Shopping has changed greatly in the first four months of 2020.

Concerns over the spread of COVID-19 led to a surge in buying toilet paper, hand sanitizers, and paper towels like it was the apocalypse. After several weeks of sheltering, as men’s hair started to get unruly and women’s roots started to show through, people took to shopping online to find ways to get through, while still feeling and looking like themselves. One platform to benefit from this surge in beauty and wellness product purchasing is Shopify (SHOP). Observed sales of beauty and wellness products through Shopify merchants have more than doubled during April 2020 in M Science data. Shopify merchants quickly and significantly recalibrated to changing consumer demand during Shopify’s first bear-market cycle.

A trend that may appear as a result of the sheltering mandates is the shift to at-home beauty products, which are also consumable products that become repeat purchases. People need shampoo, skincare, shaving kits, and other products in the category, usually daily. These products run out. They get rebought. And these trends may persist beyond shelter-in-place orders: during an economic recession, consumers may find their at-home self-care to be more feasible financially. Suddenly, a $10 box of at-home color becomes the new norm and preferred over a $150 trip to a hair salon. That shift could be a lasting benefit to the e-commerce sites that use Shopify to sell their beauty products, and this benefit would be in addition to Shopify’s recent, strong performance: the company reported a significant growth in Q1 ‘20 with reported revenue of $470.0 million, up 47% from the same quarter a year earlier.

“Suddenly, a $10 box of at-home color becomes the new norm and preferred over a $150 trip to a hair salon.”

In our data, strength in sales has continued into Q2 ‘20 for the Canadian e-commerce software provider. Shopify has global reach and reported more than $2.9 billion in sales in 2019 with the majority of it coming from mobile devices. The company launched 13 additional native language capabilities, bringing the total to 20. It also launched its Payments service in four new countries and multiple currencies.

Considering Shopify’s continued revenue growth amidst shifting market trends, especially in the beauty and wellness segments, these observations point to a higher level of durability in Shopify’s business model than was previously perceived.

About M Science

M Science is a data-driven research and analytics firm, uncovering new insights for leading financial institutions and corporations. M Science is revolutionizing research, discovering new datasets and pioneering methodologies to provide actionable intelligence. Our research teams have decades of experience working with unstructured data in near real-time to discern critical insights that help clients make smarter, more informed decisions. We combine the best of finance, data, and technology to create a truly unique value proposition for both financial services firms and major corporations in a variety of industries.

M Science is a portfolio company of Leucadia Investments, a division of Jefferies Financial Group Inc. (NYSE: JEF) with offices in New York, London, Hong Kong and Portland, Oregon. For more information, please visit

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