Shopify Wants to Help SMBs to Survive the Covid Crisis, CEO Says

The transcript discusses the challenges small businesses face with traditional funding sources and how Shopify is stepping in to provide support through capital advances and banking services. It highlights the impact of COVID-19 on small businesses, noting a shift to online sales and local e-commerce. The text also covers Shopify's partnership with Facebook to enhance e-commerce on social media platforms, emphasizing the potential for growth in this area.

What role does Shopify play in supporting small and medium businesses?

• Selling products directly to consumers

• Offering capital advances and loans

• Investing in large corporations

• Providing traditional bank loans

Which feature has Shopify introduced to help small businesses during the pandemic?

• Extended return policies

• In-store promotions

• Curbside pickup and online delivery

• International shipping discounts

What percentage of lost sales have been replaced by online channels according to the transcript?

• 94%

• 70%

• 50%

• 100%

What is a significant trend in online shopping mentioned in the transcript?

• Global e-commerce expansion

• Local e-commerce within 25 kilometers

• Decrease in online shopping

• Increase in international sales

How has the partnership between Shopify and Facebook been described?

• An exclusive deal for large businesses

• A temporary collaboration

• A failed attempt at e-commerce

• A promising initiative for native commerce

What has been a major barrier for small businesses in reaching audiences before the rise of platforms like Shopify and Facebook?

• High cost of mass media advertising

• Lack of product innovation

• Limited access to technology

• Insufficient customer demand

What is the current strategy for social media platforms in enhancing e-commerce according to the transcript?

• Developing independent e-commerce sites

• Integrating native commerce with partners

• Focusing solely on ad revenue

• Eliminating small business participation