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Shopify Could Rival Amazon’s First-Party Sales, KeyBanc Says

Online retail giant Amazon.com Inc. could face a viable competitor in Shopify Inc., according to KeyBanc analyst Josh Beck. KeyBanc’s checks and bottom-up segment model suggest Shopify’s gross merchandise volume will eventually rival Amazon’s first-party sales, Beck wrote in a note to investors Sunday. “Overwhelmingly positive” feedback from partners, developers and merchants at three recent…

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