Shopify merchants can now join Target Plus

Article Excerpt

Shopify merchants now have a new way for their brands to reach millions of new customers and ultimately grow their businesses. That’s just one more reason we see the stock as a buy. SHOPIFY, $88.71, remains a buy. The company (Toronto symbol SHOP; TSINetwork Rating: Extra Risk) (www.shopify.ca; Shares outstanding: 1.2 billion; Market cap: $122.8 billion; No dividends paid) reports that Target Corp. (symbol TGT on New York) will now let third-party merchants on Shopify’s e-commerce platform sell their products on the Target Plus platform. That’s an invite-only, highly curated third-party marketplace. Target Plus launched in 2019 and currently includes more than 2 million products from more than 1,200 partners that have been selected by the retailer’s curation experts. Under the partnership, an assortment of brands (such as Caden Lane and True Classic) now using Shopify’s e-commerce services will be added to Target’s five-year-old marketplace. Target also plans to be the first mass retailer to bring some products from Shopify’s other retail partners into its physical…