The company announced new product launches at its annual investor day in Toronto.

Shopify’s stock hit a new high this week after the company announced several exciting upcoming product launches. The company’s shares were up by more than 8% on Wednesday and were up 1.2% in pre-market trading on Thursday.

The company’s investors were excited to hear about Shopify’s plans to launch a U.S. distribution network to shore and ship items for customers. These plans allow Shopify to compete with e-commerce giants like Amazon.

Details about Shopify’s product announcements

Shopify made these recent announcements at the company’s annual Shopify Unite investor day in Toronto. The event included keynote presentations from company leadership and presentations from key executives.

Here are more details about the product launches and what they could mean for Shopify in the future.

New Shopify Plus platform

Shopify Plus is the company’s platform for its e-commerce clients. And in the coming year, this platform will get a major upgrade. The new Shopify Plus platform will give merchants more visibility and control over their business. Enterprise clients will have greater over their users, new store additions, cross-shop settings, and more.  

An updated online store

Shopify also plans to improve the online store experience for all its customers. The company will make it easier for customers to customize their online stores without needing to have a lot of technical knowledge.

Customers can add videos and 3-D models of products as well as subscription services. And Shopify plans to introduce 11 new language capabilities, so it will be easier than ever for merchants to make international sales.

New distribution network

But the most exciting moment came when Shopify announced its plans to open a U.S. distribution center and fulfillment network. According to Shopify, its new distribution network will utilize machine learning to lower shipping costs and ensure that customers receive their items on time.

Final thoughts

Roughly 800,000 businesses of all sizes use Shopify’s platform worldwide. And Shopify is unique in that it actually integrates with its customers’ websites.

It’s been a good year for the company; its shares are up 87% from a year earlier and 130% in 2019 alone. And in light of these recent announcements, it seems like Shopify has a lot of potential for future growth.