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The Mysterious Case of Shopify's Missing Merchants

Hey everyone! Hope you all had a wonderful Columbus Day weekend. Last week Shopify - an ecommerce SaaS company for SMBs - took a major hit. An analyst from Citron Research accused the company of inflating its active user numbers through its partner referral program. Of Shopify's 500,000 merchants, Citron Research claims only 50,000 are accounted for - leaving an astrisk next to the company's recent hot performance. We'll see how things play out but, as companies continue to test new customer acquisition models, Shopify's situation is a valuable reminder that all numbers still need to be tied to something tangible and real.

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