<p>Canada's Shopify Inc is laying off 10 per cent of its workforce, the e-commerce company said on Tuesday, as it struggles with sales growth due to a post-pandemic slowdown in online shopping.</p>.<p>US-listed shares fell 14.7 per cent to $31.29 after the company said it witnessed a pullback in online orders.</p>.<p>Shopify had hit the jackpot during the Covid-19 lockdowns as merchants turned to its platform to set up online stores. As a result, the company ramped up investment on its workforce and technology betting that the boom would not subside.</p>.<p>However, Chief Executive Officer Tobi Lütke, in a letter addressed to employees, said consumers were now returning to shopping at brick-and-mortar retail stores and online shopping trends have returned to the level they were at before the pandemic began.</p>.<p>"It's now clear that bet didn't pay off... Ultimately, placing (it) was my call to make and I got this wrong."</p>.<p>Lütke added that the roles being affected are in recruiting, sales and support.</p>.<p>With the economy reopening, the company lost its prime spot as Canada's most valuable company and its shares have lost nearly three quarters of their value so far this year.</p>.<p>The company has tied up with social media firms Twitter and YouTube, as influencers who grew popular online are starting to sell their own brands to offset slowing sales.</p>
<p>Canada's Shopify Inc is laying off 10 per cent of its workforce, the e-commerce company said on Tuesday, as it struggles with sales growth due to a post-pandemic slowdown in online shopping.</p>.<p>US-listed shares fell 14.7 per cent to $31.29 after the company said it witnessed a pullback in online orders.</p>.<p>Shopify had hit the jackpot during the Covid-19 lockdowns as merchants turned to its platform to set up online stores. As a result, the company ramped up investment on its workforce and technology betting that the boom would not subside.</p>.<p>However, Chief Executive Officer Tobi Lütke, in a letter addressed to employees, said consumers were now returning to shopping at brick-and-mortar retail stores and online shopping trends have returned to the level they were at before the pandemic began.</p>.<p>"It's now clear that bet didn't pay off... Ultimately, placing (it) was my call to make and I got this wrong."</p>.<p>Lütke added that the roles being affected are in recruiting, sales and support.</p>.<p>With the economy reopening, the company lost its prime spot as Canada's most valuable company and its shares have lost nearly three quarters of their value so far this year.</p>.<p>The company has tied up with social media firms Twitter and YouTube, as influencers who grew popular online are starting to sell their own brands to offset slowing sales.</p>