offer more sales channels that can connect to the platform, develop new solutions to extend the functionality of its platform, enhance its ecosystem and partner programs, provide a high level of merchant service and support, and hire, retain and motivate qualified personnel. As of December 31, 2016, Shopify had more than 1,900 employees and consultants.
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27	27	Shopify has focused on rapidly growing its business and plan to continue making investments to drive future growth. The company believe that its investments will increase its revenue base, improve the retention of this base and strengthen its ability to increase sales to its merchants. If Shopify is unable to achieve its revenue growth objectives, the company may not be able to achieve profitability.
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