<p>由於對經濟的擔憂，今年許多電商股票都面臨困境。僅在過去的六個月裏，Shopify（SHOP -0.40%）、Wayfair 和 Etsy 的股價都下跌超過 10%。即使強大的 Amazon 在這段時間內也勉強保持盈利。</p>
<p>投資者對明年可能出現的經濟放緩感到擔憂。但 Shopify 的管理層認為，該公司比許多競爭對手處於更好的位置。</p>
<h2>Shopify 的增長速度超過同行</h2>
<p>該公司於 8 月 7 日發佈了截至 6 月 30 日的第二季度業績。該季度的營收達到 20 億美元，同比增長 21%。當排除物流業務出售的影響時，增長率甚至高達 25%。對於當前季度，公司仍預計營收增長率將在低至中 20% 的百分比範圍內。</p>
<p>與競爭對手相比，Shopify 通常是電商中的佼佼者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/753dc3276206eda8d87b4b62028d835c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="490" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/753dc3276206eda8d87b4b62028d835c.png"/></p>
<p>電商股票的營收增長；數據來源：YCharts。YoY = 同比年增長。</p>
<h2>Shopify 的成功秘訣是什麼？</h2>
<p>在最近的財報電話會議上，Shopify 的總裁 Harley Finkelstein 強調了公司取得強勁成功的兩個關鍵原因。Finkelstein 表示：“我認為我們之所以沒有看到其他人可能看到的情況，一個重要原因就是我們在許多垂直領域和許多地理位置上都有商家。”</p>
<p>最終關鍵在於多功能性。商家可以在 Amazon、Etsy 和 Wayfair 上銷售，但他們可以通過 Shopify 更好地控制這個過程。Shopify 可以幫助他們快速輕鬆地創建商店，並將其整合到其現有網站上。或者他們可能根本沒有網站，只是想通過 Shopify 創建在線商店。</p>
<p>因此，這個過程更具靈活性，適應各種商業模式，靈活滿足商家的需求，無論是行業、產品、服務，甚至所處的世界各地。Shopify 可以幫助任何人在線銷售商品。</p>
<p>正如 Finkelstein 所暗示的，Shopify 已覆蓋 175 多個國家。相比之下，Amazon 的全球覆蓋範圍也很廣，可以向 100 多個國家運送產品，但只有 21 個市場。通過能夠觸及更廣泛和更多樣化的商家和客户，Shopify 不太容易受特定市場或行業條件的影響，因此可以比競爭對手實現更好的銷售增長。</p>
<h2>Shopify 股票值得購買嗎？</h2>
<p>儘管公司的數據令人鼓舞，但股價今年迄今下跌了 12%。公司正在實現良好增長，但利潤仍然相對較薄，因此股價為其過去收益的 70 倍。然而，根據其市盈率增長比為 1.1，對於願意長期持有的投資者來説，可能存在一些投資價值。</p>
<p>但在短期內，取決於經濟的走勢，該股可能會經歷一段顛簸。公司的業務並非完全能夠抵禦經濟的影響——隨着利率上升和消費者面臨通貨膨脹挑戰，Shopify 的增長在 2022 年確實出現了下滑。</p>
<p>目前表現良好，但投資者不應假設該股票完全不受經濟衰退的影響。它可能會並且很可能會感受到經濟衰退的影響，但其多樣化可以幫助確保其增長不會像其他電商股票那樣急劇下降。</p>
<p>Shopify 可能是一個不錯的長期投資，但投資者應該保持適度的期望；如果明年經濟惡化，情況可能會變得更加複雜。其高估值可能使其容易受到拋售的影響。</p>

SHOP

<p>Shopify 由於其多功能平台而表現優於 Wayfair 和 Etsy 等競爭對手，該平台允許商家輕鬆在各個行業和地理位置設立在線商店。儘管經濟擔憂影響了電子商務股票，但 Shopify 在第二季度報告了 21% 的年度收入增長，預計在即將到來的季度增長將在低至中 20% 之間。然而，其股價今年以來下跌了 12%，交易估值較高，使得在潛在的經濟衰退中，短期前景不確定。長期投資者可能會發現價值，但對於即時波動，建議保持謹慎</p>

