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And we think what that does is a real leveling of the playing field so that these companies can get bigger, faster, at a pace that, frankly, we’ve never seen before. There’s rumors now that some of our biggest merchants are going public, are filing for IPOs. Some of them didn’t exist five years ago. In the history of commerce and retail, we’ve never seen that type of scale at that speed.
So I want to just pull back for one second, talk about Shopify as it’s something that you could look at as the second largest online retailer in America. You’re up against Google, Facebook, Amazon, Apple, the rest. This last quarter of earnings, these companies all did extraordinarily well. When I started Decoder, the question I would ask everybody is, “What are the trends you see in a pandemic? What’s going to snap back?”
Nothing’s snapping back, except maybe we’re not going to go work in offices the way that we used to. The economy has moved online in a real way. We are really dependent, in particular, on a handful of very large companies. I’ll pick on Apple because they have a lawsuit. They want to take a cut of every time you push a button on the iPhone.
Shopify enables small businesses to compete at that level. You have this economy of scale. You’re also partnered with those companies. You’re competitive with those companies. What is that relationship like? Where does Shopify slot in?
Shopify’s entire business model is predicated on: if small businesses do well, we do well. If they don’t do well, we don’t do well. And so the relationship we have, first of all, with small business, I think is very different than a lot of other technology companies where the small businesses, whether they sell a lot or not, they still need them for things like exposure and traffic and other all those things related to marketing and advertising. But the way we think about it is, the future of retail, in our view, is not going to be online, nor is it going to be offline. It’s not going to be on Instagram or TikTok or Facebook or Walmart.Com, it’s going to be everywhere.
And the future of retail, in our view, is going to be about consumer choice. Now, that is very different. Commerce is about as old a construct as currency. We’re talking about since the beginning of time, you’ve had commerce and you’ve had currency, but it was always the retailer dictating to the consumer how to purchase.