One of the world’s leading technology providers for organizing online stores, Shopify Inc. (NYSE: SHOP), acquired augmented reality (AR) technology. These findings suggest that earlier experiments involving a promising technology for online commerce have been successful.
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As discussed three years ago, Shopify uses augmented reality to allow renowned clients to virtually “try on” interior furnishings and décor items for their homes. These experiments likely convinced Shopify management of the potential for effective monetization of the new technology. The company bought Primer in June 2021, which illustrates this fact. An application developed by the company enables users to view the texture of wallpaper, tiles, and painting of interior walls and facades superimposed on the real interior view on a mobile device or other augmented reality tools.
There is no information about the purchase price. In any case, Primer will close access to its application on July 10, 2021, and after that point, it will only work in Shopify’s interest. In addition, Shopify allows you to use different technologies, and the company’s customers have already adopted AR. For example, the bike seller Pure Cycles offered a service allowing customers to select an indoor storage place for their bicycle based on augmented reality.
Shopify Inc. (NYSE: SHOP) users can create similar tools in their stores using the Shopify developer toolkit. These possibilities will be expanded with the purchase of Primer. The direction is promising. In a survey conducted by the research firm Nielsen at the end of 2019, 51% of consumers said they would be willing to use augmented reality for shopping. The COVID-19 crisis has accelerated the adoption of new technologies.
Shopify Inc. (NYSE: SHOP) shares have gained 6.07% at $1449.27 in Friday’s session. Shopify Inc.’s stock finished the last trading session at $1366.30. The stock recorded a trading volume of 3.15 million shares, below the average daily trading volume published for the last 50 days of 1.37 million shares. The shares of Shopify Inc. have advanced 17.72% in the last five days; however, they have gained 27.87% over the last month. The stock price has added 29.74% over the last three months and has gained 28.03 percent this year. Further, the stock is being traded at a price-to-earnings ratio of 113.59. Additionally, it has a price-to-cash-flow ratio of 289.10, and its price-to-sales ratio stands at 51.60.