<p>Concerns about the economy have led to many e-commerce stocks struggling this year. Shares of <strong>Shopify</strong>(SHOP -0.40%), <strong>Wayfair</strong>, and <strong>Etsy</strong> are all down more than 10% in just the past six months. Even the mighty <strong>Amazon</strong> has barely managed to stay in the green during that stretch.</p>
<div class="lb-trans"><p>由於對經濟的擔憂，今年許多電商股票都面臨困境。僅在過去的六個月裏，Shopify（SHOP -0.40%）、Wayfair 和 Etsy 的股價都下跌超過 10%。即使強大的 Amazon 在這段時間內也勉強保持盈利。</p>
</div><p>Investors are fearing the worst about a possible economic slowdown next year. But Shopify's management thinks that the company is in a better position than many of its rivals.</p>
<div class="lb-trans"><p>投資者對明年可能出現的經濟放緩感到擔憂。但 Shopify 的管理層認為，該公司比許多競爭對手處於更好的位置。</p>
</div><h2>Shopify has been growing faster than its peers</h2>
<div class="lb-trans"><h2>Shopify 的增長速度超過同行</h2>
</div><p>On Aug. 7, the company released its results for the second quarter, ending June 30. Revenue totaling $2 billion for the period rose by 21% year over year. And when excluding the effects from the sale of its logistics business, that growth rate was even higher at 25%. For the current quarter, it still expects its revenue growth to be in the low to mid 20s percentages.</p>
<div class="lb-trans"><p>該公司於 8 月 7 日發佈了截至 6 月 30 日的第二季度業績。該季度的營收達到 20 億美元，同比增長 21%。當排除物流業務出售的影響時，增長率甚至高達 25%。對於當前季度，公司仍預計營收增長率將在低至中 20% 的百分比範圍內。</p>
</div><p>Shopify has typically been a top performer in e-commerce when compared to its rivals.</p>
<div class="lb-trans"><p>與競爭對手相比，Shopify 通常是電商中的佼佼者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/753dc3276206eda8d87b4b62028d835c.png" alt="" original-src="https://media.ycharts.com/charts/753dc3276206eda8d87b4b62028d835c.png"/></p>
<p>Revenue growth for e-commerce stocks; data by YCharts. YoY = year over year.</p>
<div class="lb-trans"><p>電商股票的營收增長；數據來源：YCharts。YoY = 同比年增長。</p>
</div><h2>What is Shopify's secret?</h2>
<div class="lb-trans"><h2>Shopify 的成功秘訣是什麼？</h2>
</div><p>On the recent earnings call, Shopify's president, Harley Finkelstein, highlighted two key reasons for the company's strong success. &#34;I think a big part of the reason that we are not seeing the same thing that others might is because we simply have merchants across a ton of verticals and across a ton of [geographies],&#34; Finkelstein said.</p>
<div class="lb-trans"><p>在最近的財報電話會議上，Shopify 的總裁 Harley Finkelstein 強調了公司取得強勁成功的兩個關鍵原因。Finkelstein 表示：“我認為我們之所以沒有看到其他人可能看到的情況，一個重要原因就是我們在許多垂直領域和許多地理位置上都有商家。”</p>
</div><p>What it ultimately comes down to is versatility. Merchants can sell on Amazon, Etsy, and Wayfair, but they have much more control over that process with Shopify. It can help them launch a store quickly and easily and integrate it onto their existing site. Or they might not have a website at all and just want to create an online store through Shopify.</p>
<div class="lb-trans"><p>最終關鍵在於多功能性。商家可以在 Amazon、Etsy 和 Wayfair 上銷售，但他們可以通過 Shopify 更好地控制這個過程。Shopify 可以幫助他們快速輕鬆地創建商店，並將其整合到其現有網站上。或者他們可能根本沒有網站，只是想通過 Shopify 創建在線商店。</p>
</div><p>As a result, the process is a lot more adaptable to varying business models, with the flexibility to meet the needs of merchants, regardless of the industry, product, or service -- or even the part of the world that they are in. Shopify can help anyone sell online.</p>
