Telecommuting Trends, Small Biz Boost, 3Q Financial Benchmarking, Dollar General, lulu & More
While we hear a lot about employers requiring employees to come back to the office post-covid, it is surprising to know that telework is actually increasing. This has important implications for retail (and explains DoorDash’s growth into new channels like grocery as consumers have grown more sedentary) but also for office building collateral for the banks… At least Elon and the Department of Government Efficiency are talking about forcing government employees to return to the office (46% of civilian personnel are currently telework eligible).
It turns out that covid not only boosted telecommuting, but also small business growth…
Shopify reported a +26% y/y increase in 3Q revenue, driven by strong performance in Subscription & Merchant Solutions. Gross Merchandise Volume (GMV) grew +24% y/y to $70B, fueled by increased merchant adoption, higher payment penetration and international sales growth. Top-performing categories included health & beauty, food & beverage, and apparel & accessories. Shopify has captured 10% share of the U.S. e-commerce market.
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