New Partnership With Facebook

Shopify has stayed very active during the COVID-19 lockdown. “It is an extremely trying time,” Lutke said Thursday. “And only the most adaptable will make it. Entrepreneurs are the kind of people who make the most out of what they’ve got.”

Earlier this week, Shopify and Facebook Inc. (NASDAQ: FB) announced a new partnership intended to help businesses create Facebook Shops, which “make it easy for businesses to set up a single online store for customers to access on both Facebook and Instagram,” a news release said.

Facebook chief executive Mark Zuckerberg said he had been personally involved with the development of Facebook Shops, which will be free. The new feature is rolling out as Facebook is making efforts to support small businesses in the coronavirus pandemic.

“Our business model here is ads, so rather than charge businesses for Shops, we know that if Shops are valuable for businesses they’re going to in general want to bid more for ads,” Zuckerberg said. “We’ll eventually make money that way.” (24/7 Wall St.com)