<div class="lb-trans"><p>因此，這個過程更具靈活性，適應各種商業模式，靈活滿足商家的需求，無論是行業、產品、服務，甚至所處的世界各地。Shopify 可以幫助任何人在線銷售商品。</p>
</div><p>As Finkelstein alluded to, it is in more than 175 countries. Amazon, by comparison, has a broad global reach as well, and can ship products to more than 100 countries, but there are just 21 marketplaces. By being able to reach a wider and a more diverse set of merchants and customers, Shopify is less susceptible to specific market or industry conditions, and thus can generate better sales growth than its rivals.</p>
<div class="lb-trans"><p>正如 Finkelstein 所暗示的，Shopify 已覆蓋 175 多個國家。相比之下，Amazon 的全球覆蓋範圍也很廣，可以向 100 多個國家運送產品，但只有 21 個市場。通過能夠觸及更廣泛和更多樣化的商家和客户，Shopify 不太容易受特定市場或行業條件的影響，因此可以比競爭對手實現更好的銷售增長。</p>
</div><h2>Is Shopify stock a good buy?</h2>
<div class="lb-trans"><h2>Shopify 股票值得購買嗎？</h2>
</div><p>Despite the company's encouraging numbers, the stock is down 12% year to date. The business is generating good growth, but profits are still fairly thin, so the stock trades at 70 times its trailing earnings. Based on its price/earnings-to-growth ratio of 1.1, however, there could be some good value for investors who are willing to buy and hold for the long term.</p>
<div class="lb-trans"><p>儘管公司的數據令人鼓舞，但股價今年迄今下跌了 12%。公司正在實現良好增長，但利潤仍然相對較薄，因此股價為其過去收益的 70 倍。然而，根據其市盈率增長比為 1.1，對於願意長期持有的投資者來説，可能存在一些投資價值。</p>
</div><p>But in the short run, depending on how the economy plays out, it could be a bumpy ride for the stock. The company's business isn't entirely resilient to the economy -- Shopify's growth did falter in 2022 as interest rates increased and consumers faced challenges due to inflation.</p>
<div class="lb-trans"><p>但在短期內，取決於經濟的走勢，該股可能會經歷一段顛簸。公司的業務並非完全能夠抵禦經濟的影響——隨着利率上升和消費者面臨通貨膨脹挑戰，Shopify 的增長在 2022 年確實出現了下滑。</p>
</div><p>It's doing well now, but investors shouldn't assume that the stock is recession-proof by any stretch. It can and likely will feel the effects of a downturn, but its diversification can help ensure its growth doesn't dip as sharply as it might for other e-commerce stocks.</p>
<div class="lb-trans"><p>目前表現良好，但投資者不應假設該股票完全不受經濟衰退的影響。它可能會並且很可能會感受到經濟衰退的影響，但其多樣化可以幫助確保其增長不會像其他電商股票那樣急劇下降。</p>
</div><p>Shopify can be a good long-term buy, but investors should temper their expectations; it might not be smooth sailing if the economy worsens next year. And its high valuation could make it vulnerable to a sell-off.</p>
<div class="lb-trans"><p>Shopify 可能是一個不錯的長期投資，但投資者應該保持適度的期望；如果明年經濟惡化，情況可能會變得更加複雜。其高估值可能使其容易受到拋售的影響。</p>
</div>

2 Things Putting Shopify Ahead of Its Rivals, According to Management. Time to Buy the Stock?

- Shopify, Wayfair, and Etsy stocks have declined over 10% in the past six months, reflecting concerns about the economy. Amazon has managed to stay positive, but investors fear an economic slowdown.
- Shopify's Q2 results showed a 21% YoY revenue increase, reaching $2 billion. Excluding the logistics business sale, growth was at 25%, with expectations of low to mid 20s growth for the current quarter.
- Shopify's success lies in its versatility, allowing merchants to have more control over their online stores across various verticals and geographies, making it less vulnerable to market conditions compared to its rivals.

根據管理層的説法，有兩件事讓 Shopify 領先於其競爭對手。現在是買入這隻股票的好時機嗎？