Shopify to streamline, reduce overheads


Shopify to streamline, reduce overheads

Shopify which has some 10,000 employees has announced that it is embarking on a programme of cost reductions across its operations. Having enjoyed a boom during the Covid-19 lockdowns around the world, Shopify revenues have now slowed as consumers return to physical stores or reduce their spending. This, together with challenging trading conditions in many countries in which its merchant clients operate, has significantly impacted its projected growth.

The business has commenced with identifying functions where it is over-staffed or where there are potential streamlining opportunities and will make around a thousand redundancies across its global workforce.

Shopify is not the only tech business to have to face up to market challenges. A number have halted or slowed down recruitment of new talent and some, like Netflix, have already begun to lay off staff.

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