Shopify (SHOP 2.33%) stock has surged 86% over the last year and is close to new all-time highs. The company has become the platform of choice for small businesses wanting to open an online store. Its strong growth in a choppy economic environment speaks volumes about the value Shopify is bringing to the marketplace and why it's one of the best growth stocks to buy right now.
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Shopify still has a long growth runway
Shopify has demonstrated excellent execution in recent years. It is seeing strong performance from new features released in the past few years, such as tax tools and business-to-business sales. This highlights Shopify's relentless focus on innovation and bringing more value to its customers, which drives its revenue growth.
NASDAQ: SHOP
Key Data Points
Revenue accelerated in the third quarter, growing 32% year over year compared to 31% year-over-year revenue growth in the previous quarter. These results suggest the platform is becoming a default choice for entrepreneurs looking to create an online sales presence. Shopify is leveraging its brand to also offer in-store checkout solutions, illustrating how it is still finding opportunities to expand its addressable market.
Despite Shopify's significant expansion over the past decade, it still only controls about 12% of the $6 trillion global e-commerce market. The stock offers long-term compounding potential to help investors build wealth for retirement.
