Target Teams With Shopify To Boost Online Sales
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Key TakeawaysTarget is partnering with Shopify to increase sales on its digital platform.The agreement expands the offerings Target has on its Target Plus marketplace.Some Shopify merchants will be allowed to sell their products at Target's physical stores as well.
Target (TGT) shares advanced in intraday trading Monday after the retailer announced a partnership with the e-commerce platform Shopify (SHOP) to boost its online sales.Target said the deal will expand Target Plus, its third-party digital marketplace, “through a hand-selected assortment of new and on-trend products.”Merchants who use Shopify can apply to sell online on Target Plus through Shopify’s Marketplace Connect app, while some select ones will also be able to make their products available in Target’s physical stores.Target Chief Digital and Product Officer Prat Vemana explained that research shows digital shopping will likely drive growth for the retail industry, and boosting its online presence will help Target build its reputation “as a destination for these coveted brands as consumers discover them in their Target.com search or on social media.”'Be Everywhere Customers Are'Shopify President Harley Finkelstein noted that it’s important for merchants to “be everywhere customers are,” and that teaming with Target “helps high-growth brands like Caden Lane and True Classic reach millions of new loyal customers and take their business to the next level." Target shares rose nearly 3% to $150.41 as of 11 a.m. ET Monday and are up about 5.6% year-to-date. Shares of Shopify were down 0.4% to $64.77 and have declined roughly 17% in 2024.
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