Keith Rabois says Shopify brands have 'a lot of room' to grow, and his startup, OpenStore, just launched a new product to help with that
It allows merchants to retain ownership of their business, but pass on their day-to-day operations. Keith Rabois founded OpenStore in 2021 with the idea of scooping up Shopify stores and using economies of scale to supercharge their sales.
Rabois said that he expects Drive to appeal to more Shopify store owners than an acquisition would; merchants might want to take a break from their businesses to travel, he told Insider, or they might need to take some time off for health reasons. Many of the stores OpenStore works with are small — ranging from $500,000 to $10 million in annual sales — and don't have access to all the resources that a larger brand would, such as discounted shipping rates.— including Thrasio, Perch, and Heyday — have raised billions in venture funding to roll up Amazon sellers and improve their operations to boost profitability.
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