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2min chapter
The Shopify IPO
Acquired
Shop Ifi
There's not a network effect between customers like between merchants. So the lock in and the advantage all comes from customers, you know, merchants saying, we don't want do this in house. The value that those merchants are getting from those services is greater than the margin they are giving to shopfy. And so why do shop fi merchant customers allow them to take more percentage of incer metal dollars over time? It's because the value on top of the platform is larger than the company that owns the platform.
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